If I understood you correctly the answer is yes.
If you have 2 upstream routers you can use MikroTik router for failover between them.
Simply set up 2 default routes - route with distance 2 through netstick and route with distance 1 and ateway-check ping to your ISP core router. Then add route to your ISP core via your ISP default gateway (set scope for this route to be less that or equal to target scope (set scope to 10)).
Thanks for the reply.
Just one clarification though.
My main line is connected to my Cisco router. When you say "ISP core router" you do mean this one, right? Not something that sits at my ISP's, correct?
Also, how would ping help here? Wont it check for the availability of the router (my router) itself? I need INTERNET availability monitored, not the hardware. Or am I missing something here?
Sorry if this sounds silly, I'm rather new