A Guide to Mortgage Payment Protection Insurance
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A Guide to Mortgage Payment Protection Insurance
Mortgage Payment Protection Insurance (MPPI) is a product designed to cover the risk represented by a mortgage loan.
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Mortgages, although a fact of everyday life for the vast majority of people, do constitute a major debt. Consumers who have a mortgage will not always have the resources to cover their loan repayments in the event of an interruption to their income for any reason.
The reasons for needing mortgage payment protection insurance include redundancy, accident or illness. The balance between covering all expenses and not being able to afford your mortgage could be caused by a simple stroke of bad luck. Not having an insurance policy in place to cover your mortgage could result in your home being repossessed. Mortgage payment protection insurance protects against this eventuality.
A mortgage payment protection insurance policy can be taken out in order to cover the outgoings of a borrower for an extended period – usually up to 12 months – in the event of them being unable to work due to health reasons or being made redundant. In theory, this makes MPPI a simple and effective product that every borrower needs.
However, the cost of this type of insurance varied enormously between specialist mortgage payment protection insurance companies and major banks and building societies. Many borrowers have simply taken the first MPPI product offered, unaware that they are paying over the odds for their policy.
MPPI is a useful and effective insurance product, and provides guaranteed peace of mind to policyholders. Educating oneself about the benefits and the pitfalls of the product only enhances this.
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