- Mortgage Insurance

Mortgage Payment Protection Insurance

Most people would agree that their home is the most important asset. If you become unemployed it may be difficult to cover the mortgage payment and other expenses. Many people do not have enough savings to get through a period of unemployment. Mortgage payment protection insurance can give you peace of mind should something happen to you.

Mortgage payment protection insurance (MPPI) will ensure your monthly mortgage payments are made. If you become unemployed because of redundancy, sickness, disability or injured from an accident, mortgage payment protection insurance will provide coverage for you monthly expenses. You can get other payment protection policies that over credit cards and loan payments.

Most policies are taken out for the length of the mortgage loan but you can get ones for 5 or 10 year terms so that you can reassess whether you need it or not at that time. The benefits are usually paid for up to 24 months which will provide you with enough income to cover your mortgage payment and other related expenses.

The premium is usually fixed and does not depend on age, gender or occupation. If you are younger look for age related policies that favour younger customers these policies have lower premiums. There are often choices of coverage to suit your particular employment type or circumstances. Usually claims are paid out after the claimant is unable to work for 30-60 consecutive days. Make sure you are covered in the event that you become unemployed, talk to an insurance broker today.