A mortgage payment protection insurance plan could safeguard your mortgage
- 16TH SEPTEMBER 2007
A mortgage payment protection insurance plan could safeguard your mortgage and give you protection after you have been out of work for 30 days or more and continue to protect you for up to 12 months and with some providers 24 months if you should become out of work due to accident, sickness and unemployment.
A mortgage payment protection insurance plan is paid for in a premium and shopping around for the cheapest is essential as the cost of the cover does vary widely depending on where you look for the cover. You can take the cover out to guard against the fact that you might come out of work due to accident and sickness only, unemployment only or for all three and is this is also known as ASU insurance.
Getting a quote from a standalone provider who specialises in selling a mortgage payment protection insurance plan is the best way to not only get the cheapest premiums but also good honest advice. There has been wide spread mis-selling in the sector particularly when the product is bought alongside the mortgage from the high street lender.
The investigation into the sector was sparked in 2005 when a super complaint the Citizens Advice made to the Office of Fair Trading (OFT) was investigated. The Financial Services Authority (FSA) went on to fine several well known high street names and then the sector was refrred by the OFT to the Competition Commission. The Competition Commission are currently conducting an in-depth inquiry into the sector which is expected to conclude in early 2009.
One standalone provider who always welcomes any changes for the better for the consumer is Managing Director of British Insurance, Simon Burgess. Simon is considered to be one of the good guys in the sector and the company offers one of the lowest quotes for a mortgage payment protection insurance plan that has features in best-buy tables.
Simon warns that you have to be aware of the exclusions within a policy and to be aware that a policy might not be in your best interests. British Insurance offers the advice you need to make an informed decision and backs this up with good honest advice when it comes to helping you purchase a mortgage payment protection insurance plan that could safeguard your mortgage.
