Go To A Standalone Provider For Mortgage Payment Protection Insurance

Posted by Nick Niesen on October 29th, 2010

The standalone provider in mortgage payment protection insurance (MPPI) will always offer the cheapest premiums for the cover as opposed to taking out this valuable protection from the high street lender. The high street lender often charges premiums which can add thousands of pounds? more onto the mortgage than had you chosen to buy your mortgage payment protection insurance cover from a standalone provider.

Mortgage payment protection insurance is taken out to ensure that if you were to come out of work after suffering from long term sickness, an accident or through unemployment by such as redundancy then you would have an income with which to carry on paying your mortgage each month. This gives you peace of mind and security that you wouldn?t be left struggling where to find the money.

Mortgage payment protection insurance can be a great safety net providing it is suitable for your needs and if it is then it would begin to give you a tax free income if you should become unable to work due to one of the aforementioned reasons.

The cover would begin to give you an income which would be tax free once you had been out of work for a certain length of time which can be anything from the 31st day of you being out of work or it can be as long as the 90th day. The majority of mortgage payment protection insurance policies are backdated to the first day of you coming out of work and then would continue to payout for up to 12 months and with some mortgage payment protection insurance policies, for up to 24 months.

Before you buy the mortgage payment protection insurance it is essential that you check out the small print of a policy as this is where you can find the exclusions and these are what could stop you from being eligible to make a claim. Usual exclusions include only being in part time employment, suffering from an existing medical condition and being of retirement age.

Stick with a standalone provider if you want the best advice and the cheapest premiums for the cover and make sure that you read the small print and key facts of a policy before you buy your mortgage payment protection insurance.