What would happen if suddenly you lost your job or were unable to work due to accident or sickness or involuntary unemployment? How would you continue to pay your mortgage?

We live in uncertain times. Mortgage Payment Protection Insurance (MPPI) covers your mortgage payments if you’re unable to work due to an accident or illness, or in the case of involuntary unemployment.

Unlike Income Protection policies the sickness element of MPPI is underwritten at the time of claim so very few questions regarding an applicant’s medical history at outset.  As a result there can be a number of exclusions to these policies details of which are explained in the policy documentation. MPPI policies cover payments on your mortgage for a set period of time, typically between 12 and 24 months.

Many policies have an exclusion period, generally of around 60 days after you first take out the policy. During this time you can’t claim for unemployment, although you’re still covered for accident or sickness. There is usually a waiting period, again of around 60 days although in some cases “back to day one” cover is offered meaning that on the 31^st day of illness the company pay you for the month you have just had off.

For more information and a personal quotation click the link below.