Mortgage payment protection insurance, Accident sickness unemployment insurance-SMART

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Accident sickness, unemployment cover and Mortgage Payment protection....

Mortgage payment protection insurance (MPPI) is designed to give you a monthly benefit if you are off work due to an Accident, Sickness or Unemployment(redundancy) hence whey this cover is often called ASU. It covers you in much the same way as Income protection insurance but the benefit will usually only last for a period of up to 12 months so it’s therefore generally cheaper than income protection insurance.

The maximum cover for mortgage payment protection varies from insurer to insurer but it is typically up to 75% of your gross income and is often capped to say £1500 benefit per month.

You can also split the policy to have just sickness cover of just redundancy so it really is flexible to your needs.

Some form of income protection should be a high priority for anyone with financial commitments whether it’s via mortgage payment protection or income protection insurance. The governments’ current sickness/disability allowance is hardly liveable and if you have a mortgage they won’t pay anything towards it until you’ve been out of work for 9 months and have less than £8,000 in savings.

Unfortunately by the time the 9 months has passed many borrowers are too far behind with payments and lenders file for possession.

For a mortgage payment protection quote or more advice just pick up the phone or fill in the form to the right of the page. To learn more about income protection insurance click here.

Get a mortgage payment protection quote now!