Your age and payment protection insurance
- 27TH MAY 2007
Many individuals do not know that age can make a difference in the relevance of payment protection insurance to personal circumstances. Indeed, age is actually on the side of young and middle-aged homeowners because they are more likely to be paying off a mortgage than older individuals coming up to retirement.
Mortgage payment protection insurance (MPPI) is a must for all homeowners because nobody would like to lose their home in the event that they cannot keep the repayments owing to circumstances beyond their control.
A good policy can ensure that individuals have peace of mind and can be safe in the knowledge that they would have a full twelve months (or in some cases, up to 24 months’) of repayments taken care of should they ever be unable to work as a result of sickness or unemployment.
The majority of individuals actually have huge mortgages as a result of the extortionate housing market prices today and can just scrape by on modest incomes, but if that source of money was removed, it is unlikely that they would be able to cope. As a result, mortgage payment protection insurance is becoming a factor that few people can ill afford to be without.
Whilst mortgage providers do also offer mortgage payment protection insurance, more individuals are looking towards independent payment protection providers, such as the ethical British Insurance for example. British Insurance offer mortgage payment protection insurance that gives the same peace of mind at a fraction of the cost, thus making it even more affordable. It is, on average, 40% less and this makes for easier money management for younger individuals going it alone.
