Independent Mortgage Broker, Grange Mortgage – Protection Services, mortgage protection.#Mortgage #protection


Grange Mortgage and Protection Services | Northampton

Mortgage protection

onto the above links you are

leaving the Grange Mortgage

Protection Services Ltd

website. Please note that

neither Grange Mortgage Protection

Services Ltd or Pink Home

Loans Ltd are responsible

for the accuracy of the information

contained within the linked

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    • Please be aware that by clicking

      onto the above links you are

      leaving the Grange Mortgage

      Protection Services Ltd

      website. Please note that

      neither Grange Mortgage Protection

      Services Ltd or Pink Home

      Loans Ltd are responsible

      for the accuracy of the information

      contained within the linked

      • Mortgage protection
      • Mortgage protection

      Welcome to Grange Mortgage Protection Services An Independent Mortgage Broker based in Northampton

      Grange Mortgage Protection Services are an independent mortgage broker based in Northampton with over 12 years worth of experience providing mortgage advice to people looking for new homes, particularly in the new build sector.

      Whether you are buying a new home, refinancing your existing property or looking to arrange an insurance product, we have a professional group of mortgage advisors who can offer the professional expertise you need. Grange Mortgage Protection Services was established in 2005 and through sticking to our ethos of “To provide a service we would be happy to receive ourselves”, we have gone from strength to strength. This no nonsense approach, backed by great customer service has helped us win several industry awards which recognises our efforts in this sector. As a mortgage and insurance brokerage we will help you search for a mortgage and insurance product that best suits your needs.

      • The advice we provide is impartial and we are not tied to any one lender/insurer
      • We offer a confidential service
      • We have consultants available seven days a week to speak to
      • We offer a free initial consultation, with no obligation**
      • We offer advice on a range of insurance products that may be required as part of your transaction

      Call us now on 01604 877999 and speak to one of our specialists today or complete the contact us form.

      Also feel free to have a look at our most recent quarterly newsletter by clicking on the icon below:

      THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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      This calculator provides a guide to monthly payments and does not guarantee eligibility for a mortgage. Please contact us for a personalised Mortgage Illustration.

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      Click here to view our most recent Newsletter, including current articles and industry news on the Housing and Mortgage Industry.

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      Keep yourself up to date with everything that is happening at Grange Mortgage and Protection Services, by visiting our Blog and reading our latest articles.

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      Stay up to date on our latest charity initiatives and topical news, including tips and advice from the team at Grange Mortgages.

      YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

      *By submitting this information you have given your agreement to receive verbal contact from us to discuss your mortgage requirements. You voluntarily choose to provide personal details to us via the website. Personal information will be treated as confidential by us and held in accordance with the Data Protection Act 1998. You agree that such personal information may be used to provide you with the details of services and products in writing by email or by telephone.

      The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to customers based in the UK.

      **There may be a fee for mortgage advice. The precise amount will depend on your circumstances. We estimate that it will be £99 but it may range from £99 to 0.5% of the loan amount (so for a mortgage of £100,000 the fee would be a maximum of £500). £99 of this fee will be payable on application. In addition to this we will be paid commission by the lender. Full details of fees will be agreed with you at outset.

      Grange Mortgage Protection Services Ltd, registered in England at Unit 6 Basset Court, Grange Park, Northampton, NN4 5EZ (number 05342400). Grange Mortgage Protection Services Ltd is an appointed representative of Pink Home Loans, Pink Home loans is a trading style of Advance Mortgage Funding Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 305008) for mortgage and non-investment insurance advice. The Financial Conduct Authority does not regulate some forms of Buy to Let.


Mortgage Payment Protection Insurance, mortgage protection insurance.#Mortgage #protection #insurance


i: protect insurance

Mortgage Payment Protection Insurance

Mortgage protection insurance

Pays your mortgage and other bills for up to a year if you cannot work

Mortgage protection insurance Mortgage protection insurance

Mortgage Payment Protection Insurance is designed to cover your monthly mortgage repayments if you are unable to make them because you have an accident, become sick or are made unemployed. We offer separate flexible excess periods for accident and sickness and unemployment which means you can tailor the cover to suit your own individual circumstances. The longer you choose to delay receiving your benefit the less your premium will be.

  • Cover your monthly mortgage repayment up to £1,500 a month or 75% of your gross monthly income if less
  • Top up your benefit amount by up to 25% to cover additional household expenses
  • Choice of cover: Accident Sickness only or Accident, Sickness and Unemployment
  • Can choose separate Excess Periods for Accident Sickness and Unemployment
  • Benefit can be paid for up to 6 or 12 months
  • Carer cover is included as an additional benefit when Unemployment cover selected
  • Benefit paid direct to you in addition to any other benefits (eg Statutory Sick Pay)
  • On-line application only

For more information, select from the menu options on the left hand side of your screen.

There are other providers of Payment Protection Insurance and other products designed to protect you against loss of income. For impartial information about insurance, please visit the website at www.moneyadviceservice.org.uk

Ask us a question

Independent Advice

The Money Advice Service provides independent and unbiased information about insurance.

