Mortgage protection

[maggieO]

Just a few queries about Mortgage protection
Just wondering will Mortgage protection cover mortgage if your on contract and your contract isnt renewed?
Also will it cover half mortgage if your spouse is working or will it only cover unemployed persons half?
Do you continue paying it while they are paying out for the period of unemployment... can you cancel it then?
I presume they stop paying when you return to work?

 

[LDFerguson]

I'm assuming your talking about Mortgage Repayment Protection as distinct from Mortgage Protection Life Assurance.

Just wondering will Mortgage protection cover mortgage if your on contract and your contract isnt renewed?

Not on any that I've looked at.

Also will it cover half mortgage if your spouse is working or will it only cover unemployed persons half?

Depends on how your policy was set up. Typically where there are two earners, the claim is divided between them, so if you both earn the same, you would receive half a claim if one is unemployed.

Do you continue paying it while they are paying out for the period of unemployment... can you cancel it then?

Again - check the terms and conditions of your own policy but some that I've looked at require you to keep paying the premium during a claim.

You can cancel your policy at any time.

I presume they stop paying when you return to work?

That's correct, or they'll stop paying after 12 months anyway.