Mortgage Payment Protection Insurance
by: Gary Tallon
A mortgage is often the single biggest financial commitment that many people make during their lifetime, yet fewer than half of all residential mortgage holders choose to take on protection of their mortgage repayment ability with mortgage protection insurance.
Mortgage protection insurance, or mortgage payment protection insurance, is a form of insurance that ensures mortgage repayments are met should the mortgage holder become unemployed, fall critically ill or be unable to earn income due to an accident. This type of protection insurance product is quite cheap to maintain, and allows mortgage holders to set an insurance amount for monthly protection pay-out that covers mortgage costs and additional expenses up to a set percentage above mortgage outgoings.
Most mortgage payment protection insurance policies are strict on protection insurance claims. For instance, should the mortgage holder become unemployed through their own free will, then they would not be covered by the mortgage payment protection insurance policy. However, redundancy does qualify for payment through the protection insurance policy, providing that the mortgage holder actively seeks new employment. Additionally, mortgage protection insurance may not pay out if the claimant takes on voluntary or part-time work, although the protection insurance terms & conditions relating to this area will vary with each type of mortgage payment protection insurance product.
Typically, mortgage holders will have to endure a mortgage payment protection insurance qualifying period before receiving payment protection pay-outs. The qualifying period on mortgage payment protection insurance policies is normally 90 - 120 days. If the mortgage holder is still eligible for mortgage payment protection insurance after this period, then protection payments are commenced on a monthly basis.
Insurance companies often require holders of mortgage payment protection insurance to renew their mortgage protection insurance claim every month by completing a form. Sometimes the insurance companies will request evidence from the mortgage holder so they can evaluate the mortgage holder's eligibility for the continuation of mortgage protection insurance payments. This could be a doctor's note of illness or copies of job applications if claiming mortgage payment protection insurance pay-out because of redundancy. Mortgage payment protection insurance pay-outs are normally paid directly into the mortgage holder's bank account one month in arrears.
Pay-outs on mortgage payment protection insurance are often limited to a set insurance period. Depending on the insurance company, monthly protection payments over six months or twelve months from the first mortgage protection pay-out is normal. As two out of every ten people who are made redundant take over a year to re-establish themselves in a new job, mortgage payment protection insurance could mean the difference between keeping your home or losing it.
About The Author
Gary Tallon has been writing in the finance industry for over 10 years and is currently working with life insurance http://www.powerinsurance.com for PowerInsurance.com.
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Save Money By Getting A Term Life Insurance Quote Online
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Save Money By Getting A Term Life Insurance Quote Online
Term life insurance > Save Money By Getting A Term Life Insurance Quote Online
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Term life insurance > The Four Chief Types of Life Insurance
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Term life insurance > Why You Should Consider Pet Insurance For Your Family Pet
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Life Insurance, The Facts
Term life insurance > Life Insurance, The Facts
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Term life insurance > Insurance and Financial Services Sales Tactics
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Term life insurance > Life Insurance Providing Little Protection from Terrorism
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Term life insurance > The Life Insurance Policy and What You Need to Know Before You Buy
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Term life insurance > Cost Of Buying A New Car
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Term life insurance > 5 Steps To A Better Lawn And Garden
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