Mortgage payment protection insurance, also known as MPPI, is designed to keep your major investments safe from economic downturns. Taking on a 30-year loan is an enormous financial and psychological commitment. Being able to retain that loan despite unemployment, accident or injury is in some ways even more difficult. Having protection in the form of MPPI will enable you to retain your mortgage regardless of your employment status.
Beat the Queue
Recent news stories have focused on the increasing numbers of the unemployed in the UK. The queue for unemployment benefits has lengthened considerably as the global economy experiences unpredictable shifts across a variety of previously steady industries.
helps homeowners keep up on their mortgage payments without having to spend time waiting for insufficient state sponsored benefits. While no one can prevent redundancies, we can take measures to protect ourselves from their potentially life-altering consequences.
The Benefits of Mortgage Payment Protection Insurance
Depending on the insurance provider, MPPI benefits usually cover up to 75 percent of your gross monthly income with a monthly cap of £1,500. This can be adjusted depending on your income and monthly premiums. In some cases, policy holders choose a plan with an annual cap of £180,000. Benefits will continue to be paid until the policy expires.
The benefits package is designed to cover the monthly mortgage payment along with approximately 25 percent of all household expenses. This allows homeowners who have been made redundant or experienced a significant injury or accident to keep up on their payments as they search for other work or recover from an illness.
Homeowners who have invested in a mortgage have also invested in a way of life. Unlike a renter or someone who has yet to settle down, a homeowner has poured a tremendous amount of their effort into selecting and maintaining their property. MPPI allows homeowners to protect their valuables and their lifestyle for a minimal cost.
Losing a job is a life-changing experience. Losing access to all the services associated with steady employment can also be distressing. Many MPPI plans offer policy holders access to a network of legal and medical professionals who can help answer questions and refer them to qualified service providers.
Recovering from redundancy or injury is not impossible. It simply takes time and energy. MPPI provides homeowners with the opportunity to take back control of their lives without losing their property.