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About Mortgage Payment Protection UK

How would you cope financially if you were unable to work due to accident, illness, disability or unemployment? Statistics have recently indicated that there is a greater chance of any of these things happening than any of us realise and the sad fact is that the majority of us are not prepared for this eventuality, having no form of income replacement insurance or mortgage payment protection insurance (mppi) in place.

There are numerous companies who offer these types of insurance, the sheer number of policies is enough to confuse anyone, especially when you start to include all the 'add-ons' that are available. At Cheapest Mortgage Payment Protection UK we will try to guide you through this potential minefield and give you the information you need to make an informed decision.

Mortgage Protection Insurance

Mortgage protection insurance is usually a combination of a scaled-down form of PHI (permanent health insurance) together with term insurance, this is a form of life insurance that runs for the term of your mortgage to ensure that it is paid off if you die before the end of the agreement.

Mortgage protection insurance is often offered to you as a package when you take out your mortgage, and may be presented as a one-stop protection scheme covering any eventuality. This may be true, but such schemes are usually neither one thing nor the other or, if they are, can only achieve that by being more expensive than several separate and individually tailored policies.

For this reason, you should check the conditions of any such policy very carefully or consult your independent financial adviser before you sign.

There are many different ways in which you can provide for the security of your family or any dependants should you be left unable to work for any reason. Because of this, you would be well advised to speak to an independent financial adviser to be absolutely sure that you have exactly the sort of cover you need.

Mortgage protection policies are either Term Assurance or Regular Savings Policies. Term Assurance is a good choice if you want the policy to run over a fixed period of time, during the life of your mortgage or whilst your children are still living at home. You can also opt for Decreasing Term Assurance to support a repayment mortgage, for example, where the sum you need to protect decreases over the years.

Regular Savings Policies are more commonly known as Endowment Policies. These pay out a fixed sum in the event of the policyholder's death or when the policy matures, whichever is sooner.

Independent Financial Advice

If you are unsure of which policy to go for it would be wise to consider getting some impartial advice. An IFA (Independent Financial Adviser) would be a good place to start. They have no ties or affiliations to particular companies and there should be no bias, except to give you the best advice possible. The Financial Services Authority (FSA) will be able to provide a list of IFA's in your area.

The terms and conditions of policies vary, so make sure you understand the scope of the cover being offered before committing yourself.