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Article DetailsMortgage protection insurance for sickness |
| Date Added: August 18, 2008 10:30:18 PM |
| Author: |
| Category: Insurance: Mortgage insurance |
Mortgage payment protection insurance may compensate your mortgage payments in the event that you become ill, have an unexpected accident or become redundant.
The social security department of the government may not payout interest on your mortgage for a period of up to 9 months for mortgages taken out after 2nd October 1995. Those who have had their mortgage before 1st October 1995 will get nothing for the first eight weeks, then 50% interest payments only between nine to eighteen weeks and finally after eighteen weeks there will be 100% payment of interest on the mortgage. Capital mortgage payments will not be compensated by the government.
The government:
· May pay interest on the first £100,000.00 only.
· May not make any payments to those with savings over £8,000.00.
· May not pay those with their partner working 16 hours a week.
MPPI:
· Is optional.
· Not compulsory.
· Option to apply for accident and sickness cover only or comprehensive cover of accident sickness and unemployment.
· Consider any benefits from your employer.
· Cover lasts mostly 12 months.
· Consider the excess period.
Ensure you fully understand the exclusion clauses and in case of doubt consult your Independent Financial Advisor.
Article reference 137.
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