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.
