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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 Payment Protection Insurance?
- Mortgage Payment Protection Insurance pays your monthly mortgage repayment if you were off work due to sickness, accident, or unemployment. (Don’t forget that your home is at risk if you fail to keep up the repayment of loans secured against it.)
- 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.
- 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!
- Should I include Terminal Illness Insurance?
- Terminal Illness Insurance is generally included at no extra cost on all Mortgage Life, Life and Critical Illness policies.
- Should I include Terminal Illness Insurance?
- Terminal Illness Insurance is generally included at no extra cost on all Mortgage Life, Life and Critical Illness policies.
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.
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- 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