Mortgage repayment insurance

About Mortgage Repayment Insurance

You do need to have a mortgage on your own home to take out one of these mortgage repayment insurance plans.

However, you can increase cover to include other monthly costs. These plans are also known as mortgage payment protection insurance (MPPI) plans, income mortgage protection or mortgage repayment insurance plans.

Mortgage payment protection insurance (MPPI)

What would happen to you if you were made redundant or suffered a serious illness or accident which prevented you from working for some time. How would your finances bear up under the strain? What is more important, could you continue to make your mortgage repayments or would your home be at risk?

Mortgage repayment insurance or Mortgage Payment Protection Insurance (MPPI) is designed to provide a level of assistance with mortgage and associated repayments if the insured person is unable to work through illness, injury of involuntary unemployment. The monthly benefit payments under the Mortgage Payment Protection Insurance policy are paid out up to a maximum period of benefit which is usually 12 months.

The Mortgage Payment Protection Insurance policies usually charge a fixed premium rate based on the amount of monthly benefit purchased. There is no loading for smokers, vocation or physical history but please note that it is normal to exclude Mortgage Payment Protection Insurance cover for medical conditions which pre-exist the start of the Mortgage Payment Protection Insurance cover.