House prices are currently at a high and for those who have brought a house in the last few years that can mean a corresponding high mortgage. A high mortgage will have high monthly mortgage repayments and can easily eat away any savings you have. Few who have recently purchased a house will have any large savings in hand as it is normal practice to use your savings to increase your deposit on the house and thereby reduce your mortgage borrowing.
Mortgage Payment Protection Insurance (MPPI) is designed to provide a level of assistance with mortgage repayments if the insured person is unable to work through illness, injury or involuntary unemployment.
The monthly benefit payments under the Mortgage Payment Protection Insurance policy are paid out up to a maximum period which is usually either 12 or 24 months.
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