Get your mortgage payment protection insurance today

Ask yourself these following questions. What is the single most expensive thing you have ever purchased? What is the single most important thing for you to continue living a comfortable life? What has been the most serious investment you ever made? For almost everybody the answer to all three of these questions will be the same, their home. So if we have identified that for most people, their home is the most valuable asset in their lives, how come so many people neglect to protect it sufficiently? Mortgage payment protection insurance (MPPI) is available cheaply and easily from a whole range of sources, so why do people still refrain from insuring their home?

In the UK, statistics gathered over the last three decades show us that: Three out of every ten people will suffer from a serious illness leaving them unable to work for an extended period. Four out of ten people will find themselves unexpectedly unemployed for a period of six months or more. One in one hundred people will be the victim of an accident so severe that they will never be able to work again. For most people who confront these situations without mortgage payment protection insurance it means one thing only, the repossession of their home by the establishment that furnished them with a mortgage.

There really can be no reason why any home owner does not take out some form of mortgage payment protection insurance, it is neither costly nor difficult to acquire. Typically you will be protected for anything from 12 months up to 24 months should you fall unemployed or suffer a long term illness, and in the case of a bad accident, you may find that your mortgage will be paid off in full, although this very much depends upon the nature of the accident and the quality of your mortgage payment protection insurance policy.

A series of letters are used to define a mortgage payment protection policy. A is used to signify accident cover, S is used to signify sickness cover and U is used to signify unemployment cover. The most common form of mortgage payment protection insurance is therefore known as an ASU, although it is quite possible to obtain cover for just accident and sickness (AS) or any other possible combination if you already have an active insurance policy covering you in one or more areas.

We live in unstable times, anybody who has made a major effort and capital investment to buy  their own home, needs to take mortgage payment protection insurance seriously. There is no reason for anyone to lose their home should they become unemployed, fall sick or be involved in an accident, when modern mortgage payment protection insurance products are well priced, increasingly consumer focused, and available to almost anybody through a simple application process. If you require more information about mortgage payment protection insurance, you should speak to your insurance broker, who will be able to offer best advice and help you obtain the right protection for your home.

Do you need mortgage protection insurance?

With the world economy taking a nose dive, large financial institutions beginning to struggle and established corporations feeling the pinch, nobody can be sure of a job for life. Anybody who has the responsibility of making mortgage payments each month would do well to consider taking up some form of mortgage protection insurance.

Mortgage protection insurance can cover you for those unexpected bends in the road, which otherwise would leave you struggling to make your monthly repayments and see your home at threat of repossession. Not only does mortgage protection insurance protect you from unexpected periods of unemployment, it will also make sure you are well protected should you fall ill or become the victim of a dilapidating illness. If we consider that three out of every ten people will experience some form of extended illness during their working life, then it makes complete and utter sense to ensure that if you are unlucky enough to be part of this statistic, then your home is protected and safeguarded.

Mortgage protection insurance will usually be offered over a twelve month period of cover, meaning that if you were to fall ill or become unemployed, then you would receive benefit for 12 months from the start of your claim. additionally, almost every mortgage protection policy will contain a 30 day deferment period, meaning that any claim made will not be paid for the first 30 days, however, many policies also contains a “back to day one” clause, meaning that the 30 day deferment will be paid after 30 days all the way back to the first day of claiming.

The main form of mortgage protection insurance is often termed an ASU (accident, sickness and unemployment) policy, although you may well also be offered an AS (accident and sickness) or an AU (accident and unemployment). Depending upon your own financial situation and whether you have additional insurance cover in place to cover sickness and accident, you will need to decide upon the type of mortgage protection insurance that suits you best.

The unfortunate situation seems to arise frequently, that the people who could benefit the most from taking up some form of mortgage protection insurance, are the people least likely to do so. Anyone who is already finding it hard to meet their current level of debt each month should definitely consider mortgage protection insurance a must have financial product, as it is unlikely that they would be able to meet their monthly mortgage repayments should they become ill or find themselves without work for even a short period of time.

If you feel that you would benefit from a mortgage protection insurance policy, then you would be best advised to take the advice of a professional insurance broker. Your broker will be able to search a whole range of mortgage protection insurance products and find the one that fits your own particular needs most closely, and that will protect your home the best.

