Mortgage Insurance Products
All professional mortgage, remortgage and loan brokers will advise you to take out the necessary insurance products and the monthly payments will vary depending upon many factors that relate to your personal circumstances.
Mortgage Payment Protection Insurance (MPPI or mppi)
Covers the mortgage and / or remortgage repayments on the outstanding balance, should you fall ill or be made unemployed. This type of mortgage payment protection will often not cover those who are in seasonal employment. The insurance is there as peace of mind, for the borrower and not to plan for seasonal unemployment periods.
Buildings Insurance
Covering the unfortunate cost of rebuilding your home, should your property be damaged by fire, subsidence, flooding and other unfortunate occurrences. Many building insurance companies will offer alternative accommodation and hotel cover as standard. Always read the small print...
Contents Insurance
Covering the contents of your home, should you be burgled, suffer any fire, flood damage or breakages or loss of personal items.
Additional Options: -
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Accidental damage:
should you or a resident break or damage an item by accident, it will be covered under the accidental insurance cover. -
New for old:
Upon an item being damaged beyond economical repair, the underwriter will replace the item for a new one (specification and cost can differ). -
Away from home:
If you use an item of value away from home (laptop, camera, diamond ring etc), this item will be covered.
Life Insurance
Covering the debt of the mortgage and / or remortgage, should you die during the mortgage or remortgage term. The outstanding balance will be waived and the house will be paid off completely. This does give many people who have a family peace of mind.
Accident, Sickness or Unemployment insurance (ASU)
Covering your mortgage payments should you be, unable to work due to an accident, sickness or unemployment (ASU).
Critical Illness
Cover for the insured party against the effects of a serious critical illness. Sheltering you and your family from the devastating consequences a critical illness. If you couldn't work due to your illness, you may need to make alterations to your home or even hire in help. Often used to protect the standard of life that the insured party has worked so hard to achieve.