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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.
Hot Topics
- What is Mortgage Life Insurance?
- Mortgage Life Insurance is sometimes called Mortgage Protection Insurance.
- What happens if you need cover quickly in order to complete a house purchase?
- You need to take action now. Complete the quotation form now and within 24 hours ClickLife will phone and sort everyting out for you.
- Is there any investment value in your policy?
- No. Once the policy has come to the end of its term the policy simply ends. It’s a bit like house insurance!
- When would normal Life Insurance be used in connection with a mortgage?
- Term Insurance is another name for Life Insurance. Normal Life Insurance is used if you have an interest only mortgage.
- How long should you insure for?
- For mortgage protection purposes you should also insure yourself for the same number of years that are remaining on your mortgage. The initial sum insured should always equal the capital sum outstanding on your mortgage.
Mortgage Payment Protection Insurance pays your monthly mortgage repayment if you were off work due to sickness, accident, or unemployment.
Mortgage Insurance Guarantee (MIG) is an insurance you pay if you have borrowed over 90% of the value of your house. It repays the capital you borrowed directly to your mortgage lender if you were to default on your mortgage. In that context it is there to protect the lender and not you!
It is important to understand that MIG does not remove your liability to repay the money outstanding to your mortgage lender – they will still pursue you for the money outstanding whether or not they have been able to claim under a Mortgage Insurance Guarantee.
Frequently Asked Questions related to the above topic.
Click below if you wish to read them: -
- How much will it cost?
- Will Mortgage Payment Protection Insurance pay out immediately you make a claim?
- Are there any situations that would result in your claim being refused?
- You want a lump sum if you were to die or become very seriously ill and could not work again. What sort of insurance do you need?
- How much should you insure for?
- How long should you insure for?
- For how long will the policy continue to pay my mortgage?
- Should you insure for accident and sickness or accident, sickness and unemployment?
- Do you have to buy your Mortgage Payment Protection Insurance through your mortgage lender or mortgage broker?
- Do I Need Mortgage Payment Protection Insurance?
- Is there any investment value ?
- 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?
- Go to menu of Frequently asked Questions about Mortgage Payment Protection Insurance
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- Go to menu of Frequently asked Questions about Life Insurance
- Go to menu of Frequently asked Questions about Critical Illness Insurance