Payment Protection

You have probably seen the statement:

“Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it”

Have you ever stopped to think what it means? If you fall behind with your mortgage repayments and cannot catch up, you could eventually lose your home.

You can take steps to protect yourself against this risk by taking out Mortgage Payment Protection Insurance (MPPI). In the past this type of cover has been called Accident, Sickness and Unemployment cover (ASU).

What is MPPI

MPPI pays your monthly mortgage payments for a specified period if you suffer an accident sickness or unemployment. The unemployment cover does not include certain circumstances such as misconduct or if you knew of impending redundancy before you took out the policy. Some pre-existing medical conditions may also be excluded.

To keep the cost down the first 30 days is usually not covered, so it makes sense to keep a couple of months mortgage payments in a savings account to bridge any gap.

How do I apply?

Use freecall 0800 195 4346 to discuss your requirements with our team.

Have you also thought about critical illness cover?

Click here to find out more.