About
Mortgage Repayment Insurance
You do need to have a
mortgage on your own home to take out one of
these mortgage protection 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 payment 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 either 12 months or 24 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, age, 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.
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