Mortgage payment protection insurance (MPPI) or accident sickness and redundancy cover (ASU) as it is also known is protection that is intended to cover your mortgage payment and associated insurances, against accident sickness and redundancy. The benefit is tax free and designed to help you through the period until you return to work.
There is normally a deferred period from when you make a claim until you receive your benefits which should be tied in with other benefits such as employment sick pay. This cover is only designed to pay out for a limited period usually between 12-24 months.
|