Receive an upfront cash lump sum for your loved ones to pay off the mortgage in full should you pass away during the term of your mortgage
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Receive an income to cover your monthly mortgage repayments should you be unable to work due toaccident, sickness or unemployment
Get My Instant QuotesNo, Mortgage Payment Protection Insurance (MPPI) does not include Life Insurance to cover death.
The purpose of MPPI is to pay out a monthly benefit in order help you to keep up to date with mortgage loan repayments should you have to cease working due to accident, sickness or unemployment (forced redundancy).
It’s a good idea to consider a mortgage protection plan to cover the risk of death – known as Mortgage Life Insurance. This type of policy pays out a lump sum benefit to repay the mortgage should you pass away during the policy term.
Mortgage life cover is particularly popular with couples taking out a joint mortgage as it prevents one partner being left with a potentially unmanageable debt should the other pass away (with subsequent loss to family income).
It also makes sense to consider adding Critical Illness Cover to your Life Insurance plan. Including this option means that the mortgage could be repaid should either partner suffer a serious illness (as defined by the policy’s terms).
Most plans cover around 40 serious illnesses and injuries (including cancers, heart attacks and strokes), although there are some policies which cover more than 100 conditions and those which cover less than 10, so it’s a good idea to speak to an adviser before buying a policy. Our friendly specialists are on hand to help you find the right cover for your needs – and it doesn’t cost you a penny to set up a policy through us. Call 02084327333 or email help@drewberry.co.uk to find out your options.
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