When you’ve taken out a mortgage you’ve make a long-term commitment to maintain the monthly repayments for the full duration of the mortgage. That’s going to be over many years but you’re making that commitment without the benefit of a crystal ball no one knows how your circumstances are going to change, for good or bad. So that must represent a big risk. Mortgage Payment Protection Insurance (MPPI) is one of a range of insurances that includes life insurance and critical illness insurance, which you can reduce that risk and protect your family’s finances.
The purpose of MPPI is to ensure that your mortgage repayments will continue to be paid if you’re off work for an extended period due to accident, sickness or unemployment. Just consider the risks that this type of insurance is designed to alleviate:
Home repossessions run at about 90 per day. Most of these are due to financial problems associated with unemployment.
One third of all people aged between 25 and 34 have experienced unemployment for more than a month.
During the term of their mortgage most people experience at least one period of illness, or the...
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