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MPPI Mortgage Protection Payment Insurance
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willis343
Posts: 2 Newbie
Hello,
Ive read about MPPI and not to bother getting it if redundancies have been announced which is understandable. but what if they had been announced and have been carried out (twice!!) and you were still safe but now your thinking you might not be third time lucky if they were to announce another cut, which may or may not happen?
I haven't yet checked with my mortgage provider / insurance to see if i have this but would be nice to know if i could apply just in case.
Ive read about MPPI and not to bother getting it if redundancies have been announced which is understandable. but what if they had been announced and have been carried out (twice!!) and you were still safe but now your thinking you might not be third time lucky if they were to announce another cut, which may or may not happen?
I haven't yet checked with my mortgage provider / insurance to see if i have this but would be nice to know if i could apply just in case.
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Comments
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If redundancies were announced and carried out and no new redundancies have been announced you should be fine to take out MPPI. You just need to check with the insurer before applying, you do not need to speak to your mortgage lender.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Check the minimum period the policy must be in place before you can claim too - no use having a 6 month wait and the company deciding in 5 to let you go
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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