Before taking out mortgage payment protection you need to get as much advice and information as possible. Mortgage cover is taken out to provide you with an income if you should lose your own; however you have to make sure you take the right level of cover for your needs. You are able to insure against accident, sickness and unemployment together, just for unemployment or just for accident and sickness. The level of cover you take will reflect on how much you pay for your policy along with age and the amount of your repayment you wish to cover.

Mortgage payment protection advice is available on the websites of those who specifically sell payment protection insurance. A host of information and FAQs should be provided so you can ensure which level of cover would be the most suitable. Once you have checked this you can then apply for quotes online and then compare these to find the lowest possible protection premium and the best policy. When comparing premiums you also have to look at the terms of the cover as these differ too. A policy will begin at a certain time and end after so long. Usually your mortgage protection would begin to provide between 30 and 90 days. It would either pay for 12 months or with some providers for 24 months.

Having something to fall back on if you lose your income is essential and mortgage cover is an excellent form of protection. You would not have to worry about your mortgage repayments or struggle to find the money each month. This would leave you with a clear mind which would allow you to make a recovery and get back to work. In the case of unemployment it would allow you to look around for work which was suitable and which paid the income you are used to receiving. Jobs are hard to come by and it could be several months before you are able to find one.

State benefits or savings are both often considered as a plan to fall back on. However both sometimes let you down as savings might not be enough to support you for several months and State help is only given for the interest part of the mortgage.

Without a policy to back you up life could become very difficult. Lenders can choose to start repossession proceedings with just a couple of missed payments on your mortgage. If you miss one repayment then you will receive a warning letter and the missed payment will mean a mark on your credit file. Lenders are willing to work with you to some extent. However if you have not got a regular income and cannot show how you can catch up on the arrears and continue paying your mortgage, then you stand a real chance of being evicted from your home. Mortgage protection can be found for a small premium and even those who take on huge borrowings which stretch their budgets to the maximum can afford to protect their mortgage with age based mortgage payment protection.