The Money Stop

Homeowners should subscribe to mortgage protection insurance, particularly if they have a family to look after, according to Legal & General.

Mortgage protection insurance is often not a priority, with the insurance provider estimating that more people have mobile phone insurance.

In 2006, around 20 per cent of households had Mortgage Payment Protection Insurance (MPPI), according to research by the Association of British Insurers.

However, PR manager for protection at Legal & General Joe Wiggins advised that anyone with a mortgage should consider MPPI, which provides a monthly payment if people are unable to work due to an accident, unemployment or illness.

“Most people don’t fully appreciate that sick pay from an employer does not last that long,” Mr Wiggins said, adding that people could soon find themselves struggling to meet mortgage payments in the event of illness or unemployment.

Last week moneysupermarket.com advised homeowners to protect themselves against the effects of the credit crunch by taking out mortgage insurance.

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