Mortgage Payment Benefit

Quite often you hear ‘it could never happen to me’ or ‘I’ll sort it out later’. Well the old maxim of “failing to plan is planning to fail” is no better suited than to the ignoring of crucial decisions on protection.

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It is quite possible that when times get tough you could end up worrying about how you're going to meet your mortgage payments, whether you're a young, first-time homeowner, with a growing family or approaching retirement. 

Your home really is your most important possession and if you fail to pay your mortgage, you and your family could be faced with repossession and homelessness. For this reason mortgage insurance is a very important product to consider, whether you're buying a new home or you're simply looking for extra security and peace of mind. 

If you were unable to work due to an accident, illness or unemployment, you would feel better knowing that your investment is protected. 

Mortgage insurance offers you tax free monthly payments that help you pay your mortgage should your income cease for any reason. This could be as a result of an accident or long-term illness that has left you unable to work, or because you have been made redundant. If you were unlucky enough for any of this to happen, a comprehensive mortgage payment protection policy could ensure that you don't fall behind on mortgage payments, thereby removing that worry while you're out of work. 

It is important to be aware that there are conditions attached to a mortgage insurance policy, and we will advise you on this. As an example some policies may not pay out until you have been out of work for a full month, although many will then backdate your first payment to include this period. Some mortgage insurance policies only cover a limited amount of time, usually 12 – 24 months, and some may offer you the option to extend your cover period, so it's vitally important to consider your circumstances before choosing to buy a mortgage payment protection policy.

This Payment Protection Insurance is optional. There are other providers of Payment Protection Insurance and other products designed to protect you against loss of income. For impartial information about insurance, please visit the website at www.moneymadeclear.org.uk.’The page should also provide an indication of the cost of PPI/MPPI to the Consumer, expressed in the format of the Monthly Cost for every £100 of Monthly Benefit eg "For Accident Sickness and Unemployment Insurance, based on a 30 year old male, a typical cost per £100 of cover would be £4.03 per month. This is based on a 30 day deferred period.