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Mortgage Protection Life Insurance - Top February Online Offers
| Provider | Notes | |
|---|---|---|
 www.claim4me.org/ |
Insurance Mis Selling. Claim Back Mis-Sold Payment Protection Insurance... Today! | more info » |
 www.quotezone.co.uk |
Get a fast, free life insurance quote, by filling in one simple form! | more info » |
 www.sainsburysbank.co.uk |
Sainsbury's Life Insurance (provided by Legal & General) cover starts from £5 a month. Plus £50 Sainsbury's Gift Card and Double Nectar Points for two years. | more info » |
 www.morethan.com |
Choice of policies to suit you: our panel includes Friends Provident, Legal & General, Norwich Union, AXA, Liverpool Victoria, Scottish Equitable and Scottish Provident. | more info » |
You would be well advised to purchase mortgage protection insurance, as most people cannot rely on their savings to pay their monthly mortgage repayments should they unexpectedly be made redundant, injured, or diagnosed with an illness which prevents them from working for a couple of months.
Should you involuntarily lose your income, state support is often hard to come by: Homeowners who have a full time working partner or savings over £8,000 will not receive any assistance from the government. Those who are eligible for state support will only receive assistance with interest payments (up to £100,000) and not capital payments.
Mortgage payment protection insurance (MPPI) saves you from having to rely on savings or state support (for which you may well not eligible) to cover your mortgage outgoings during enforced unemployment.
MPPI is not intended to protect your repayments over the course of your entire mortgage, so most policies last for a maximum of one year. However, a small number of polices do pay out for two years.
As with most types of insurance policy, it is up to the policy holder to choose the level of cover they require. Unlike with state support, both capital and interest repayments can be covered. Other mortgage-related payments such as home insurance can also be covered.
Mortgage protection insurance will not pay out if you knew you were going to make a claim when you took out the policy, you suffer from a pre-existing medical condition or you suffer from mild stress or back related conditions. You will not be penalised with higher premiums if you are an older home owner, for example, or a smoker.
The cost of the cover will not vary greatly between mortgage protection insurance providers, and if you’re monthly mortgage is the average £650, your policy will cost around £450 per year. As always, it is worth shopping around for the right policy for you.
