When taking out mortgage protection insurance there are a number of different criteria you will often have to fulfill. This is not a totally comprehensive list however it will be the same for the majority of the mortgage protection insurance plans you decide to take. You will normally need to be aged between 18 and 64 at the end date of the plan. You will also need to be working or have been in continuous work for 6 months when the plan commences.
If you are a work under a fixed term contract or if you are a contract worker you will normally have to be working for the same employer for at least two years and have an annual contract that has been renewed on at least one occasion and 6 months remaining.
The plan itself will pay normally in arrears and will often do so in 30 day periods. You will often find that you cant claim more than 125% of the monthly mortgage repayment or £2000 per month.
The plan is designed to protect your mortgage payments should you be unable to work due to sickness or unemployment. It will do this by paying your mortgage payments on a monthly basis for a 12 month period of time. The idea behind it being a 12 month period is that the plan should allow you time to find a new job should you need to or to get over the illness or accident you may have suffered from.
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