Protect Your Home and Financial Security
Mortgage Payment Protection Insurance (MPPI) is an essential safeguard for anyone with a mortgage. While many people focus on insuring their home and belongings, it’s just as important to have a plan in place to cover your mortgage payments if you experience unexpected life changes—such as job loss, illness, or injury. MPPI is designed to provide peace of mind, ensuring you can continue to meet your monthly repayments even in challenging circumstances, thus helping prevent the risk of repossession while you recover or search for new employment.
How Does MPPI Work?
MPPI can cover your repayments if you lose your job through redundancy or become unable to work due to accident or sickness. Since your mortgage is likely your biggest monthly commitment, not having cover can lead to unnecessary stress and worry. By having MPPI, you can better protect your home and your financial wellbeing until you get back on your feet.
Types of Cover: Accident, Sickness, and Unemployment (ASU)
Many MPPI policies are known as ASU policies, as they combine cover for accident, sickness, and unemployment under one plan. This means you’re protected against a broad range of unexpected setbacks, though it’s important to note that policies typically do not cover voluntary redundancy or resigning from your job.
Review Your Policy Options Carefully
Each insurer offers a range of policies, with variations in what’s covered, waiting periods before payment starts, and maximum cover duration. Most MPPI plans include a waiting period, often requiring you to make at least one or two payments before benefits begin. Some policies may only provide cover for 12 to 24 months, while others offer longer-term protection in the event of permanent incapacity—though these often come at a higher cost.
It’s crucial to check what is and isn’t included in your policy to ensure it matches your needs. Government support may be available in some circumstances, but this typically covers only the interest and not the full mortgage payment, so having comprehensive insurance is key.
Why Act Now?
With rising mortgage rates and a challenging economic climate, being financially prepared for unforeseen circumstances has never been more important. Understanding your options and arranging the right policy can help you stay secure and avoid the distress of missed payments or losing your home.
Get Personalised Advice
Mortgage payment protection insurance can seem complicated, but you don’t have to make decisions alone. For professional, unbiased recommendations tailored to your unique situation, speak with one of our independent financial advisers today. We’ll help you find the cover that best suits your needs and budget, giving you complete peace of mind for the future.
Contact us today on 0800 389 9708 or email enquiries@tfagroup.co.uk to protect your home and your family’s future. Let us help you secure your peace of mind.