Reviews

I took out the Lifestyle insurance to protect me in case of redundancy/sickness etc. i:protect/Wessex have been amazing throughout the process of claiming more

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i:protectinsurance is underwritten in the United Kingdom by AmTrust International


Mortgage, Income & Loan Payment Protection Insurance Provider: Paymentcare UK, mortgage protection insurance.#Mortgage #protection #insurance


Homeowners Income Protection Insurance

What does Homeowners Income Protection Insurance do?

It can provide you with a proven means to help you keep paying your bills and maintain your lifestyle and any financial commitments by providing you with a set monthly benefit in the event that you are unable to work due to Accident, Sickness or Involuntary Unemployment. This can be a way of helping you avoid getting into debt should the unthinkable happen to you.

The monthly benefit payments from the policy are paid directly to you and are capped as a percentage of your salary with an upper limit.

Homeowners Income Protection is designed to help pay your financial commitments in the event of Accident, Sickness and Involuntary Unemployment.

Simply choose the type of cover you require:

ASU – Accident, Sickness Unemployment

AS – Accident Sickness only

U Unemployment only

Mortgage Payment Protection Insurance

  • Your mortgage paid if you can’t work
  • Premiums refunded during claims
  • Unemployment Exclusions waived* when you Switch
  • Great value Customer feedback

Discover More

What does Mortgage Payment Protection Insurance do?

It can provide you with a proven means to help you keep paying your mortgage and other associated household bills on the property that is your main residence by providing you with a set monthly benefit in the event that you are unable to work due to Accident, Sickness (Disability) or Involuntary Unemployment. This can be a way of helping you avoid getting into debt should the unthinkable happen to you.

The monthly benefit payments from the policy are paid directly to you and are capped as a percentage of your salary with an upper limit.

Mortgage Payment Protection Insurance (MPPI) is sometimes referred to as (ASU) Accident, Sickness (Disability) and Involuntary Unemployment and is designed to help pay your mortgage in the event of Accident, Sickness (Disability) and Involuntary Unemployment.

We believe our Mortgage Payment Protection Insurance policy offers UK homeowners complete peace of mind protection at the best possible price.

Simply choose the type of cover you require:

ASU – Accident, Sickness (Disability) Unemployment

AS – Accident Sickness (Disability) only

U Unemployment only

Loan Payment Protection Insurance

  • Unemployment Exclusions waived* when you Switch
  • Benefits paid even if you’re being paid Sick Pay/SSP
  • Premiums paid monthly
  • Monthly benefits of up to 1500

Discover More

What does Loan Payment Protection Insurance do?

It can provide you with a proven means to help you keep paying your monthly repayments on any personal loans you have by providing you with a set monthly benefit in the event that you are unable to work due to Accident, Sickness (Disability) or Involuntary Unemployment. This can be a way of helping you avoid getting into debt and falling behind with your monthly repayments should the unthinkable happen to you.

The monthly benefit payments from the policy are paid directly to you and are capped as a percentage of your salary with an upper limit.

Loan Payment Protection Insurance is sometimes referred to as (PPI) or (ASU) Accident, Sickness (Disability) and Involuntary Unemployment and is designed to help pay your mortgage in the event of Accident, Sickness (Disability) and Involuntary Unemployment.

PPI has had a bad press over the past few years because many banks and lenders generally mis-sold what was know a s a single premium policy which had to be paid for up front (often for several years at a time) to people who didn t want the cover or know that they had been charged for it! It really has been a case of the policy being hijacked by these unscrupulous lenders rather than it being a bad type of insurance per se.

Simply choose the type of cover you require:

ASU – Accident, Sickness (Disability) Unemployment

AS – Accident Sickness (Disability) only

U Unemployment only

Credit Card Payment Protection Insurance

  • Benefits paid even if you’re being paid Sick Pay/SSP
  • Premiums refunded during claims
  • Easy application process
  • Maximum 5000 coverage

Discover More

What does Credit Card Payment Protection Insurance do?

Credit Card Payment Protection Insurance (CCPPI) is also referred to as Payment Protection Insurance (PPI), and like PPI, it has been in the news headlines over the past few years, as the extortionate premiums charged by some credit card companies and store cards has been exposed as a complete rip off. With the worst offenders only paying 3% of a customer s outstanding balance in the event of having to claim due to Accident, Sickness (Disability) or Involuntary Unemployment.

Payment Protection Insurance specifically for UK credit cards has always only ever been available from the card providers themselves and that s why Paymentcare s Credit Card Payment Protection policy offers UK card holders a great alternative. Customers simply select an amount between 1000 and 5000 that best reflects the average outstanding balance across their credit card(s), you can cover as many as you like up to the policy limit as long as you do not exceed 50% of your monthly salary.

So what s Unique about Credit Card Protection?

UK s lowest cost stand alone credit card cover per 100 of outstanding balance at only 0.55. True protection when you need it most unlike every other credit card payment protection insurance you do not pay for the insurance during a claim period.

How Does it Work?

Choose the level of cover that s closest to your average monthly outstanding credit card balance(s) between 1000 and 5000.

