Mortgage protection
Mortgage Payment Protection Insurance (MPPI)
Policies are available to protect your mortgage if you’re off work for a long time due to an accident or sickness. Many people will add unemployment cover to this to ensure that their repayments are covered in the event of redundancy.
You will need to be aged 18 to 65 and also be employed for at least 16 hours a week or on a long term contract or have been self-employed for a period of time.
Redundancy Insurance
Trying to cover your mortgage repayments and associated costs without an income during this anxious time can be very challenging. It could exhaust all of your savings or even lead to your home being repossessed. The MPPI policies we can arrange for you offer either a 12 or 24 month benefit payment period, giving you the breathing space you’ll need to concentrate on finding a new job.
Level and Decreasing Term Life Insurance
It is vital to make sure that you have a life insurance policy in place when you have a mortgage. A decreasing policy is designed to cover a repayment mortgage or loan over a fixed term, as the lump sum payable on death reduces broadly in line with the balance outstanding.
Premiums are set at the start of the plan to take this into account, so are often cheaper than level life insurance where the sum assured does not decrease during the duration of the plan. Both level and decreasing life insurance pay out if you die during the plan term but neither have a cash in value at anytime. The cost and level of cover you might need depend on your own personal circumstances.