Is MPPI worth it?

5
Posted 25th Dec 2019
hey guys i have had a mortgage for a year now and was looking into mppi just for peace of mind. just wanted to know if its worth it or not. thanks and merry Christmas
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It’s a personal choice I’m afraid.

I was a mortgage adviser years ago and never pushed PPI as I personally didn’t believe in it, but at the same time I did have a few people who wanted to take it out and actively asked about it.

sorry I know probably not too helpful for you.
My mate had cover but because he took the redundancy package he could not claim against it. If he refused to take redundancy package he would of been in trouble financially and not able to apply for other jobs at the company for 2 years. Mortgage would have been paid though through compulsory redundancy..He took package so never claimed but got another job at same firm a few months later. I've never had protection. I've always had access to money or option to take a mortgage holiday with my policy. You need to make your own mind up. Do what is right for you. It's a mine field though
Edited by: "wayners" 25th Dec 2019
it is not about whether 'it is worth it or not' as with all insurance, it is about whether you need it or not. whether you need it or not depends on your personal circumstance or how you think about risk.

people naturally worry about becoming sick and losing their job, which means they fall behind with their mortgage and end up losing their homes. if you feel you want to be safe if anything happens to you and you can't continue to pay the mortgage and the premium is not significant then there is no reason why you shouldn't buy it. just like life insurance or income protection insurance or PHI insurance.
You’d be as well getting quotes for the cover. Then put the money aside every month for peace of mind. Odds on you’ll save a month or 2s payment a year.
You should always be saving up to have 3-6 months of out goings in the bank. Easier said than done for many but a worthwhile aspiration.
I pay £45 a month for the following with Aviva.

• £1300 per month if I’m off work, deferred payment for 6 weeks. To cover bills and living etc. (For two years)
• For 6 months from initial date off work i get access to private health care and physios etc to aid me back to work quicker. Its in their interest to get me back to work quicker to stop paying me the £1300 per month. After 6 months it escalates to specialist doctors from around the world being shipped in to help out.
• If its terminal - £140k payout gets paid out to cover mortgage off plus 10% of remaining balance to go to funeral fees etc.
• If its critical, but I won’t die, but wont be able to work and become disabled, mortgage gets paid off.

There are other benefits as well that i cant remember.

Seems a small price to pay for piece of mind in my opinion.
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