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Joint Mortgage Protection with Free Gift

Mortgage payment protection insurance, often referred to as MPPI is an insurance policy that is designed to essentially to make up for the payment of mortgage in an event of unemployment, sickness, or accident stops the insured person from working. Most of the existing mortgage payment protection insurance policies normally payout mortgage payments at the most for one year.

It is pertinent to mention that if an insured person has got ample savings to cover this length of time, then the insurance policy may not be required at all.
Also, payments from employers in case of a lay-off have to be considered.

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Most of the employers make excellent payouts when laying off people, especially for those that have worked with them for several years. This would in effect translate to the fact that, an insured person may be unnecessarily paying for the unemployment element in the mortgage protection policy. Today, it is pretty evident from the market trend that home loans are being taken out between the two residing partners and hence there is a demand for a policy that covers both the partners. It is normally seen that both the partners contribute significantly towards the monthly loan payment. If either of the partners loses their ability to make that contribution, it creates a significant financial burden and it implies that the other partner needs to pay for it or savings have to be dipped into. In case one of the partners expires, the loss of income leads typically to mortgage arrears and reposition. Hence, in such cases joint MPPI is highly recommended.

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Typical MPPI policies cover for short term illness, short term unemployment, long term illness as well as death of terminal illness. The MPPI can cover illness, injury, and/or unemployment. An MPPI could also be taken out not nearly for mortgage payments but also for associated home expenses like the council taxes and utility bills, if necessary. A typical MPPI policy ends on the death of one of the partners, directly implying that the living partner is uninsured at an older age. This translates to higher premium prices in case the surviving partners desires for an insurance policy. Hence, it is ideal to compare two individual policies with a joint MPPI. If the two separate policies are less than 10% more expensive, it is highly recommended that for that extra small amount there is a much higher coverage giving larger protection to the family.

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