Mortgage Repayment Insurance For Homeowners
Anyone who has a mortgage will no doubt have worried how they would manage financially in the event that they lost their income due to involuntary redundancy or incapacity (ie accident or sickness). It is a frightening thought that with just a few missed payments you could face going Court and even having your home repossessed. The good news is that you can protect your ability to maintain your mortgage repayments in the event of financial distress caused by one of these events, by taking out a mortgage repayment insurance policy.
Mortgage payment protection insurance - or MPPI for short - is an innovative insurance that protects homeowners against the financial fallout of losing their income due to no fault of their own. Should you need to make a claim on your policy, then you will start to receive a tax free benefit anywhere from one to three months after the event, depending on the policy you buy.
Some providers will offer the additional benefit of you being able to back date your claim to the first day of unemployment or incapacity, meaning that you do not lose out financially whatsoever.
This mortgage insurance payment will continue to run for one to two years