Basically put, if you are unable to make you mortgage payments because of accident or illness, or because of unemployment, you payments are made for you through the insurance. This is similar to car insurance that covers you if you are in a car accident, except that mortgage protection provides the same type of cover for your home.

It doesn't matter whether you lose your job, we become ill, or are involved in an accident that leaves you unable to work. Simply, if you can't work and would be unable to make you mortgage payments otherwise, this insurance makes those payments for you, usually for 12 months and up to 24 months.

If you should need to make a claim, it's pretty simple. If something happens to you that will leave you unable to make your mortgage payments and it's covered in the insurance policy (namely, illness or accident that leaves you unable to work, or unemployment), you should contact your insurer within 120 days of your illness or injury, for example. You provide the insurer the information asked for, and then you should be covered.

Although it's popularly thought that mortgage protection is expensive, in fact, it's quite reasonable. For example, if you are 30 years old and your monthly mortgage is £800, your cost for the insurance will be £22 a month over your regular mortgage payment. This comes out to about £7,000 over the life of the average 25-year mortgage. This is, indeed, reasonable when you consider what you might face if you don't have it.

To get the best mortgage protection for the best price, use an online mortgage insurance company. Your choices will be greater and you can save up to 40% on the cost in addition to the other benefits looking online gives you, such as ease of comparison between companies.