Guide to Mortgage & Income Protection - Page 4

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Different types of Income Protection Insurance

Insurance Plan	What does the policy cover?	How long before the policy pays out?	Length of payment benefit?
Mortgage Payment Protection MPPI	Accident, sickness, redundancy. Specific policy to cover the cost of mortgage and associated costs.	Typically 1 month after you stop earning.	Typically for a 12 month period.
Mortgage Protection Life Cover	In the event of your death the policy pays the remainder of the mortgage.	On receipt of copy of death certificate.	Continues to pay out a tax free income until you return to paid employment.
Life Insurance	Insurance on life, money is commonly used to pay off any outstanding debts.	On receipt of copy of death certificate.	One lump sum.
Critical Illness	Used to cover any debts and other expenses in the event of being diagnosed with a critical illness such as cancer, MS, Kidney failure. Check what illnesses are covered.	On receipt of doctors certificate. Usually 1-3 months.	One lump sum.
Payment Protection Insurance PPI also known as Account Cover or Payment Cover	Accident, sickness, redundancy or death. Used to cover repayments on loans, mortgages, store cards and other debts.	Typically 1-2 months.	Monthly amount paid for a limited time, usually 12 months.

All insurance policies have terms and conditions attached, make sure that you read these carefully and ensure that you understand them. If you do require the insurance company to pay out and all of the terms and conditions have not been met then you may find that the policy is void.

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Guide Contents

Mortgage & Income protection plans
What Is a mortgage payment protection (MPPI)?
What is an income protection plan (PHI)?
Different types of income protection insurance
Where to get your insurance cover
Applying for your MPPI or your PHI
Mortgage and income protection FAQ
Where to get further help on mortgage and income protection

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