Cover as many of your credit cards as you wish. The minimum cover amount is 1000 and the maximum is 5000 in total.

e.g. Assuming you have an average monthly outstanding balance of 5000 on your credit card(s) we pay 10% = 500 per month during a claim period, for up to a maximum of 10 months.

Want to switch your existing Policy to us?

It’s FREE & EASY to switch an existing policy to Paymentcare with NO PENALTIES.

Can I transfer cover from another Mortgage (MPPI) / Loan / Homeowners Income Protection Insurance provider?

Yes it’s easy to transfer cover, provided you are eligible for the policy and can meet a few simple conditions.

Great news. we also waive the initial exclusion period (this is the period of time where you cannot claim for involuntary unemployment) which applies at the start of a policy, provided that you meet these conditions:

  • There is no break in cover, between your existing policy and your new policy with us.
  • Your existing policy has been in force for at least six months.
  • The benefit of your new policy is the same as on your existing policy. You can increase the amount, but the initial exclusion period will apply to the increased amount you request.
  • The cover is on a like for like basis (the same level of cover).
  • You must be claim free under your existing policy.
  • Any pre-existing medical conditions that are excluded under your existing policy will also be excluded under your new policy.
  • We request that you send a copy of your existing certificate of insurance. THIS WILL BE REQUIRED IN THE EVENT OF ANY FUTURE CLAIM ON YOUR NEW POLICY.

Do NOT cancel your existing policy until you have received your new policy documents confirming cover with ourselves. Then you should inform your existing insurer.

Can I transfer cover from another Credit Card Protection Insurance provider?

We are not aware of any other stand alone credit card protection insurance provider! If you meet the eligibility criteria and you deem that the policy meets your demands and needs and you would like to apply for cover, instead of paying over the odds to your credit card company, then of course you may submit an application.


Mortgage Protection Insurance Offers Limited Benefits, mortgage protection.#Mortgage #protection


Mortgage protection insurance offers limited benefits

Mortgage protection

Mortgage protection

Mortgage protection

Mortgage protection

Mortgage protection

Mortgage protection

Mortgage protection insurance refers to a type of decreasing term life insurance policy where you pay a non-changing premium for the duration of your mortgage. If you die while the policy is in effect, the insurance pays off your mortgage. The lender can become the beneficiary of the policy if the borrower paying for the policy defaults on the loan.

Mortgage protection insurance cost factors

If the outstanding balance of your mortgage is high, your monthly premium will be high as well, and your premium will remain the same even as the balance decreases. This is because you are more likely to die as time goes on, increasing the likelihood that your life insurance company will have to pay on your policy.

Mortgage protection insurance can be purchased either at the same time you buy a home, or at any time in the future. As with other types of life insurance, your age, smoking status and value of your death benefit (the amount left on your mortgage) are taken into account when a life insurance company reviews your application and sets a price.

Mortgage insurance options

Mortgage protection insurance policies will only pay the balance of your mortgage at the time of your death (or maybe a little more if you paid ahead on your mortgage). If you decide this is appropriate for your situation, remember that a regular decreasing term life policy one not marketed as a “mortgage protection” policy can be used for the same purpose, and may also cost less. However, if you want to give your beneficiaries a choice of how to use the insurance money, consider level term life insurance instead.

Depending on your insurance company, joint mortgage protection insurance may be available that covers both you and your spouse and pays out when either of you die.

If you refinance, see if a new policy will get you a better premium. If you default on your mortgage, check with your life insurance company and see if they will extend your coverage.

Mortgage protection insurance and private mortgage insurance

Though they have similar names, these two types of insurance are not related. Private mortgage insurance (PMI) is typically required by the lender when you purchase a house and make a down payment of less than 20%. “Lenders take a risk when a buyer puts down less than 20%,” says Sam Belden, Vice President at Insurance.com. “Private Mortgage Insurance is a way for lenders to protect themselves if a buyer didn’t put much down and ends up in foreclosure.” In today’s difficult economic environment, few lenders will even grant a loan with less than 20% down, so PMI may not be offered in the future.

Although PMI makes it easier for you to get a loan and can help you get a house without waiting to build up savings, it pays the lender, not you. It does not reduce the amount of money you owe the lender. It is not a substitute for life insurance or mortgage protection insurance, which will pay off all or most of your mortgage in the event of your death.

Not what you were looking for? Have questions or feedback? Please let us know.


Mortgage, Income & Loan Payment Protection Insurance Provider: Paymentcare UK, mortgage protection.#Mortgage #protection


Homeowners Income Protection Insurance

What does Homeowners Income Protection Insurance do?

It can provide you with a proven means to help you keep paying your bills and maintain your lifestyle and any financial commitments by providing you with a set monthly benefit in the event that you are unable to work due to Accident, Sickness or Involuntary Unemployment. This can be a way of helping you avoid getting into debt should the unthinkable happen to you.

The monthly benefit payments from the policy are paid directly to you and are capped as a percentage of your salary with an upper limit.

Homeowners Income Protection is designed to help pay your financial commitments in the event of Accident, Sickness and Involuntary Unemployment.

