Payment protection insurance, of which mortgage payment protection insurance is one part of - has suffered from many problems, one of them being the ridiculous high premiums that are often charged for the cover. Another reason why it has been in the spotlight for the wrong reasons is the lack of information that is given regarding the product at the time of buying it. It has to be said that the majority of problems that have been associated with mortgage protection insurance are due to policies sold by the high street lender.

The vast majority of policies that are purchased are sold at the time of taking out the mortgage but this is the dearest way of taking out the protection and led to many people taking policies that they couldn't claim against.

When bought with the exclusions in mind it can make the difference between you losing your home or keeping it. It can provide you with a tax free monthly income with which to pay your mortgage after you have been out of work, usually for 30 days or more. The mortgage protection insurance policy would continue to pay out for up to 12 months if need be and with some providers for 24 months, but you have to be aware that the product isn't suitable for the circumstances of everyone.

Some of the common reasons why you wouldn't be able to claim on a policy include only being in part time work, self employed, retired or if you suffer from a pre-existing medical condition. Of course these are only a few of the reasons which could stop you from claiming and need to be read and understood before you take out your cheap mortgage protection insurance.