Mortgage Payment Protection Insurance
For most people a home is the largest financial commitment you will undertake. For the majority a mortgage is required to borrow the funds to purchase your home and there is an insurance policy that can protect your mortgage payments.
Mortgage payment protection insurance (MPPI) can cover your mortgage payments if you were out of work due to serious injury, illness or redundancy. Many MPPI policies will start to pay one month after you are out of work and typically a policy will pay out for 12-24 months. It is expected that within that period people will have found other employment or recovered from their illness.
Protect your Remortgage
It is important to ensure that you are covered for the duration of your mortgage.Typically, once a Mortgage Payment Protection Insurance policy is taken out it is renewed again every two to five years. This corresponds to the frequency most mortgages are reevaluated. The MPPI policies usually charge a fixed premium rate based of the amount of monthly benefit purchased, but pre existing medical conditions are normally excluded from your Mortgage Payment Protection Insurance.
Cover for Specialist Remortgages
The self employed can now get cover for MPPI insurance from some insurers but those workers whose jobs are seasonal or termed a hazadous profession will most likely be refused coverage.
Mortgage Payment Protection Insurance might be one of the most important safeguards you can buy. It can cost only a few pounds per month and save your hard-earned home from unexpected and unnecessary repossession. Our advisors can discuss this with you in more detail.
