Do you know where to look for cheap mortgage protection?
- 2ND SEPTEMBER 2007
With the majority of policies being taken out alongside mortgages with the high street lender it seems that many homeowners don’t know where to look when it comes to getting cheap mortgage protection insurance.
Mortgage protection insurance is taken out if you want to make sure that your monthly mortgage repayments would remain safe if you were to find yourself out of work due to having an accident, suffering illness or being out of work due to unemployment. A policy would start to pay out and provide you with a tax free monthly income which would start typically 30 days after you have been out of work and would continue for up to 12 months (in some cases, up to 24 months).
Mortgage payment protection insurance (MPPI) has been called many things but cheap mortgage protection it generally is not known as. Mortgage payment protection insurance is also sold as ASU insurance due to you being able to take out a policy for accident and sickness alone, unemployment alone or accident, sickness and unemployment.
A standalone provider such as British Insurance offer cheap mortgage protection can save you as much as 40% on your premiums and getting a quote is quick and easy online.
British Insurance is a specialist provider who only sells payment protection policies and therefore they have expertise in these products. This knowledge is passed onto the consumer by making cheap mortgage protection as easy to understand as possible. Simon Burgess, Managing Director believes that this is one of the main problems of protection, saying: “The lack of information and technical jargon just makes it too hard to understand for the majority of consumers to take on board and this has to change.”
With the Competition Commission currently reviewing the sector and some changes for the better already in place, it is hoped that when the review is complete in early 2009 the mortgage protection industry will be free from problems such as over pricing and mis-selling.
In the meantime, for cheap mortgage protection and a quality policy, visit British Insurance.
