income protection insurance<\/a> has some important differences. Much like PPI it will payout if you are unable to work due to illness, disability or as the result of an accident (redundancy cover can also be added as an additional extra). However, unlike PPI, you\u2019re able to set exactly when your policy would kick in after you\u2019ve stopped working. The longer the span of time you set, the lower the premium you\u2019ll get.<\/p>\nSo, if for instance your employer will pay for 6 months worth of sick leave as part of your terms of employment, you can tailor your cover to reflect this and save money in the process.<\/p>\n
Policies remain in place until the end of the term, which you might typically set as your retirement age. If you claim and then go back to work you still have your cover in place.<\/p>\n
As you\u2019d expect premiums are normally related to how much of a risk you present to the underwriter in terms of your health, lifestyle, gender and age. If these factors make a policy unaffordable there are budget options with capped payouts, as well as \u2018age related\u2019 policies where your occupation and other risk factors are not considered.<\/p>\n
Mortgage Payment Protection Insurance (MPPI)<\/h2>\n
As the name suggests, this form of insurance is intended solely for the purpose of covering your mortgage repayments should you be unable to work. As with the above products, payments only start after a set period of you leaving employment (usually between 30-60 days) however, many providers will back date payments to the start of this period once it has elapsed.<\/p>\n
Unlike the options listed above, MPPI will cover unemployment as standard, but you will not be able to claim on it for as much as the first six months of the plan, meaning you will need an alternate provision (such as savings or a redundancy package) during this time.<\/p>\n
There will be a cap on how much you can receive monthly, so this may not be appropriate if your mortgage is especially large.<\/p>\n","protected":false},"excerpt":{"rendered":"
If your own assets such as a house or car, you may be tempted to make the most of them by releasing some of their value in the form of a secured loan. Offering such securities as collateral can make it easier to raise finance,…<\/p>\n","protected":false},"author":2,"featured_media":1792,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[352,351,353,197,194,34],"class_list":["post-1098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-credit","tag-income-protection-insurance","tag-ipi","tag-mortgage-protection","tag-payment-protection-insurance","tag-ppi","tag-secured-loans"],"acf":[],"yoast_head":"\n
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