Shop around for your mortgage protection quote
- 21ST DECEMBER 2007
When you get your mortgage protection quote it should come with the key facts attached so that you are able to make an informed decision regarding the suitability of a policy for your circumstances. The key facts highlight the exclusions which can be found in the cover and how much the protection will cost but sadly some providers do not give this valuable information and this is one of the reasons policies have been mis-sold.
Stemming from the investigation which began in 2005 by the Financial Services Authority (FSA) the whole of the payment protection sector has been shaken up and now providers should meet certain standards when it comes to selling the cover. However not all have taken heed of the warnings and protection is often still being sold without the necessary information which enables the consumer to make an informed decision.
For now the only reliable way to get a cheap mortgage protection quote that comes with the vital information needed is to shop with a specialist independent provider such as British Insurance. British Insurance are one of the most ethical specialists and give the facts in plain English and a policy taken with them can cost up to 40% less than those on the high street.
Cover would begin to payout from the 31st day of being out of work and would then continue for up to 12 months, some providers offer cover that can last for up to 24 months but might not start for up to 90 days of being out of work.
It should be remembered that while there has been much bad publicity surrounding the sector, mortgage protection has faired better than payment protection. When taken with understanding a cheap mortgage protection quote can give you the income needed to ensure that you have the money each month to carry on paying your mortgage. This could mean the difference between losing your home or keeping so it really is something you should take into consideration and determine the suitability for your circumstances.
