Most Mortgage Protection Insurance policies have an exclusion time period before you can claim on the policy.
Nearly all mortgage protection policies have a wording which excludes a claim on the policy for unemployment benefits, some which may be for the first 120 days or four months from the date when you first took out the policy.
This period is to prevent fraudulent claims from people who knew they were going to be made unemployed. The exclusion period means the period of time that you will need to be unemployed or disabled before you qualify for benefit payments. The qualification period options vary by policy are always detailed on the policy documentation. Check carefully because there can been large differences between companies providing MPPI. Some may have a limit of just thirty days or one month while others may make you wait the full 120 days.
Dont pay up front! Monthly Premiums for MPPI are available!
Dont ever agree to pay the full premium in advance! Mortgage Protection Insurance policies are now sold as monthly cover with the premiums paid monthly in advance by direct debit.
The policies cover you on a month by month basis as long as you pay the premium
If you feel that you job is likely to be at risk due to the fallout from the recession and the impending threat of redundancy, you should act immediately and purchase some Mortgage protection insurance.
Remembering the exclusion period, you may be ineligible if you leave this much longer during the current economic downturn with rising unemployment.
Cancel your existing Mortgage Insurance Policy!
If you have already purchased Mortgage Protection Insurance piggy-backed on to your mortgage from a bank or mortgage you should consider changing to an independent provider.
Buying online from the independent suppliers of mortgage payment protection insurance, could lead to savings of over fifty percent of what you are currently paying each month, and these policies usually have fewer restrictions to entry and claiming..
Most Mortgage protection insurance providers may have in place a premium waiver for exclusion period, allowing you to change to a better policy without penalty.
Beware! MPPI Excess Periods
The Excess period of a mortgage protection insurance policy is often confused with the exclusion period.
The difference is that the excess period is a period of time from the day you make your claim until the claim is eligible to be paid out. This excess period exists no matter how long youve had the policy
Excess periods can vary considerably by Mortgage Protection policy.
If you are prepared to have a longer excess periods then you will generally benefit from cheaper monthly premiums.
Many of the better Mortgage protection insurance suppliers now offer policies which have what is known as back-to-day-one cover, which means that claims are paid back to the very first day of your claim for benefit including the excess period.
Do your research about Mortgage Insurance
Shopping around for Mortgage Protection Insurance is now very easy thanks to the Internet and a little research will usually get you better cover at a much cheaper cost than what you are currently paying each month in premiums. Start saving today.For Full Information Visit to -http://cheapest-mortgage-payment-protection.co.uk
by: FreeFinAdvice
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