MPPI
policy covers the borrower’s mortgage payments
for a period of up to two years if he/she is unable to
work due to accident or sickness or has been made redundant.
Sometimes it is called accident, sickness and unemployment
insurance which is not entirely accurate. However, there
is no life cover provided by the MPPI policy and usually
allows more than one claim to be made provided you maintain
the premiums.
Key benefits are
- Payable after deferred period of 28 days and for
a maximum period of 2 years
- Benefit usually sufficient to cover the monthly mortgage
payment and other assurance premiums
- All benefit payment are tax free
As with all insurance policies we recommend that you
don’t just renew your cover at renewal date and
contact us to see how much we can reduce your insurance
premium by.
There are limits to the amount of cover you can arrange,
usually 65% of your gross salary. Pre-existing
medical conditions may be excluded.
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