Mortgage Payment Insurance What's it all about? Part 2

If you have a normal ( mortgages ) repayment mortgage, the value of monthly MPPI cover

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needed equals the value of your monthly repayment. However, if you have an interest only mortgage, then the cover value needs to include the monthly the mortgage interest repayment plus the ( unsecured loans ) monthly cost of the savings vehicle you're using to repay the mortgage at the end of its term. Remember that if your mortgage repayments ( medical insurance ) were to rise due to an increase in interest rates, then you'll need to increase the level of cover. Oh yes, the good bit - if you have a claim then the income payout is tax-free!

The best bit of advice we can give is always buy an MPPI policy ( life insurance quotes ) where the premium can be cancelled without penalty at any time. Never, accept a policy where the future cost of premiums is added to the mortgage or loan in any way - those types of policy tend to work out very expensive.

As with most forms of insurance, you're likely to find it cheapest ( mortgage quotes ) on the internet. Indeed, this site has teamed up with British Insurance to offer you a superb MPPI deal.

Statutory Wealth Warning:
Your home may be repossessed if you do not keep up your repayments on a mortgage or any debt secured on it.