Mortgage Payment Protection

Mortgage Payment Protection Insurance (MPPI) covers the cost of your mortgage for a maximum of 12 months should you be unable to work in the event of an accident, sickness or unemployment.

Protecting Your Mortgage Mortgage GuardianOne of our experienced Independent Financial Advisers (IFA) will advise and guide you on whether you need some or all of the benefits from this type of insurance. You will also need to find out how much your employer will pay you in the event of unemployment. If you have worked for your employer for a long period of time and the benefit is high then there may not be a need to have the unemployment element of this insurance.

Although many policies backdate to day one of the claim most providers will not start paying until day 31 or 60. Payments can also be capped between £1500 – £2000 per month or as a percentage of your salary. For unemployment cover payments from the insurance company are not usually made until the first 3 to 6 months which means you must rely on savings to keep your mortgage paid.

If you receive any payments from your MPPI policy it may affect the amount of state benefit that you will receive.

This type of policy looks very similar to Income protection which is often known as “Accident, Sickness & Unemployment” cover but that is where the similarity ends. Our IFA (independent Financial Adviser) will advise which policy is best for you and what the main differences are between the two types.

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Mortgage Guardian

0115 714 1988