What is Mortgage Payment Protection?
Mortgage payment protection is a new type of insurance that has gained popularity in the UK. In the US, such insurance tends to be called mortgage insurance. Those who buy a home with less that 20% down may be required to purchase such insurance to get the necessary financing. US mortgage payment protection tends to give a payout if one dies or becomes permanently disabled. It may protect a co-purchaser, such as a spouse or domestic partner, from assuming the full weight of a mortgage. It tends to be one of the most expensive forms of insurance to protect payment of one’s mortgage in the event of death or disability. Most reputable insurance brokers recommend that instead of purchasing mortgage payment protection, one purchase instead higher amounts of life insurance and disability insurance. These amounts generally cost about half the rate of similar amounts of protection from mortgage payment protection. However, those older than 45, those in poor health, and smokers, may end up payi
Mortgage protection insurance is designed to provide you with financial assistance in the form of tax free monthly payments to cover the cost of your mortgage and other associated bills should you become unemployed or unable to work. – These types of policies will provide you with between 12 and 24 monthly payments subject to the insurance companies specific terms and conditions. Policies that offer longer periods of cover tend to have higher premiums so it is important to decide on what length of cover is right for you. This will enable you get a deal that is the most cost effective for your personal needs. – MPPI is one arm of insurance protection covered by the title of Accident, Sickness & Unemployment (ASU) insurance. These products all provide short term cover for unemployed people or those who are unable to work. Within the spectrum of ASU cover products their is also loan payment protection & income payment protection. The key benefit of all these products is financial peace of