Simply choose the type of cover you require:

ASU – Accident, Sickness Unemployment

AS – Accident Sickness only

U Unemployment only

Mortgage Payment Protection Insurance

  • Your mortgage paid if you can’t work
  • Premiums refunded during claims
  • Unemployment Exclusions waived* when you Switch
  • Great value Customer feedback

Discover More

What does Mortgage Payment Protection Insurance do?

It can provide you with a proven means to help you keep paying your mortgage and other associated household bills on the property that is your main residence by providing you with a set monthly benefit in the event that you are unable to work due to Accident, Sickness (Disability) or Involuntary Unemployment. This can be a way of helping you avoid getting into debt should the unthinkable happen to you.

The monthly benefit payments from the policy are paid directly to you and are capped as a percentage of your salary with an upper limit.

Mortgage Payment Protection Insurance (MPPI) is sometimes referred to as (ASU) Accident, Sickness (Disability) and Involuntary Unemployment and is designed to help pay your mortgage in the event of Accident, Sickness (Disability) and Involuntary Unemployment.

We believe our Mortgage Payment Protection Insurance policy offers UK homeowners complete peace of mind protection at the best possible price.

Simply choose the type of cover you require:

ASU – Accident, Sickness (Disability) Unemployment

AS – Accident Sickness (Disability) only

U Unemployment only

Loan Payment Protection Insurance

  • Unemployment Exclusions waived* when you Switch
  • Benefits paid even if you’re being paid Sick Pay/SSP
  • Premiums paid monthly
  • Monthly benefits of up to 1500

Discover More

What does Loan Payment Protection Insurance do?

It can provide you with a proven means to help you keep paying your monthly repayments on any personal loans you have by providing you with a set monthly benefit in the event that you are unable to work due to Accident, Sickness (Disability) or Involuntary Unemployment. This can be a way of helping you avoid getting into debt and falling behind with your monthly repayments should the unthinkable happen to you.

The monthly benefit payments from the policy are paid directly to you and are capped as a percentage of your salary with an upper limit.

Loan Payment Protection Insurance is sometimes referred to as (PPI) or (ASU) Accident, Sickness (Disability) and Involuntary Unemployment and is designed to help pay your mortgage in the event of Accident, Sickness (Disability) and Involuntary Unemployment.

PPI has had a bad press over the past few years because many banks and lenders generally mis-sold what was know a s a single premium policy which had to be paid for up front (often for several years at a time) to people who didn t want the cover or know that they had been charged for it! It really has been a case of the policy being hijacked by these unscrupulous lenders rather than it being a bad type of insurance per se.

Simply choose the type of cover you require:

ASU – Accident, Sickness (Disability) Unemployment

AS – Accident Sickness (Disability) only

U Unemployment only

Credit Card Payment Protection Insurance

  • Benefits paid even if you’re being paid Sick Pay/SSP
  • Premiums refunded during claims
  • Easy application process
  • Maximum 5000 coverage

Discover More

What does Credit Card Payment Protection Insurance do?

Credit Card Payment Protection Insurance (CCPPI) is also referred to as Payment Protection Insurance (PPI), and like PPI, it has been in the news headlines over the past few years, as the extortionate premiums charged by some credit card companies and store cards has been exposed as a complete rip off. With the worst offenders only paying 3% of a customer s outstanding balance in the event of having to claim due to Accident, Sickness (Disability) or Involuntary Unemployment.

Payment Protection Insurance specifically for UK credit cards has always only ever been available from the card providers themselves and that s why Paymentcare s Credit Card Payment Protection policy offers UK card holders a great alternative. Customers simply select an amount between 1000 and 5000 that best reflects the average outstanding balance across their credit card(s), you can cover as many as you like up to the policy limit as long as you do not exceed 50% of your monthly salary.

So what s Unique about Credit Card Protection?

UK s lowest cost stand alone credit card cover per 100 of outstanding balance at only 0.55. True protection when you need it most unlike every other credit card payment protection insurance you do not pay for the insurance during a claim period.

How Does it Work?

Choose the level of cover that s closest to your average monthly outstanding credit card balance(s) between 1000 and 5000.

Cover as many of your credit cards as you wish. The minimum cover amount is 1000 and the maximum is 5000 in total.

e.g. Assuming you have an average monthly outstanding balance of 5000 on your credit card(s) we pay 10% = 500 per month during a claim period, for up to a maximum of 10 months.

Want to switch your existing Policy to us?

It’s FREE & EASY to switch an existing policy to Paymentcare with NO PENALTIES.

Can I transfer cover from another Mortgage (MPPI) / Loan / Homeowners Income Protection Insurance provider?

Yes it’s easy to transfer cover, provided you are eligible for the policy and can meet a few simple conditions.

