It is the exclusions that you have to be aware of with any type of insurance and mortgage insurance is no different. Some of the most common reasons that keep people out of work are included in most policies, such as back problems and problems relating to stress. Also if you are self employed, retired or suffer from a pre-existing medical condition then these are all in the exclusions too.

Mortgage insurance - otherwise known as mortgage payment protection or ASU insurance - will pay out a monthly tax free sum of money which ensures that you can carry on meeting your mortgage repayments and don't have to worry about losing the roof over your head if you were to lose your income. Cover will pay out after you have been out of work for 30 days and will continue for up to 12 months and with some providers for 24 months and you have the option of taking out cover for accident and sickness only, unemployment only or for accident, sickness and unemployment together.

When looking for mortgage insurance the best way to obtain it is to go to a standalone provider and let quote you the cheapest premium available for your policy. Historically, standalone providers offer much cheaper mortgage insurance cover than their high street counterparts, so always shop around for your cover and do not be forced in to taking a policy from your mortgage lender without first investigating your options.