At the same time, you can check that the policy is the right one for you as many are different. You would receive a tax free sum of money each month to help you continue paying your mortgage should coby Paul Rhodes To get the best Mortgage Payment Protection Insurance policy, it would be sensible to get several quotations from MPPI providers. Most Mortgage Payment Protection policies begin to pay out after you have been out of work for between 30-90 days, depending on the terms of the policy. Generally, the lower the interest rate, the more points the lending institution will charge.