What is the usual maximum period for mortgage protection cover?

Mortgage protection cover typically has a maximum period often set at 2 years. This type of insurance is designed to pay off a mortgage in the event that the policyholder dies or is unable to work due to illness or injury. The rationale behind the 2-year maximum is to align with the short-term nature of the risks involved, as this cover is primarily intended to provide temporary financial security during critical periods.

While 5 years and 10 years may seem like feasible options for providing coverage, they typically fall under different insurance products or long-term policies that are structured differently from standard mortgage protection. The 1-year option is generally too short to adequately cover the mortgage payments that could accrue over a significant period of illness or disability. Thus, the 2-year limit effectively balances the need for coverage against the realities of insurable risks and premiums related to mortgage protection.