If you want the best and cheapest mortgage protection insurance then you have to choose to buy your mortgage payment protection from a standalone specialist as opposed to taking what seems to be the easiest option and purchasing the cover out alongside the mortgage with the high street lender at the time of getting your mortgage. While it might seem like the best way to purchase the cover, it isn’t.

Income payment protection insurance would allow the policy holder the satisfaction of knowing that they would be able to maintain all of their essential outgoings without having to struggle or miss one payment to pay another.

For many Brits, payment protection insurance (PPI) can make the difference between being able to put food on the table, meet bills, and pay monthly mortgages, in the midst of a significant illness, accident, involuntary redundancy, or other forced unemployment.

If you should find yourself unable to work due to suffering from an accident, an illness or if you become unemployed then your monthly mortgage repayments could suffer. You would probably struggle to continue repaying your commitment unless you had mortgage cover.

High street lenders will offer a loan protection policy at the time of you taking out the borrowing. However in the majority of cases the premiums are high and go towards an estimated £4 billion in profits each year.

Payment protection cover is an extremely important insurance protection for many Brits. This insurance protection offers a short-term monthly income payout for people displaced from work due to involuntary redundancy, illness, accident, or unemployment.

If you should lose your income and job through redundancy, you would still have to be able to find the money each month to be able to carry on paying your creditors.

You may ask why you need mortgage protection insurance, believing that it is just another expense when your money is stretched already. However, have you considered what would happen if you were to suddenly lose your income due to involuntary redundancy or incapacity such as from having an accident or falling sick?

Redundancy insurance is protection that covers Brits against the loss of their jobs. The insurance provides income payment or mortgage support in the event of illness, accidents, unemployment, or other triggering events which lead to a loss of earnings.

One of the first tips when looking to take out unemployment income protection insurance is to not confuse this product with one of a similar name. Income payment protection and income protection insurance are two separate products.