Policies that ensure mortgage payments are met for a given period (usually 12 months) if you are unable to work because you become sick, have an accident or are made redundant.
Income Support for Mortgage Interest (ISMI) is no longer payable for the first 9 months that you are unable to work, and the government has urged homeowners to protect their homes with this type of cover.
Mortgage payment protection insurance is also known as accident, sickness and unemployment (ASU) cover. (Confusingly, some types of life assurance taken in conjunction with a mortgage may be called mortgage protection policies.)
