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.