Great news. we also waive the initial exclusion period (this is the period of time where you cannot claim for involuntary unemployment) which applies at the start of a policy, provided that you meet these conditions:

  • There is no break in cover, between your existing policy and your new policy with us.
  • Your existing policy has been in force for at least six months.
  • The benefit of your new policy is the same as on your existing policy. You can increase the amount, but the initial exclusion period will apply to the increased amount you request.
  • The cover is on a like for like basis (the same level of cover).
  • You must be claim free under your existing policy.
  • Any pre-existing medical conditions that are excluded under your existing policy will also be excluded under your new policy.
  • We request that you send a copy of your existing certificate of insurance. THIS WILL BE REQUIRED IN THE EVENT OF ANY FUTURE CLAIM ON YOUR NEW POLICY.

Do NOT cancel your existing policy until you have received your new policy documents confirming cover with ourselves. Then you should inform your existing insurer.

Can I transfer cover from another Credit Card Protection Insurance provider?

We are not aware of any other stand alone credit card protection insurance provider! If you meet the eligibility criteria and you deem that the policy meets your demands and needs and you would like to apply for cover, instead of paying over the odds to your credit card company, then of course you may submit an application.


Mortgage Payment Protection Insurance At MoneySuperMarket, mortgage protection.#Mortgage #protection


Mortgage Protection Insurance

From over 130 products

If you want to keep your mortgage, loan or monthly income safe should you ever be incapable of working, here at MoneySupermarket.com you can get a

FREE no obligation Mortgage Payment Protection Quote – with just a few simple clicks!

An introduction to mortgage payment protection insurance

Mortgage Payment Protection Insurance (MPPI) is designed to cover the cost of your mortgage payments in the event that an accident, sickness or unemployment stops you from working.

Most MPPI policies will only pay out for a maximum of a year, so if you do have sufficient savings in place to tide your over for this length of time, then you may not require cover.

Check how much your employer is likely to pay you in the event that you get made redundant. If you have worked at your company for several years, the chances are you may get a decent payout, which would mean you might be paying for the unemployment element of your mortgage protection policy unnecessarily. It is also worth noting that although statutory sick pay doesn’t usually affect short term IP, anything you receive over above statutory (from your employer for example) can affect the benefit payable under the policy. If this is the case, you may be better off going for accident and sickness MPPI cover only. State benefits don’t usually affect this unless they take you over the maximum claim limits, but this is worth checking before taking out a policy.

As a general rule, mortgage protection policies will start paying out either 31 days or 60 days after you are unable to work. However, many policies are ‘back to day one’ plans. This means that the benefit you receive is backdated to the date you were first out of work.

Monthly payments are capped, usually at £1,500 or £2,000 a month or at a percentage of your income. So if you have a very large mortgage, you will need to think about how you will cover any surplus.

Remember that policies won’t usually allow claims related to unemployment within the first three or six months so make sure you have savings in place for this period.

Of course, if you would like to read more about MPPI, our mortgage protection insurance guide will help you understand the product better.

We want to show you as many mortgage protection insurers as possible, so you can choose the right one for you. Not all mortgage protection insurers want to be included on comparison websites, so we can’t promise to include every single company. We list your quotes from the cheapest to the most expensive. You can find out more about how we work here.

Important Information

Finding a cheap mortgage protection insurance policy is not that difficult. However getting the correct coverage for your individual needs can be quite tricky. Read our mortgage protection insurance guide to make sure your new mortgage protection insurance policy ticks all the right boxes.


Loan protection insurance, mortgage protection insurance.#Mortgage #protection #insurance


What is loan protection insurance?

Mortgage protection insurance Mortgage protection insurance Mortgage protection insurance Mortgage protection insurance Mortgage protection insurance

You’ve just bought a home or car, taken out a personal loan or received a new credit card.

In the process, you’ve probably been offered credit insurance or loan protection products from your lender or had offers flooding your mailbox.

These products are touted as a way to protect your family’s finances by canceling or suspending your debt if you die, become disabled or lose your job. But they typically come with hefty costs and in reality aren’t the best way to protect your family’s future.

What is loan protection insurance?

It s insurance to pay your credit balances and loans if you are injured or die. According to the Federal Trade Commission (FTC), there are four main types:

  • Credit life insurance pays off all or some of your loan if you die.
  • Credit disability insurance makes loan payments if you can’t work because you’re ill or injured.
  • Involuntary unemployment insurance pays on your loan if you lose your job and it’s not your fault.
  • Credit property insurance offers protection if personal property that is used to secure a loan is destroyed in an accident, theft or natural disaster.

While these are typically lumped together, there are differences. Credit insurance products, such as mortgage protection insurance, are regulated by the state, while debt protection products, such as those for credit cards, fall under the jurisdiction of the Consumer Financial Protection Bureau.

While a lender may recommend or even pressure you to purchase credit protection, the FTC warns it’s illegal for a lender to include the insurance without your permission.

What does mortgage protection insurance cover?

When you take out a mortgage, you’re likely to receive offers of mortgage protection insurance. The offers may come from your lender or from independent insurance companies.

With mortgage protection insurance, if you die, the insurance is paid directly to the lender to pay off the loan. That differs from traditional life insurance, which makes payment to your beneficiary, and they can allocate the money as they see fit.

Mortgage protection insurance is different from private mortgage insurance (PMI), which you may be required to buy as a condition of your loan if you put less than 20 percent down on a house. PMI doesn t pay off the mortgage; it pays the lender if you fail to make your payments.

