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Cover Your Monthly Mortgage With Mortgage Payment Protection

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  • Simon Burgess
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    Message 1 of 1 , Apr 1, 2008
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      Please consider this free-reprint article written by:
      Simon Burgess

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      Article Title: Cover Your Monthly Mortgage With Mortgage
      Payment Protection
      Author: Simon Burgess
      Word Count: 527
      Article URL: http://www.isnare.com/?aid=239179&ca=Finances
      Format: 64cpl
      Contact The Author: http://www.isnare.com/eta.php?aid=239179

      Easy Publish Tool: http://www.isnare.com/html.php?aid=239179

      ================== ARTICLE START ==================
      Getting behind on your mortgage could mean that the lender
      would take steps to repossess your home. If you are unable to
      work or have been made redundant then this is the last thing you
      need to worry about. However providing you look into it,
      mortgage payment protection would allow you to continue meeting
      the repayments.

      A policy can be taken out to safeguard against the possibility
      that you might be made unemployed by such as redundancy sometime
      in the future. It can also be taken out to protect against being
      unfit for work due to suffering an accident or illness or it can
      be taken out for all three. The cost of the premium that is
      charged will be reflected on this. Other factors that determine
      the cost, is how much your mortgage repayments are and your age.


      Mortgage payment protection insurance (MPPI) needs to be
      considered, as relying on the State to hand out benefits or
      savings to fall back on could let you down. Savings could soon
      be depleted if you were to remain out of work or unfit for many
      months. With the State, help will be given only for the first
      £100,000 of the interest part of the mortgage. Even then, you
      would have to be eligible to claim and must be receiving income
      support. Having a live in partner in full time work, or savings
      over a certain amount would mean you would not be eligible. If
      your mortgage were taken after October 1995, you would also have
      to wait 9 months before you would begin to benefit.

      Policies do differ depending on where you choose to get the
      quotes for your cover. The high street lenders will charge more
      for a policy than the standalone providers will. In some cases
      the difference can be quite a lot so shopping around is
      essential.

      Mortgage payment protection does have a waiting period before
      you are able to claim. This is usually between day 30 and 90 of
      being out of work or unemployed. Once the cover has started to
      provide a tax-free income, it would continue to do so for
      between 12 and 24 months dependent on the provider. You have to
      read the key facts of the policy as the terms and conditions do
      vary from provider to provider. These should tell you how much
      your policy would cost and make the consumer aware of any
      exclusions that may be included.

      There have been problems in the past with mis-selling. Problems
      started in 2005 when the Financial Services Authority
      investigated the sector at the same time as the Office of Fair
      Trading. It was found there many people had bought cover that
      they could never be able to claim on. Others were sold the
      insurance without actually being aware of the fact.

      However, those who have lost faith in and do not give mortgage
      payment protection a second thought should remember it is not
      the products themselves that are to blame. Mis-selling occurred
      through ignorance at the time of selling. However, by shopping
      around and researching your options, you can be sure of getting
      a quality product.


      About The Author: Simon Burgess is Managing Director of the
      award-winning British Insurance
      (http://www.britishinsurance.com), a specialist provider of low
      cost income payment protection insurance (PPI), mortgage payment
      protection insurance (MPPI) and loan payment protection
      insurance.

      Please use the HTML version of this article at:
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      ================== ARTICLE END ==================

      For more free-reprint articles by Simon Burgess please visit:
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