Mortgage payment protection insurance
Looking to protect your mortgage payment if you become unemployed or cannot work through an accident, sickness or disability. We provide comprehensive cover for mortgage payment protection insurance (MPPI) and accident, sickness & unemployment cover (ASU) from a range of insurers to get you the right plan at the right price. Cover starts at less than £2 per £100 of monthly cover.
Reasons to use saveyourmoney
- Up to £2500 of monthly cover TAX FREE
- No initial exclusion option for new mortgages
- Discounts for age related policy (under 35)
- Up to 25% extra cover with no extra cost
- Cover provided back to day one of claim
Low cost insurance for peace of mind
Our range of accident sickness and unemployment plans provide cover for mortgage, loan or in some cases rent payments. These plans are designed to provide monthly cover for up to 24 months, although 12 months is more typical and up to 60% of your gross annual income to a maximum of £2500. You shouldn't rely on state benefits for a means of paying your mortgage and these plans are designed to replace lost income and provide protection for you and your family. If you have another full time working partner or have savings in excess of £8,000 you do not qualify and it can be up to 39 weeks before the state provide support unless you took out your current mortgage before October 1995.
Financial Help when its needed
ASU or MPPI provides essential financial support to ensure you can continue to meet your mortgage or loan payments at a time when you may not be paid a salary due to illness or unemployment. Falling behind with mortgage payments can adversely affect your credit and ability to borrow and can be a severe drain on any savings you may have. Unless you have a substantial benefits package from your employer you should consider this as a minimum level of protection to run along side your mortgage.
Great product choice and professional advice
Our insurance advisors are available to discuss how much cover you need, which plan is right for you and which insurer can best meet your needs. There is no need to fill out complicated forms - we do all the work for you and provide you with copies by email to keep you informed. Why not call or contact us and one of our advisors will contact you with a no obligation quotation
How insurance companies calculate the premiums
Mortgage payment protection insurance (MPPI or ASU) can be arranged as either age related or standard terms. Age related offers cheaper premiums the younger you are and the price will gradually increase as you get older. The insurer believes you are more likely to make a claim as you get older and your health changes. Alternatively you can apply for standard terms where the price remains the same throughout the term of the plan regardless of age and health.
General Exclusions on mortgage payment protection
Initial exclusion periods apply, you can choose or opt to have a period of nothing up to 60 days although most plans operate a 30 day exclusion. This means the mortgage protection plan will not pay for this period. The longer you are willing to wait before you make a claim, generally the cheaper the MPPI or ASU cover will be. Insurance plans ask that you have been in continuous employment for a period of 6 months and in the event of a claim for redundancy, this was not a result of a dismissal or misconduct or during a probationary period.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP THE REPAYMENTS ON YOUR MORTGAGE. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
