Check out mortgage payment protection insurance with standalone providers
- 16TH OCTOBER 2007
Mortgage payment protection insurance (MPPI) can provide a safety net on which to fall back on if you should lose your income after coming out of work from suffering from an accident, long term sickness or down to unemployment by way of involuntary redundancy. While it can be a huge help and give great peace of mind it can also work out expensive. However, if you know you have the option of buying the cover independently from a standalone provider then mortgage payment protection insurance can be a whole lot cheaper.
On average, by going with a standalone mortgage payment protection insurance specialist such as the ethical British Insurance you can save around 40% on mortgage payment protection insurance and at the same time know that you have got a quality product along with the best advice possible. This is because a standalone company such as British Insurance only sells payment protection insurance products and knows how essential it is that homeowners have something to fall back on to ensure they keep up with their mortgage repayments and at a fair price.
Mortgage payment protection insurance can begin to give you a monthly tax free income with which to make your mortgage repayments from the 31st day of being out of work although some providers ask that you are out of work anything up to 90 days before you claim. The cover would then continue to payout for up to 12 months and with some providers for up to 24 months so again check the conditions of the policy before purchasing.
Do note however, as with all insurance policies, mortgage payment protection insurance isn’t suitable for all individuals. Some of the usual reasons which could mean that you would be ineligible to make a claim include if you are in part time work, are retired or if you have been suffering from a pre-existing medical condition at the time of applying for the cover.
