Info About Mortgage Payment Protection Insurance
If you have any kind of mortgage one thing you ought to definitely look into is some type of mortgage protection insurance plan, whether it be MPPI, critical illness cover or standard life assurance. Each one of these different types of cover offer peace of mind should something go terribly wrong, like losing your work, death or getting a serious illness.
Mortgage Payment Protection Insurance can be also known as Accident, Sickness and Unemployment insurance (ASU). It’s an insurance policy that will cover your mortgage repayments in the event you suffer from illness or injury or in the event that you are made redundant which leaves you unable to work.
Normally, policies last for between 1 and Five years, after which you are able to reassess your need to re-insure. Premiums, the cost of which differs from insurance company to insurer, are paid monthly. Usually the cost of premiums falls between £3.00 and £5.00 per £100.00 of monthly mortgage payments. It pays to shop around, however, because the insurance deals connected to home loans by some traditional lenders aren’t necessarily very good value for money.
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