Mortgage Payment Protection
If you are a home-owner, then 2011 should be the year that you start to take out mortgage payment protection insurance. This type of insurance will enable you to keep up your mortgage payments should you become unemployed for a length of time. Even if your job is secure, accident and injury can happen at any time, and the resulting loss in unemployment could affect your monthly income. For a small monthly premium, taking out mortgage protection insurance will help you to maintain regular payments to your mortgage.
Although you may be entitled to claim benefits if you are sick, this benefit is small, and you may not always be eligible. Mortgage Protection Insurance means you could get up to 75% of your gross income. Other associated bills could be covered within your payment insurance too.
You are eligible to apply for Mortgage Payment Protection if….
- you live in the UK
- are aged between 18 and 64
- you are in paid work
- you are working at least 16 hours per week
For some policies, you will also need to be up to date with your monthly repayments. You will also need to be named on the mortgage agreement. There are also other criteria to consider when taking mortgage payment protection which varies between providers. You may also be excluded if you have any pre-existing medical conditions, or you have seen a doctor in the last 12 months.
When taking out cover for Mortgage Payment Protection, you will need to decide on the deferment period – this is the length of time that the policy takes before it will pay you. The mortgage protection insurance will typically be more expensive if the deferment period is shorter.
Think too about the length of cover. MPPI will usually pay you for up to two years – during this period, it is expected that you will have found alternative employment, or recovered from your illness or injury.
There are different types of mortgage payment protection. For example, you could decide to take unemployment insurance only, or just cover for accident and sickness. Some mortgage protection plans even cover you if you need to leave work to become a carer.
What information do I need to declare?
• Your date of birth (As you get older, and the likelihood of becoming ill increases, then your monthly premium will be greater).
• Your name and address
• Your bank details for your monthly direct debit.
You will also need to state the amount of monthly benefit required. This will normally be based on your monthly mortgage payments and associated costs, for example, buildings and contents insurance.
Questions and Answers
Article Tags:
mortgage payment protection
,redundancy insurance
,income protection insurance
,unemployment cover
The world is getting more dangerous and unpredictable. There is always a risk of falling prey to injuries and health problems and we need to plan accordingly for this. Income protection cover is a safeguard if some unpleasant situation occurs to you or your loved ones and it may soften the impact of any crisis.
With predictions of a second global financial crisis making headlines, the number of people seeking income protection insurance in case of unemployment has risen considerably.
Income Protection is a plan that pays you a regular, tax-free income, should you be unable to work due to injury or illness.
You may become unemployed due to any unforseen disability like long illness, hospitalization, injury or accident. Income Protection Insurance protects you against such kind of situation. Besides getting peace of mind, you can get extra time to give your life a fresh restart.
There are many different types of income protection, so it can be difficult to know where to start. Each provider offers varying types of cover, dependent on particular scenarios.
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