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What is the waiting period for mortgage payment protection insurance?

The waiting period for mortgage payment protection insurance varies according to the case stated in the policy:

  • Unemployment: the waiting period is two months from the effective date of the policy.
  • Temporary incapacity due to illness: the waiting period is one month from the effective date of the coverage. 

Temporary incapacity due to accident: there is no waiting period in this case.

How does mortgage payment insurance work in the case of unemployment?

If you become unemployed, the Bankinter mortgage payment protection insurance will always guarantee an amount equivalent to your monthly instalment, taking into account the limits initially defined in the policy.

If you become unemployed through termination of the employment relationship and this occurs during the effective period of the policy, the following factors will also be taken into account:

  • Due to redundancy or collective dismissal.
  • Due to wrongful dismissal.
  • Due to the death or incapacity of your individual employer, provided that the employment contract is terminated for this reason.
  • Due to dismissal or termination of the contract based on objective causes.
  • Due to voluntary cancellation by the insured party in the cases provided for in articles 40, 41 and 50 of the Workers Statute.
  • Due to suspension of the employment relationship because of redundancy or due to a reduction of at least 50% of your working hours.

In the case of Bankinter, payment protection insurance can only be taken out when you sign your mortgage agreement or within 60 days of doing so, and the maximum period is five years or until the insured is 65 years old. This is a single-premium policy, which means that you pay a lump sum when you take it out rather than paying regular premiums.


Variable-rate mortgage

The classic mortgage but with Bankinter terms and conditions.
find out more about variable-rate mortgage

Fixed-rate mortgage

The mortgage with no surprises: fixed instalments for the entire term of your loan.
find out more about fixed-rate mortgage