For your no obligation quote:-
Call 0118 958 6562 or send e mail from this site on the HOME page, and we will arrange an agent from Sesame Insure to call you, to check your requirements, and they can send or e mail you a no obligaion quote. We have to be sure the cover is suitable for you. We are here to help!
You are welcome to use the external e mail:- stuart@slawes.fsnet.co.uk
Mortgage Payment Protection - From the Royal & Sun Alliance - through Sesame Insure.
A choice of cover:-
Accident and Sickness
Unemployment
Accident Sickness & Unemployment
*3 months free cover!
* Up to 25% over the mortgage payments for extra financial protection.
* 2 years no claims bonus : 10% increase in cover
* Benefit limits of £2,000pm or 75% of gross income (the lower of), plus 25%.
* 30 day waiting period with hospitalisation cover payable after 3 days.
* Backache and stress cover
* Own occuptaion definition and no underwriting for health, occupation, or age.
* Cover for the self employed
* Back to work support
* First rate claims service from an award winning underwriter.
* No extra cost for paying monthly by direct debit.
Why do people by Mortgage Payment Protection Insurance?
* Reduced state help
* The prospect of redundancy in these uncertain times.
* People have had to borrow more on mortgage as house prices have risen, particularly in London and the South East.
* Savings are often insufficient, (people are often in debt with credit cards etc).
* Accidents do sometimes happen.
* Il health can be a problem.
You have to bear in mind what would happen if you could not pay your monthly mortgage amount owing to problems with, illness, an accident, or unemployment?
Why not just depend on the state if ill, had an accident, or are unemployed?
In order to receive any payments from the state, ie the department of work and pensions you have to pass their strict criteria to receive state help. You should approach your lender to explain the situation as soon as you can. However you should bear in mind the following:-
1. If you currently have savings of more than £8,000 you may not qualify for state help.
2. If you mortgage is in joint names, but only one income has ceased, you may not receive state help.
3. If you took out your mortgage before October 1995 you may receive state help quite quickly, but if you took out your loan after that, (have you re-mortgaged for instance recently?), then you may only qualify after 9 months from being made unemployed.
4. State help will only cover the interest part of your loan, not the capital repayments.
5. Only the first £100,000 of a mortage qualifies for assistance.
You may be happy with the above which is fine, but if you are not so sure you may consider making enquiries as to how much it would cost you monthly to cover yourself for a year if you were to suffer an illness, or have an unexpected accident, or maybee become unemployed (not of your own choosing). You would need a good quality policy, from a well know insurer you trust to seal that gap! This is where we come in! Sesame is the largest distributor of insurance products in the UK, so the plan we offer has been especially designed for value to you, and the spread of the cover which is most important. And remember the first 3 months is free!
Mortgage payment protection insurance can also be referred to loosly as:-
Accident, Sickness and Unemployment cover, or ASU.
Mortgage payment protection cover. Mortgage payment insurance, or mortgage loan insurance, mortgage protection insurance, low cost mortgage protection, mortgage repayment insurance, mortgage income protection insurance, unemployment insurance, sickness protection cover, accident insurance, accident sickness and redundancy cover, loan income protection, or loan insurance.
However you should note that MPPI cover relates to mortgage loans only, on resdential property, and is designed to pay the monthly mortgage amount you owe each month + an extra allowance as above.
With the current economic problems that the country faces, and commentators saying the the mortgage market will not be back to normal till 2016, the level of repossessions are tending to be on the increase. What will happen part way through 2011 when interest rates are mooted to start to rise again? And what about jobs, and the public sector, how do people know that they will still be employed in their current position? Perhaps this is one of those times that you might like to consider such cover, even if if was for only a period of time, to be on the safe side.
DO YOU HAVE TO TAKE OUT MPPI INSURANCE AS PART OF THE LOAN?
There is no legal requirement to effect such cover when taking out a residential loan, or re-mortgage, as it cannot be part of the conditions of the loan. You should resist being "pressured" to effect such cover, until you have had time to "look around" to see what can be offered away from you mortgage lender, as they may not be offering the best deal.
At Sesame you will be sure that you will only be advised to purchase such a product after the Sesame Insure adviser has assessed your needs. This is to ensure that you do not purchase anything that you cannot claim for in your circumstances. Sesame is the largest distributior of financial products in the UK, so we have a reputation to keep up!