Protecting Your Home With Mortgage Payment Protection Insurance
Mortgage payment protection insurance (or MPPI) is an insurance product that can help you keep up with your monthly mortgage repayments in the event that you lose your income due to involuntary redundancy; recovery from an accident; or prolonged illness. This means that at an already stressful time, you will not have to worry how to keep your home safe from repossession.
You may think that you will never need to use this type of insurance policy, but anyone of us is vulnerable to redundancy, especially in an uncertain economic climate. And having an accident or being hospitalised due to illness, with a long recovery period afterwards, is something that can happen to anyone. You simply cannot put a price on the peace of mind that a mortgage payment protection insurance policy could give you.
So, how does the cover work?
Well, the mortgage protection insurance will start to pay out a tax free monthly sum anywhere from thirty to ninety days after you are made redundant or become incapacitated. The waiting period depends on the individual policy terms and conditions so do check this when looking for your cover.
The sum you receive can go towards maintaining your monthly mortgage commitment as well as associated costs such as home, life and critical illness insurance, up to the provider