Are you paying too much for your Mortgage Payment Protection Insurance? Written by Sarah Kirby
With recent research* revealing that homeowners are paying a staggering £7 billion more than they need to on mortgage payment protection insurance (MPPI), now would be a good time to check whether you are one of 2.2million people in UK who are paying too much for theirs.So what is mortgage payment protection insurance? MPPI is an invaluable insurance policy, protecting your mortgage payments in event of you being unable to work due to redundancy, having an accident or falling ill. This means you have peace of mind that you will keep a roof over your head while you find another job or convalesce. Most MPPI policies are sold by mortgage lenders at time they provide a mortgage. However, very few lenders actually tell people that they can shop around for a cheaper rate – which, according to research*, could save an average of at least 32% on their monthly premiums, without compromising on level of cover provided. Astonishingly, premiums do vary quite widely among mortgage lenders, with most expensive being a huge £7.70 for every £100 worth of unemployment and disability cover required compared with £3.95 for same cover being among cheapest! For example, by taking out cheaper policy – but one with equal or even better product features - it means that you will pay only £19.75 to receive a monthly benefit of £500 against risks of both unemployment and disability. This compares with an average £29.00 per month from traditional mortgage lenders – a saving of 32%. If you have a mortgage, you don’t have to have your lender’s mortgage protection cover. Even if you already have MPPI, it is simple to switch to another provider and make significant savings. So what do you need to look out for when choosing an MPPI policy? First of all, you can choose amount of cover you need, as well as type and level of cover Apart from premium, type of cover offered can vary from lender to lender. A benefit that not all providers offer but is extremely valuable is ‘back-to-day-one’ cover. This means that if you have this product feature, you will be paid out back to day claim became valid after just 30 days. While this feature is normally only found in policies that are expensive, there are providers who offer this benefit at a nominal cost.
| | Stock Market VolatilityWritten by Charles M O'Melia
You have permission to publish this article either electronically or in print, free of charge, as long as author bylines are included. A courtesy copy of your publication would be appreciated. Please mailto:charles@thestockopolyplan.com (Word Count 325) Stock Market Volatility In my opinion, due to volatility of stock market prices (the rise and fall of stock prices), an investment plan should incorporate both traits of stick-to-itiveness and common sense, and must have an advantageous, predetermined approach for maximizing each investment in stock market. Stick-to-itiveness and common sense – oh, what powerful weapons they are when used for a long-term investment plan in stock market! They mean making common sense and advantages decision to: • Purchase only those companies that have long-term histories of raising their dividend every year. • Having dividends from those companies reinvested back into more shares every quarter. • Allowing that income from each investment to continue growing every week, every month, year after year, not caring if your stocks are going up or down. • To enhance return on investment by having flexibility and adaptability to take advantage of rising and falling of stock market prices
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