Cheap mortgage protection insurance still plagued by mistrust
- 6TH DECEMBER 2007
Mortgage payment protection insurance (MPPI) is still being plagued by mistrust since the investigation started into the payment protection sector in 2005. While the biggest majority of problems were associated with loan payment protection, mortgage payment protection is suffering as a result. One of the problems surrounding the policies were the high premiums charge for often unsuitable cover, however you can get appropriate cheap mortgage cover by choosing to take it out with a standalone provider.
It has to be said that it has never been the actual products themselves which are to blame but the poor selling techniques used at the time of selling the cover. Little or no information was given regarding the exclusions in the policy which meant that consumers could not always make an informed decision relating to the suitability of the protection insurance cover.
Cheap mortgage protection insurance when taken out with a standalone specialist provider such as the ethical British Insurance can give you an income which can ensure that you are able to continue with your mortgage repayments if you should come out of work after suffering an accident, sickness or through redundancy.
Cover could start from the 31st day of being out of work and would then continue to give you a tax free income for up to 12 months with British Insurance.
It is essential that before taking out cheap mortgage protection insurance you read the small print of the policy as this is where you can find the exclusions. Exclusions which are common include only being in part time work, suffering an ongoing illness, being retired or self-employed. British Insurance makes sure that you have access to this information so you are then able to make an informed decision regarding suitability for your circumstances.
