Mortgage Payment Protection Insurance

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Mortgage payment protection insurance, or MPPI as it is sometimes referred to, covers your mortgage repayments if you are involved in an accident, sickness that affects your ability to work, or you are made redundant giving you peace of mind that your mortgage will continue to be paid.

With this type of payment protection insurance, you can often cover an additional 25% of your mortgage repayments to cover other expenses such as bills and, if a claim should arise, you’ll receive a monthly payment for up to either 12 or 24 months, depending on the insurer and the policy.

Your mortgage is likely to be one of the biggest expenditure of your household. It is important to keep up with all your repayment or risk losing your home.
What does a mortgage payment protection policy cover?

  • Accident & sickness – This will cover your mortgage repayments should you fall sick or have an accident which means you’re unable to work. However, it will not pay out if you lose you job.

  • Unemployment – In the event you lose your job by being made redundant, this will cover your mortgage repayments. It does not pay out in the event of sickness or accident.

  • Accident, sickness and unemployment – This comprehensive policy will cover your mortgage repayments if you lose your job or unable to work through accident or sickness.

If you think that you would struggle to pay your mortgage for a long period of time if you were put in a difficult financial situation, then a mortgage payment protection policy could be beneficial to you. Our experienced consultants at Apex Financial Consultants can help you find the right policy for your needs and circumstances.