Do not confuse your payment protection cover with that of income protection or a credit cover. These are basically designed to cover your outstanding debts when you are sick, redundant or during unemployment, accident or death. It is usually loans or overdraft that is covered. These loans or overdrafts may have been provided by a bank or any credit provider company.
You can apply for a payment protection policy when you apply for your mortgage loan itself. Or it can be applied later with another insurance provider. Remember that it is not mandatory to have a payment protection along with your loan. If you are made to believe it is compulsory to get loan approval, then the insurance provider has mis-sold the policy. It is only a necessity, so that when you are in a desperate financial situation you should not risk your collateral attached to your mortgage loan.
If you have a proper policy in place, you can save your mortgage payments when you are sick, out of employment or have met with an accident. Before applying for such policies, make sure that your employer is not offering some thing similar to the one you are planning to take up. If yes, then you need not go for a similar cover. Your employer's policy will cover your financial concerns.
Such a policy will not be right for you as your employer would have covered you. In case you have been mis-sold a policy, your insurance provider will be held responsible and you can make a rightful claim against such malpractices.
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