Payment Protection
What is Payment Protection Insurance?
If you’re too sick to work, have been in an accident, or made redundant, then mortgage payment protection insurance (MPPI) covers your mortgage repayments.
With this type of payment protection insurance, many policies allow you to cover an extra 25% of your mortgage payment to help with other bills. Plus, depending on the policy, you might receive monthly pay-outs for up to 12 or 24 months if a claim is valid.
- Peace of Mind: Ensures that your mortgage continues to be paid in case of unforeseen unemployment, illness, or injury.
- Flexible Coverage: You can choose protection against illness, injury, or redundancy individually or combine them for comprehensive coverage.
How much can I borrow?
Check out how much you could borrow with our free online calculator.
Payment Protection Guide
Get peace of mind with payment protection insurance. Our expert guide explains what MPPI is, and why you might need it.
Life Cover
Life can be unpredictable, and mortgage life insurance helps ensure your family’s security if the unexpected happens.
Why Consider MPPI for Your Mortgage?
Mortgage Payment Protection Insurance (MPPI) can be essential to safeguard your financial stability. Things to think about:
- Emergency Safety Net: Everyone’s situation is different and in case you don’t have enough savings to cover your mortgage payments, MPPI acts as that needed financial buffer.
- Short-Term Relief: MPPI isn’t a long-term solution, but it provides temporary financial relief when you can’t work.
- Find the Right Fit: Our experts at Town & Country Mortgage Services can help you navigate the different MPPI options and find a plan that perfectly fits your needs and budget.
FAQ: Payment Protection Insurance
Is mortgage payment protection mandatory?
Mortgage payment protection is not mandatory but some mortgage lenders may recommend or encourage you to take it out as a part of their lending criteria. More importantly, you should consider how your financial situation would benefit from having protection in place, if you ever did need it.
How long does mortgage payment protection pay out for?
This will vary between policies, but usually this is between 12-24 months. This payout period is designed to provide temporary relief while you recover from illness, find new employment, or adjust your financial situation.
How much is mortgage protection a month?
The cost of mortgage protection insurance varies widely based on the amount of your mortgage, your age and the level of coverage you choose. One of our expert insurance advisors will be able to recommend how much this would look like for your situation.