Mortgage payment protection insurance is taken out in order to safeguard the possibility that you could come out of work due to an accident, long term illness or through unforeseen unemployment. The cover will usually pay out for up to a period of 12 months (with some policies, it will be for up to 24 months) providing you have been out of work for a defined period of time, which is usually around 30 days though can be longer depending on the policy.

Your monthly mortgage repayment is without a doubt probably the biggest outgoing and as such if you were to come out of work how would you be able to afford to keep up the repayments? The State does very little to help financially, so unless you have a nest egg of your own, then taking out cover to protect your mortgage is essential.

A mortgage payment protection policy can be bought alongside the mortgage and unfortunately this is the most common way and usually the dearest option when it comes to taking out the insurance. The only way to get a cheap quote for mortgage payment protection is to shop around and go to an independent provider. Not only will you make huge savings when compared to going with a high street lender, but you should also benefit from expert advice.

If you are concerned about the recent bad publicity that the sector has earned then there are some factors that have to be taken into account. Firstly, it is not the product itself that is at fault but those few providers who get greedy and put huge profits ahead of the consumer's best interest. When it comes to pointing out those who have been known to mis-sell policies in favour of high profits they include the well known high street banks and lenders and this alone should tell you to go to a specialist standalone provider for your mortgage payment protection insurance.

Along with high premiums, research from organisations such as the Financial Services Authority has shown how some of the high street lenders know very little when it comes to recommending and selling policies, leaving some consumers with a worthless policy when it comes to claiming. A standalone provider will usually deal just in protection policies and as such can give excellent advice along with a quality product.