Why do we Need Mortgage Payment Protection Insurance?

Mortgage payment protection insurance, or MPPI as it is commonly referred too, is arguably the most important insurance policy a home owner will ever buy. For most people, their home is going to be the largest asset they ever own, and it makes perfect sense to protect such a valuable item with a solid and dependable insurance product.

Incredible quantities of properties are repossessed in the UK each year, and a lot of these repossessions could have been avoided if the property owners had been covered by an adequate level of mortgage payment protection insurance. It is in your best interest to make sure that your property is fully protected from the greedy arms of the lenders.

Unemployment is a major factor in UK life in these times, and it cannot be stressed enough that everyone, no matter what job they do or which industry they work in, should make sure that their home is protected if they were to lose their job. In the same light, we can never be sure when accident or sickness may strike us, so making sure that your home is safeguarded should either of these tragic events befall you, is as essential as making sure you are covered should you become unemployed.

What does Mortgage Payment Protection Insurance Cover Me For?

Mortgage payment protection insurance (MPPI) most usually provides cover for three separate things. First of all it will come with an amount of accident cover, this will come into effect should you fall fowl of a critical accident, which sees you either unable to work for an extended period, or unable to return to work at all. Sickness cover is in place to provide you with the financial help you need if you are taken ill for a long period, your mortgage payments will be made until you are fit to return to work. Lastly you are covered for a period of unemployment, safeguarding your property if you are unable to earn an income and pay your mortgage each month.

You may be offered a choice of claim terms, the most common being 12 and 24 months. This defines the overall period of time for which you may claim in one go. Most policies will also stipulate a 30 day grace period, during which time you cannot make a claim, although the policy will also usually have a “back to day one” clause, meaning that once the grace period has passed and your claim is accepted, it will be back dated to the beginning of the 30 day waiting period.

The MPPI market has become increasingly competitive in recent years, and insurance providers have been bringing considerably more consumer focused products to the marketplace. This new style of products offers exceptional features at an attractive price, making mortgage payment protection insurance cheap, robust and desirable.

Enhanced Wealth offers an award winning Mortgage payment protection insurance (MPPI) policy from British Insurance.

Mortgage Payment Protection Insurance

Mortgage repayment protection insurance is also know as MPPI and is a form of protection for your mortgage repayments costs in the event of the borrower becoming unemployed or incapacitated.  Taking out a mortgage is a big financial long term commitment.  If you are in full time employment, most of the time the mortgage repayments are not a problem, but what would happen if you were suddenly made redundant, sick or injured to an extend where you would be unable to work.  Without a reliable monthly income coming in, you may default on your mortgage repayments and get yourself into a large amount of debt along with ruining your credit rating.  This is where mortgage payment protection insurance (MPPI) comes in.

If you have taken out an MPPI policy whilst in full employment, you will be covered if you become redundant or unable to work due to sickness or injury.  The mortgage payment protection insurance will pay the monthly repayment costs of the mortgage.  These types of policies give borrowers piece of mind and excellent protection in case anything beyond your control goes wrong.  Protecting yourself with an MPPI means your mortgage will not land you in large amounts of debt because of loss of income and your credit rating will not be severely effected which can influence the decision and interest rates of future loan and mortgage applications.

The cost of a mortgage payment protection insurance policy can very greatly depending on the company enquired to and personal circumstances of the applicant. Different companies have different terms and prices on their MPPI policies, this is why shopping around and carrying out extensive research is important.  Personal circumstances can also affect the price of the quote; the applicant must decide what percentage of the repayment they want to cover against, this can be up to 100%.  Also the amount you need to insure against is a contributory factor towards the price; the amount is calculated by the total monthly mortgage payments.  Even a person’s age is taken into account for some MPPI policies making the premiums cheaper for younger lives.

A mortgage carries such financial pressure that if something would happen and you were unable to repay the monthly payments it could lead to a whole host of problems in the immediate and long term future.  A mortgage payment protection insurance plan will guard you against the problems and stresses of defaulting on mortgage repayment.

Enhanced Wealth offers an award winning mortgage payment protection insurance from British Insurance. Full details are available here http://www.enhancedwealth.co.uk/asu/mppi/index.htm