Payment Protection cover is insurance designed to protect your monthly mortgage repayments or your income should you lose your income through accident, sickness or unemployment.

Payment Protection cover, used to protect just your mortgage repayment is called Mortgage Payment Protection. You may protect your repayments up to a certain percentage of your salary. Providers vary on the amount of cover you can have ranging from 50-60% of gross or net income up to £1000-£2000.

Ant Insurance offer one of the highest payment protection cover policies with monthly benefits at 50% of your gross monthly income to a maximum monthly benefit of £2000.

The second Payment Protection cover is Income Payment Protection, also called Income Protection Insurance (ASU). This protects a percentage of your income which can then be used for any purpose you wish, much as a salary. Payment Protection cover for your income is slightly more expensive but it is more flexible. Ant Insurance offer Income Payment Protection cover at 60% of your gross monthly income to a maximum of £2,000 per month benefit.