|
|
|
|
|
Mortgage Payment Protection Cover
MPPI policies will pay mortgage repayments if the borrower should become ill, be made redundant or have an accident.
These insurances are on offer from insurance companies and mortgage lenders and will cover mortgage premiums when a claim has been accepted. They will usually pay out for one to year periods if a longer period should be required this will command a higher premium.
A choice of one or all options can be chosen in some cases i.e. to only include becoming ill.
Usually there is between 30 and 90 days exclusion period where no money will be paid. There are some that offer ‘back to day one’ where payment is made from onset.
Most policies exclude pre-existing health problems and will not give cover for stress or mental health conditions.
Shopping around this type of policy is best as costs vary considerably. Premiums are worked out per £100 of benefit therefore the larger the mortgage the dearer the insurance.
|
|
|
