What Are The Different Types of Income Protection Can I Choose?
Mortgage Payment Protection Insurance (MPPI) MPPI also known as Accident Sickness and Unemployment Insurance is designed to protect your mortgage payments and related costs such as life cover and buildings and contents. The amount of cover is restricted by your income and mortgage costs as typically policies will not cover more than 65% of your income or more than 130% of your mortgage related costs. Since the government reduced the support for mortgage home owners accident sickness and unemployment policies are designed to plug the gap, between 0 and 9 months when the government will not be providing any financial support. For mortgages arranged after Oct 1995 under current DSS regulations you would not be eligible for any mortgage interest support for a period of 9 months. And after this period if you are eligible that they will only pay the interest element of your loan up to a loan amount of 200,000. You also will not get any support if your partner works more than 16 hours per wee
