About Mortgage Protection Insurance
Mortgage Payment Protection Insurance (MPPI)
In case of the mortgage holder passing away, the outstanding mortgage will be paid off.
When you arrange your mortgage and fetch the keys to your brand-new home, whether you’re a skilled veteran of home purchasing or a first time buyer, mortgage payment protection insurance (MPPI) is easy to overlook. As you hurry to move in, imagining the redecorating or a fun housewarming party, failure to insure one of the most expensive purchases that you are ever likely to make might see your dream home turn into a nightmare.
‘Mortgage Payment Protection Insurance cover is an inclusive, flexible and simple method to ensure that your house is safe no matter what your circumstances. The financial obligations bound in a mortgage have reward of providing you with a home for life, nevertheless failure to secure this can prove very pricey indeed.
Mortgage payment protection insurance – peace of mind for your household
As the economic climate continues to be difficult, a growing number of property owners are choosing ‘Mortgage Payment Protection Insurance,’ to provide piece of mind should their financial situation change for the worse. Mortgage Payment Protection Insurance is there to protect you against possible repossession of your home, the ultimate result of failing to keep up with your mortgage payments. It does this by making the monthly payments on your mortgage if you find that you are unable to work whether that is as an outcome of illness, accident or unemployment. Unlike government schemes, which cover only the interest on your mortgage and make various eligibility criteria on homeowners to qualify, Mortgage Payment Protection Insurance is a lot more inclusive and offers a much higher level of security. Mortgage Protection Insurance also covers you if you are self-employed, if your company is forced to cease trading, which provides piece of mind. MPPI is one of the major types of mortgage protection.
The types of mortgage payment protection insurance
‘Mortgage Payment Protection Insurance’ can vary dependent on who you insure with however whoever you choose you can rest assured that there are a range of features and benefits to help you. Typically this kind of mortgage protection strategy will cover you for up to twelve months ensuring that you can concentrate on recovering or finding employment, safe in the knowledge that your home is protected. The insurance cover is generally paid out quickly, within a month or more of you being out of work, and the payments are usually backdated so you do not need to stress over falling into arrears with any of your mortgage payments.
There are typically, based on the policy and provider, different rates for the insurance dependent on your age so we make sure that you choose the package that fits you. You can also pick one or more elements of the cover offered, for example you might be positive that if you were made redundant you would receive a charitable payment package and for that reason you might just wish to get the illness and accident element of the Mortgage Payment Insurance. It is this aspect of flexibility that makes it best for today’s housing market and you can be assured of the longevity of your policy since Mortgage Payment Protection Insurance is covered under the government supported ‘Financial Services Compensation Scheme.’ This means that whatever may happen to the economy, your mortgage insurance is safe.
If you would like to arrange a free initial advice about the various mortgage protection and / or life insurance cover options available please contact us – we will be happy to explain things in a clear, impartial and helpful way.
Other kinds of mortgage protection insurance
If you wish to arrange a free appointment to help you understand which mortgage protection policy would be right for your circumstance, including mortgage payment protection insurance, mortgage life insurance cover, income protection insurance and critical illness insurance , and other services offered please contact us – we a will be happy to discuss things in a clear, objective and understandable way.
There are other providers of Payment Protection Insurance [Short-Term Income Protection] and other products created to protect you against loss of income. This will normally cost ₤3 per month for every ₤100 of benefit. For information about insurance, please check out the website at www.moneymadeclear.org.uk
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