What You Need To Know About MPP Insurance
MPPI allows you to cover either a part or all of your monthly repayment and you may be surprised to find that most insurance policies of this type will only provide cover for around 12 months. To be eligible for MPPI you normally have to be aged between 18 and 65 (although a few lenders have a cut-off age of 63). You should be the owner-occupier of the property and have been in continuous employment (including self employment) for 6 months before you apply. You’ll also need to pick out an ‘excess period’. This is the time period which runs from when you become unable to work to when the plan begins to pay out and is usually from 3 to 9 months.
A couple of important things to bear in mind – firstly, if you’re aware of upcoming redundancy when you apply for MPPI and later make a claim against your insurance policy, your insurer will not honour the policy should they find out that you knew that your situation would change at the time you took out your policy.
Secondly, although it’s not hard to think that you’re immune from issues (otherwise known as the ‘it won’t happen to me’ syndrome), remortgaging your home is a large responsibility. In the worst case, you could lose your property if you fall behind in your repayments, so some form of protection for your largest monetary asset may pay off in the long run.
Check out sunjoy gazebo for more information.