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Do I Need Mortgage Payment Protection Insurance?
With Mortgage Payment Protection Insurance your monthly mortgage repayments are covered if you become unemployed, have an accident, or become sick, and this keeps you off work for 30 days or more.
Hot Topics
- Is Mortgage Payment Protection Insurance the same as a Mortgage Insurance Guarantee?
- No. Mortgage Payment Protection Insurance is totally different to a Mortgage Insurance Guarantee.
- For how long will the policy continue to pay your mortgage?
- The Mortgage Payment Protection Insurance will pay your mortgage for up to 12 months or up to when you return to work, whichever is the sooner.
- Will a claim under a Mortgage Payment Protection policy affect any State benefits to which you may be entitled?
- No. Whilst you are using Mortgage Payment Protection Insurance to replace your income and meet your monthly mortgage repayments, insurance payouts do not qualify as income in the eyes of the Benefits Agency or the Inland Revenue.
- You want to ensure that your mortgage is paid off if you were to die or become seriously ill and could not work again. What sort of life insurance do you need?
- You need either Life Insurance if you have an interest only mortgage, or Mortgage Life Insurance if you have a repayment mortgage. Then you need to add Critical Illness Insurance. You can do this all in one policy.
- How Much Should You Insure For?
- For mortgage protection purposes the initial sum insured must always equal the capital sum outstanding on your mortgage. You should also insure yourself for the same number of years that are remaining on your mortgage.
Your lender may offer this type of insurance so you can combine it with your mortgage payments, however you will probably be able to get a cheaper deal by buying it through Brokers Online.
- Should I insure for accident and sickness ?
- Can you keep on your life policy after you pay your mortgage ?
- Is there any investment value ?
- What is Mortgage Payment Protection Insurance?
- You want to ensure that your mortgage is paid off if you were to die or become seriously ill and could not work again. What sort of life insurance do you need?
- Will a claim under a Mortgage Payment Protection policy affect any State benefits to which you may be entitled?