Some mortgage protection insurance benefits gradually decrease over time. Ostensibly that’s tied to the declining balance of your mortgage.

You also may see your premiums change over time. So you run the risk of premiums increasing and the payout decreasing.

You also may be offered mortgage disability insurance or mortgage unemployment insurance to cover your payments because of disability or job loss. The money will be paid directly to your lender. With traditional disability insurance, you receive compensation if you’re unable to work for a certain period of time.

You may be offered similar types of life, disability and unemployment coverage if you take out an auto loan, open credit cards, or take out a personal loan.

Gap: Extra insurance that’s worth the money

One type of extra insurance you might want to consider is gap insurance, which covers the difference between the actual cash value of your vehicle and the current outstanding balance on your loan if your car is totaled.

So if you owe $25,000 on your car and it’s only worth $20,000, gap insurance will make up the difference.

You may be offered the insurance by the dealership where you buy your car, by the bank or credit union where you finance your car, or through some auto insurance companies. Be sure to shop around for the best price, as it can vary widely. Insurers typically offer the lowest price.

A cheaper alternative to most loan protection insurance

If you’re worried about leaving your loved ones with debts to pay if you die, or if you worry about paying your bills if you’re disabled, you usually can find better alternatives than those offered by lenders.

Even the FTC cautions it may be cheaper to purchase life insurance than credit insurance.

A 2011 report by the U.S. Government Accountability Office found that in 2009, consumers paid about $2.4 billion for debt protection for credit cards. Annual costs of these products often exceeded 10 percent of the consumer’s average monthly balance, and they received 21 cents in benefits for every $1 spent on protection.

Consider a term life insurance policy instead, which covers you for a certain length of time, such as 20 or 30 years. If you die after 10 years, your beneficiaries would receive the face value of your policy when you die and not pay taxes on it. If you died after 35 years, they’d receive nothing.

Life insurance premiums are typically cheaper if you buy a policy when you’re younger.

If you’re older or in poor health, you might consider guaranteed or simplified-issue life insurance. Policies are generally offered for small amounts, such as $10,000 or $20,000.

If you worry about making your payments if you’re disabled, you can purchase short- and long-term disability insurance.

Questions to ask about loan protection offers

If you’re still interested in credit insurance and debt protection products, the FTC has a list of questions you should consider.

  • How much is the premium?
  • Will the premium be financed as part of the loan? If so, it will increase your loan amount and you’ll pay additional interest.
  • Can you pay monthly instead of financing the entire premium as part of your loan?
  • How much lower would your monthly loan payment be without credit insurance?
  • Will the insurance cover the full length of your loan and the full loan amount?
  • What are the limits and exclusions on payment of benefits, or what exactly is covered and not covered?
  • Is there a waiting period before coverage becomes effective?
  • If you have a co-borrower, what coverage does he or she have and at what cost?
  • Can you cancel the insurance? If so, what kind of refund is available?

Mortgage protection insurance Mortgage protection insurance Mortgage protection insurance Mortgage protection insurance Mortgage protection insurance


Globe Life Official Site: Buy up to $350, 000 Mortgage Protection Insurance #emc #mortgage


#home mortgage insurance

#

Mortgage Protection Insurance

If you are a home owner, it is important to do all you can to protect your home and your family if an accidental death prevents you from paying your mortgage. Mortgage Protection Insurance from Globe Life is an accidental death and dismemberment insurance policy that gives your family security in their home for just a fraction of your monthly mortgage payment.

Don t Put Your Home At Risk

  • Choose your Mortgage Protection accidental death insurance coverage from $50,000 to $350,000.
  • Acceptance is guaranteed, regardless of health if you are between the ages of 18 and 69.
  • No health questions or medical exams.
  • The affordable monthly premiums will never increase for any reason.
  • Rates as low as $5.50 per month.

Your Mortgage Protection Insurance Also Includes These Additional Guaranteed Benefits At NO EXTRA COST

  • Inflation Benefit
    For every year the Policy remains continuously in force, primary insured s Principal Benefit will automatically be increased by 5% of the Initial Principal Benefit until the Principal Benefit is equal to 125% of the Initial Principal Benefit, or the primary insured turns age 70, whichever is earlier.
  • Education Benefit
    Upon the accidental death of the primary insured, pays an additional 10% of the death benefit for each dependent child who, on the date of the accident, is between the ages of 15 and 22. Available only on the Family Plan and limited to $10,000.
  • Seat Belt Benefit
    Pays 10% of the insured s Principal Benefit if the insured suffers an accidental death while operating or riding in a car and wearing a seat belt.
  • Common Disaster Benefit
    Pays 10% of the insured s Principal Benefit if the insured suffers an accidental death while operating or riding in a car and wearing a seat belt.
  • Dismemberment Benefit
    Pays for loss of a hand, foot or eye subject to a table of losses.
  • Paralysis Benefit
    Covers quadriplegia, paraplegia and hemiplegia subject to a table of losses.
  • Commercially Scheduled Airline Benefit
    Pays an additional benefit amount equal to the insured s Principal Benefit for each insured at the time of death from accidental bodily injury received as a fare-paying passenger on a commercially scheduled airline.

