Mortgage Repayment Protection Insurance is usually taken out at the time you apply for a mortgage but can be arranged with some insurance companies after the mortgage has been completed.
You should seek suitable advice about arranging such cover from a suitably authorised person.
Mortgage Repayment Protection Insurance provides cover in the event of you being unable to work as a result of an accident or illness or being made involuntary unemployed.
The maximum amount of cover that you can arrange is based on the amount of the monthly mortgage repayment plus you can also cover such things as the monthly buildings and contents insurance premium and mortgage related life insurance monthly premiums such as an endowment policy or a decreasing term assurance policy.
Mortgage Repayment Protection Insurance usually pays out for up to 12 months.
You do not usually have to have a medical to arrange mortgage repayment protection insurance.
In the UK cover can usually be taken out as long as you work for at least 16 hours per week and are aged between 18 and 64.
The cover ceases once the mortgage is repaid or you reach age 65 or you retire...
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