Mortgage Payment Protection Insurance
Mortgage Payment Protection Insurance (MPPI), also known as Accident, Sickness & Unemployment cover (ASU) is designed to provide a monthly payment to cover all or part of your mortgage and other directly related payments in the event of inability to work due to illness, injury and/or involuntary unemployment. It is not the same as income protection insurance.
Mortgage Payment Protection Insurance will pay out a monthly benefit after a waiting period until you are able to return to work or for a maximum period. The waiting period and maximum payout period vary depending on the policy provider. The monthly premium is calculated at a fixed rate per £100 of benefit regardless of age, health or occupation and is dependent on:
- How much benefit you want paid (up to a maximum specified by the provider).
- What type of cover you want.
- The waiting period you choose.
- The maximum payment period you require.
MPPI policies are simple policies that can be arranged both quickly and cheaply without the need for lengthy application forms and are designed to provide a ‘breathing space’ to give you time to recover and return to work. They are not the same as Income Protection insurance.
However, as no account is taken of your age or health at application stage there are significant exclusions that you should consider. These generally include pre-exisiting medical conditions, normal pregnancy and backache/stress. For unemployment cover there are restrictions around temporary/seasonal working and contract working as well as exclusions covering voluntary unemployment, early retirement and disciplinary action/misconduct. Exclusions will vary between providers.
For Mortgage Payment Protection Insurance we offer products from a selected panel of providers.
Find out more information on alternative Income Protection cover.
View our Mortgage Payment Protection Insurance / Income Protection Insurance at a glance comparison table.
Request a Mortgage Payment Protection quote. or call us on 0800 068 5043.
