Mortgage Payment Protection Insurance: Maximum Benefit
Mortgage Payment Protection Insurance is designed to cover your monthly mortgage repayments if you are unable to make them because you have an accident, become sick or are made unemployed.
The benefit is the monthly amount that will be paid out if you claim. You have the option of increasing this amount by up to 25%, on top of your regular monthly mortgage repayment, to cover additional regular household commitments. The benefit amount chosen can be up to £1,500 or 75% of your gross monthly income whichever is the lower amount.
Please remember that this is a short term protection policy and payments are made up to a maximum of 6 or 12 months for any one claim depending on the cover you have chosen.