No-Risk 30-Day Money-Back Guarantee

Globe Life guarantees your satisfaction with a no-risk 30-day money-back guarantee. If you are not completely satisfied, simply return your policy within the first 30 days for a full refund without further obligation.

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*$1 pays for the first month of children s coverage. Then the rate is based on your child s present age and is guaranteed to stay the same for the rest of their life. Policy Form # GWL20001 or GWLA001
*$1 pays for the first month s adult coverage. Then the rate schedule is based on your current age and is guaranteed for the life of the policy. Policy Form # SRTCV/SRTCV13 **A.M. Best Company rating as of 6/16. For the latest rating, access www.ambest.com.

Globe Life has been protecting America s families since 1951

Globe Life continues to receive an A+ (Superior)** rating
from A.M. Best Company (rating as of 6/16)

GMADW08 2005-2016 Globe Life And Accident Insurance Company, Oklahoma City, OK All Rights Reserved.
Licensed in the United States CA Certificate Authority #4140


Mortgage payment protection – Protection insurance explained – Insurance – Which? Money #hamp #mortgage


#mortgage protection

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Protection insurance explained Mortgage payment protection

MPPI covers your mortgage payments if you’re unable to work due to accident, sickness or unemployment

What is mortgage payment protection insurance (MPPI)?

MPPI is designed to cover your mortage payments if you’re unable to work due to accident, sickness or unemployment. In exchange for a monthly premium, MPPI pays you a set amount each month, usually for a period of 12 or 24 months.

As it only pays out for a limited period, it may not be the best form of mortgage protection for you. See alternatives to mortgage insurance for information on other options. Most people would be better off considering income protection instead.

Mortgage insurance policy options

When you take out an MPPI policy, you choose how much you would want it to pay out each month. Some policies let you also cover other monthly bills as well as your mortgage.

Most MPPI providers let you have a maximum benefit of between £1,500 and £3,000.You may only be able to get up to, say, 75% of your gross monthly salary though, or up to 150% of your monthly mortgage payment. In addition, some mortgage protection policies don’t let you take the policy with you if you switch mortgage.

Problems with mortgage payment protection insurance

The biggest problem with MPPI is the way it is underwritten. Income protection is fully medically underwritten when you take out the policy, meaning you’ll know from the outset what you are and aren’t covered for.

In contrast, MPPI usually does the full medical checks at the point you put in a claim – this means, for example, that you can’t be certain any pre-existing illness will be covered until the moment you put in a claim.

MPPI waiting periods

The waiting period is how long you have to wait once you’ve put in a claim before the policy benefit starts to be paid out.

Some providers call this the ‘excess period’ or ‘deferral period’. It can range from 30 days to 180 days. For example, if you stopped work on 1 February and the waiting period was 30 days, the policy would start paying out from 3 March. Some policies, known as ‘back-to-day-one’ policies, don’t have a waiting period.

In general, the longer the waiting period you choose, the cheaper the policy. If your employer pays you sick pay. you may want to take out a policy with a waiting period that ends when these benefits end.

Need mortgage advice?

We believe you should seek independent mortgage advice before taking out a mortgage. The Which? Group offers an independent mortgage advice service. Which? Mortgage Advisers, that looks at every mortgage from every available lender.

More on this.

  • How to buy life insurance – get the best term assurance or whole-of-life policy
  • Call the Which? Money Helpline – if you have a question about protecting your wealth
  • Income protection – read our full guide to protecting your income if you’re ill or injured

Which? Limited (registered in England and Wales number 00677665) is an Introducer Appointed Representative of Which? Financial Services Limited (registered in England and Wales number 07239342). Which? Financial Services Limited is authorised and regulated by the Financial Conduct Authority (FRN 527029). Which? Mortgage Advisers and Which? Money Compare are trading names of Which? Financial Services Limited. Registered office: 2 Marylebone Road, London NW1 4DF.

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Which? works for you Which? 2016


Mortgage payment protection insurance (MPPI) #mortgage #products


#mortgage protection

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Mortgage payment protection insurance

Key points


  • Mortgage payment protection is a form of income protection that can insure your mortgage payments in case you lose your job or find yourself unable to work
  • When you can claim and how much cover you have will depend on your policy and you should look out for exclusions
  • Consider state benefits plus other income protection, critical illness and life insurance options before committing

Mortgage payment protection insurance (MPPI) can cover your mortgage repayments in full so long as they don’t exceed 65% of your gross annual salary, and is available for both repayment (capital and interest) mortgages and interest-only mortgages.

We’ve partnered with ActiveQuote [1] to help you compare quotes on income protection insurance to cover your mortgage payments.

ActiveQuote also offers free, independent advice from its team of product specialists.

When comparing, simply choose how long you’d like your policy term to be, how much you’d like the policy to pay you each month and whether you’d like to be covered for accident and sickness, unemployment only, or accident, sickness and unemployment (ASU).

