Do you have the peace of mind that a mortgage protection plan can give?
- 14TH AUGUST 2007
A mortgage protection plan or mortgage payment protection insurance (MPPI) as it is sold under, is taken out to make sure that if you have monthly mortgage repayments to make and you should become out of work due to having an accident, being ill or becoming unemployed, then you can still carry on meeting the repayments.
For a monthly premium on your mortgage protection plan you can get a fixed monthly income which can help cover the cost of the mortgage repayments and associated outgoings such as home insurance. In most cases it will pay out once you have been out of work for a period of 30 days or more and then continue to provide you with a monthly income for up to 12 months (in some cases, 24 months’).
However a mortgage protection plan can be expensive if you take it alongside your mortgage from the high street bank or lender. In comparison you can make savings of around 40% if you choose to go independently for a mortgage protection plan and you will also get the advice you need to ensure that you get a policy suitable for your needs.
British Insurance is an online specialist provider in mortgage protection plans who gives free advice and plenty of down to earth information regarding policies and the exclusions within them. A mortgage plan can be an effective safety net but you have to understand what is and is not covered by a policy. There are many exclusions that could stop you from making a successful claim on the policy but British Insurance are one of the few providers who tell you this information from the start.
