Mortgage payment protection insurance could be made easier to understand in early 2008
- 21ST DECEMBER 2007
Mortgage payment protection insurance (MPPI) along with the rest of the family of payment protection policies could soon be made a lot clearer to understand for the consumer when the Financial Services Authority introduce comparison tables in early 2008.
The table will, through a series of questions, help the consumer to decide which payment protection product would be the most suitable for their needs. Along with this it will point out that there are exclusions which could stop consumers from being eligible to claim and will also highlight how much the cover would cost. It is hoped that this will lead to mortgage payment protection insurance along with the rest of the protection insurance products becoming more transparent, meaning less policies will be mis-sold.
However this only includes cover sold online and consumers still have to be wary of taking out the cover alongside a mortgage with the high street lender. High street lenders often give very little information regarding the exclusions within a mortgage payment protection insurance policy and tend to charge high premiums for the cover which can add hundreds more onto the cost than if you had shopped with an independent provider for the mortgage insurance.
Specialists in payment protection British Insurance offer quality mortgage payment protection insurance that would pay a monthly tax free income after the 30th day of being off work after suffering an accident, sickness or unemployment. The policy would then continue for up to 12 months enabling you to have enough time to concentrate on getting back to work.
For now if you want to buy mortgage payment protection insurance the safe way is stick with a standalone specialist such as British Insurance for the cover and take advantage of the information and advice they offer. An ethical specialist will make sure that you have access to the key facts and exclusions so you are able to make an informed decision.