Most protection plans which are designed to cover your mortgage will pay you for up to 12 months or until you return to work, whichever is the sooner, although longer-term options are available.

In our comparison table you’ll also see longer-term income protection options that can also insure more than just your mortgage repayments, allowing you to include cover for your bills and to maintain your lifestyle if you’re unable to work.

Need more information?

The quote results table lets you tailor your policy so you can find an income protection plan suited to your budget and needs, and shows the monthly benefit, policy term, benefit term and waiting period for each policy.

When you find an option you like you can review the policy in detail and – subject to your circumstances – you’ll either have the opportunity to purchase online or will be given a number to speak to the insurance provider about your chosen product.

For further information you can talk to one of ActiveQuote’s team of product specialists, or read our guides and articles.

Deferred/waiting periods

The deferred or excess period is the amount of time left between the time when you stop work and when you receive your first MPPI payout. You’ll then continue to receive monthly payouts until you return to work or the fixed period finishes, whichever comes first.

It’ll depend on the policy and provider as to how long the excess period lasts, but it’ll typically be between 30 and 180 days. Some policies offer ‘back-to-day-one’ cover, which could reimburse the money you laid out during the excess period.

It can be possible to choose the length of your excess period and the longer it is, the lower your premium will be. Remember that you should choose an excess period that wouldn’t cause you undue financial hardship, though.

When you might need MPPI

Mortgage payment protection may be suitable for you if:

  • You’d struggle to keep up with your monthly mortgage payments if you weren’t able to work due to illness, accident or forced unemployment
  • You’re self-employed and therefore would receive no sick pay or redundancy package

When MPPI may not be suitable

Mortgage protection insurance may be unnecessary if you already have alternative cover, or if you have adequate savings and/or another method of supporting yourself. For example, you may not need MPPI if:

  • You already have income protection insurance which will cover your repayments
  • You get a generous amount of sick pay – in this case you may want to think about MPPI to solely cover redundancy

Did you know.


  • The cost of a typical house has been estimated at £429,000 over a 50-year period, including buying, upkeep and other assorted spending requirements [2]
  • Homeowners could save as much as £194,000 over renters in the course of a 50-year period [2]
  • You’d be eligible for a comprehensive redundancy payout which you could live off comfortably until you found another job
  • Government benefits would provide enough money to live on and to pay your mortgage
  • Note that if you have a mortgage protection policy you may not be eligible for certain government benefits.

    MPPI for the self-employed and those in non-standard employment

    MPPI is available to those on permanent contracts, self-employed workers or those who work part-time for more than 16 hours a week.

    Anyone on a temporary, casual or seasonal contract will not be eligible for cover, but contract workers may be if they’re contracted for at least 12 months of continuous service with the same employer. Always check with your insurer that your type of employment contract qualifies for cover.

    Exclusions on mortgage protection policies

    Exclusions on mortgage protection policies will differ from insurer to insurer, so make sure that you’ve read the terms and conditions of your policy carefully to see exactly what you’re covered for. Standard exclusions include:

    • Voluntary unemployment (including voluntary redundancy) or unemployment resulting from misconduct, fraud or dishonesty
    • If you were aware that you may be made redundant when you took out the policy
    • Pre-existing medical conditions (conditions that were diagnosed or treated before the insurance policy was taken out)
    • Stress and back-related injuries or illnesses
    • Chronic medical conditions (those that are long term and incurable)
    • Pregnancy and childbirth
    • Self-inflicted injuries

    Remember it’s essential that you supply accurate information when applying for a policy – failure to do so would mean you’d be unlikely to get an appropriate quote and, in the event of a claim, your policy may be invalid.

    Other insurance options

    As stated, mortgage protection is a form of income protection. and for more information on related products such as unemployment cover, PPI and loan protection, see our income protection guides.

    Other products you may want to think about before committing to mortgage protection include mortgage life insurance. which could pay out in the event of your death during the policy period, potentially clearing your mortgage so your loved ones won’t have to worry about repayments.

    Critical illness cover is often bought in conjunction with a life insurance policy, but it does exist as a stand-alone product as well. It could provide you with a lump sum if you contract any specified illnesses during the term of the policy. Remember that if you have an illness that isn’t shown in your policy, you won’t receive a payout.

    [1] Gocompare.com introduces customers to ActiveQuote who are authorised and regulated by the Financial Conduct Authority. Gocompare.com’s relationship with ActiveQuote is limited to that of a business partnership, no common ownership or control rights exist between us. Please note, we cannot be held responsible for the content of external websites and by using the links stated to access these separate websites you will be subject to the terms of use applying to those sites

    [2] Barclays figures, June 2012

    Gocompare.com Limited is authorised and regulated by the Financial Conduct Authority (FCA) for insurance mediation activity under firm reference number 465053. You may check this on the Financial Services Register by visiting the FCA website. Gocompare.com Limited is registered in England and Wales (Company No. 5799376). Registered office: Imperial House, Imperial Way, Newport, Gwent, NP10 8UH, United Kingdom. Copyright 2006-2016 Gocompare.com Ltd. All Rights Reserved.

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