Why you need Mortgage Payment Protection Insurance

Mortgage Payment Protection Insurance is vital if you want to protect your home and family should the unexpected happen and you're unable to work.

Do you need Mortgage Payment Protection?

How would you manage if you couldn't pay the mortgage? If you lost your job, fell seriously ill or had an accident? If you're self-employed how would you pay the mortgage if you were unable to work?

And if you think the unexpected always happens to someone else, think again!

Did you know that 1 in 3 people in the UK are diagnosed with cancer at some point during their lives? (Office for National Statistics)

In the UK someone has a heart attack every 2 minutes that's 275,000 per year (British Heart Foundation).

Unemployment lasts an average of 28 weeks in the UK (Tameside Government 2007).

How long could you manage without protection?

Very few of us have the financial means to cover living costs with no income. Ask yourself these questions:

• How long would your savings last if you were out of work for any length of time?
• If you were made redundant how much would your employer pay you?
• If you're Self-employed how long could you pay the bills and the mortgage if you are too ill to work?

And don't forget your home may be repossessed if you can't make your mortgage repayments

Shocking stuff if you've not considered it before. But these issues shouldn't keep you awake at night if you protect your mortgage with helpucover Mortgage Payment Protection Insurance.

Social Security benefits - the uncomfortable truth

If you earn on average £87.00 or more per week, your Statutory Sick pay entitlement is only £72.55 per week. Could you and your family survive on £314.38 a month?

• No mortgage assistance is available for the first 9 months of unemployment
• No assistance towards the portion of your mortgage that exceeds £100 k
• No assistance at all if your partner works for more than 24 hours a week
• You will be 'means tested' and there will be no assistance at all if your savings exceed £8 k
• There is limited financial help through the State Benefit System (Income Support for Mortgage Interest ISMI) but it only applies to Mortgage Interest, not Capital Repayments or other mortgage related out-goings such as insurance premiums
• ISMI is only paid at the Standard Rate, which may not match the rate your Mortgage Provider is charging.
• No benefit at all if your National Insurance contributions aren't up-to-date

Unemployment - more shocking facts

• In August 2007 the UK unemployment rate reached 1.65 million
• In the second quarter of 2007 120,000 people were made redundant - 73,000 men and 47,000 woman
• Redundancy was highest for people aged 35-49.
• The average length of a claim for Accident, Sickness and Unemployment is 191 days (ONS 2007)
• 27,100 homes were repossessed during 2007 (CML Feb 2008)

All the protection you need:

• Cover available for up to £2,000 a month for a year
• Cover from only 70p per month (Per £100 of benefit a month)
• Benefits are payable after 30 days
• Benefits paid up to 12 months
• Paid direct to you in addition to any other benefits (i.e. Statutory Sick Pay)
• Personalised quotes whatever your circumstances - up to age 65
• Range of cover options, no matter if you're employed or self-employed

And ADDED Aaaaahhhhhhhhhhhhhhhh!

Our award-winning 8 step action plan to help you Back to Work

Protection for self-employed and contract workers

If you're self-employed or a contract worker, it's even more essential to protect your mortgage payments if you're unable to work.

We offer a range of cover, including Accident & Sickness protection or Accident, Sickness & Unemployment.

Because we believe in treating all our customers openly and fairly, please make yourself familiar with the particular terms and conditions for self-employed and contract workers before you apply.

Full Policy - PDF