Mortgage Payment Protection: Specialized Protection For Unspecialized Times
Given the current state of our faltering economy, potential job loss is a stressful reality check for many people. Recent unemployment statistics reflect the jobless rate in America rising at an alarming clip (nearing 8.0% at year-end 2008). In light of these numbers, you need to protect your most important material asset, your home, with Morgage Payment Protection insurance (or MPPI).
Do not allow the loss of a job or the inability to work to cause you to lose your home! Take precautionary action today!
What is MPPI?
Morgage payment protection insurance is often sold under a variety of names such as: Accident Sickness Unemployment (ASU) insurance, Redundancy Insurance (RI), and Premium Protection Insurance (PPI). In most cases, yet not all, these policies are designed to resume your mortgage payment in case of one of the afore-mentioned events. It should be noted, however, that not all of these policies are alike. Some will only cover accident disability or sickness, while others strictly redundancy. So when purchasing a said policy, make certain you know which events are covered and for how long. Mortgage Payment Protection Primary Benefits: The primary benefits of (MPPI) are as follows.
· Paying your mortgage premium in full for a set period, typically 12-24 months. This is usually ample time to secure new employment or recover from an accident or sickness. If you feel you would need additional coverage, please make it a point to ask your broker, sales representative, or insurance agent.
· Maintaining your current credit rating during times of unemployment. As we all know, missed payments (no matter how small) can put a significant ding in our credit rating. With Morgage payment protection, you’ll be able to maintain your current credit rating when it comes to meeting your monthly mortgage obligation.
· And finally, one of the greatest benefits of MPPI is peace of mind! Losing a job, or being injured or sick and unable to work, is stressful enough without having to worry whether or not you will lose your home due to missed mortgage payments. Morgage Payment Protection insurance provides the security net you need during tough financial times. Mortgage Payment Protection: A Few Concluding Thoughts Although not a perfect fit for all situations, MPPI is a well-advised option for many people, because it will protect you from times of financial duress. It must, however, be purchased only after thoroughly researching all the options. Consumers should never feel pressured to purchase their MPPI from their mortgage lender, credit card provider, or other debt holder. Although these companies may provide the necessary insurance, their rates may not be as attractive as an independent broker or insurance specialist. Do your due diligence and compare policies and costs. Morgage Payment Protection Insurance is typically a fixed premium based on the monthly mortgage payment of the home insured. Newer ratings based on age, however, remain in various stages of development. MPPI is NOT term-life, credit-life, or disability insurance. It’s a specialized product designed for a specialized purpose: Protecting your home and your family!
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