If you want to protect the roof over your head and ensure that if you were to come out of work after suffering from redundancy, long term sickness or accident, then you would still have the money each month to continue repaying your mortgage without worry, then you should consider taking out mortgage protection with a standalone provider.

Also called MPPI – mortgage payment protection insurance - mortgage protection is purchased for a premium each month which is based on factors such as your age at the time of taking out the cover and how much your monthly mortgage repayments are. The cover would begin to payout once you had been out of work for so many days which can be from day 31 or up to the 90th day of being out of work continually.

Mortgage protection cover gives you a tax free income which means that you aren't risking losing the roof over your head due to having your home repossessed because you have got in arrears with your mortgage repayments. Homeowners are under the impression that the State would step in and help if they ere to find yourself out of work and while homeowners can get some financial assistance if they qualify, the amount is rarely enough.

Mortgage protection can give you the safety net on which to fall but you do have to make sure that a policy would be suitable for your circumstances. The cover does have exclusions and these could stop you from claiming. Some of the most common reasons include being in part time work, retired or suffering from a pre-existing medical condition. The exclusions are normally found in the small print of a mortgage protection policy and it is essential that you read these and the key facts of a policy to make sure that the product would be suitable for your needs before you buy.