An MPPI policy pays your mortgage for you if you become unable to work for an extended period of time, as a result of redundancy, accident, sickness or disability. It should provide enough income to cover all your monthly mortgage expenses. If you have a repayment mortgage, this should be your capital and interest repayment and if you have an interest-only mortgage, the MPPI should cover your interest payment as well as your normal monthly contribution to the investment vehicle that will repay your loan.
A type of insurance to protect your mortgage repayments for a certain period in the event of disability or redundancy.
Mortgage Payment Protection Insurance (See also ASU). This insurance is designed to cover the borrowers mortgage payments in case of accident, sickness or involuntary unemployment.
This is insurance designed to pay your monthly mortgage payment for a limited period, usually a year, if you are unable to work through illness, accident or redundancy.
See Accident, Sickness and Unemployment Insurance (ASU).
Insurance taken out to cover the costs of the monthly mortgage repayments in the event of unemployment or sickness.
In the event of an accident, sickness or involuntary unemployment befalling a borrower, this insurance will cover their mortgage repayments. Some Lenders attach mandatory insurance cover to their most attractive rates, although this is increasingly uncommon.
Go to top This is an insurance that will cover your mortgage payments should you be unable to work due to an accident, illness or involuntary redundancy.
Mortgage Payment Protection Insurance (sometimes referred to as MPPI) is a type of insurance that is now very popular in the United Kingdom. It is often sold by the company that also arranges your mortgage when you buy a property. It is a way of ensuring that your monthly mortgage payments are made in the event of you becoming unemployed.