Summary
If you're considering Mortgage Payment Insurance or want to know what it does, then this is an essential read.
Mortgage Payment Protection Insurance. Page 2
The Do's and Don'tsAuthor: Michael Challiner
- Most policies state that you have to be off work for a minimum period of time before you can make a claim. The maximum period you'll find is 60 days but many policies reduce this to 30 days - and some will then backdate the payment to the first day you were off work. You'll find full details about these aspects in the policy's Terms and Conditions. Always check these out before you buy and remember when you're comparing prices, to compare like with like.
- Home Mortgage Loans
- More people are paying off their mortgages early. How do they do it? This article explains some ways.
- Mortgage - does it give the best deal against your home
- A basic intorduction to the different types of mortgages available and their uses.
- Mortgages. First time buyers let down by the governments Homebuy scheme.
- At this stage, the Governments Homebuy mortgage scheme for firsttime buyers seems a waste of time. This article explains why.
- House price rises – a cautionary tale
- The housing market seems to be buoyant with house sales exceeding expectations in some parts of the country. If mortgage rates start to rise, the market may see a correction. Take care not to take on too much debt.
- Buy to let – a change for the better
- Do you own a buy-to-let property? There are some proposed new rules regarding tenancy agreements. Find out more. Buy to let – a change for the better
- Don't confuse MPPI with Mortgage Indemnity Insurance (MIG). Mortgage Indemnity Insurance p rovides cover for a mortgage lender for any losses the lender might suffer as a result of a property on which they provided a loan being sold for less than the amount of the loan. Any payout under a MIG policy goes to the lender, not you!
- If you already have Permanent Health Insurance your may not need MPPI. Check out the terms of you PHI policy.
- Be aware that there is a level of duplication between Critical Illness Insurance and MPPI. MPPI will pay you an income during the insured period for any illness that prevents you from working. Critical illness Insurance will payout a lump sum if you are diagnosed with any of the chronic illnesses listed on the critical illness policy. So if you have a critical illness claim, then you will almost certainly also have a claim on your MPPI policy. However, if the illness that's keeping you off work is not listed on the chronic list, and all ordinary illness aren't, then only your MPPI policy will payout.
- Shop around. As with most types of insurance, the Internet is the cheapest place to shop and many sites will enable you to arrange cover immediately online. Try searching under mortgage payment protection insurance rather than just mortgage protection. That search term is totally specific and you're bound to find what you want.