Mortgage associated insurance/assurance products

Question 1

What does MPPI stand for?

Answer 1

Mortgage payment protection Insurance

Question 2

What are the typical conditions for PPI/MPPI?

Answer 2

The insured person has to be between 18 and 64 years of age

Pre-existing medical conditions are excluded

The insured person works at least 16 hours a week and has done so in the last six months

If the insured person is aware of being at risk of redundancy, they will not be insured

Question 3

When would Term Insurance (Life) be taken out?

Answer 3

when capital repayment mortgages, pension mortgages or ISA mortgages are taken out

Question 4

Income Protection insurance (IPI)

Answer 4

Provides a level of income from when the policy is taken out, until an age chosen by the insured person when the person is unable to work due to disability

Question 5

Can IPI premiums be raised?

Answer 5

IPIs premiums cannot be increased by the insurance company, nor can they cancel a policy no matter how many claims are made

Question 6

What are the two elements of Home Insurance?

Answer 6

Building insurance and Contents Insurance