Mortgage payment protection insurance is cheaper with the standalone provider
- 23RD OCTOBER 2007
Although mortgage payment protection insurance (MPPI) can be invaluable when it comes to giving peace of mind and a monthly income with which to carry on meeting your mortgage repayments each month if you were to find yourself out of a job and without an income after suffering an accident, sickness or unemployment, it can be expensive.
The cover that is offered alongside the mortgage from the high street lender can cost up to 40% more than that which is offered by British Insurance, a specialist provider of mortgage payment protection insurance. And, historically, you often get little information regarding the exclusions of a policy if you buy from the high street lender.
The standalone specialist on the other hand will give you great savings along with peace of mind that you have a policy you can rely on because they give you the information you need to make sure a policy is suitable before you buy. Common reasons which could stop a policy from being suitable include only being in part time work, suffering from a medical condition which is ongoing, being retired or self-employed. All of the exclusions are found in the small print of a policy and you have to read the key facts which all ethical providers will give you.
British Insurance offer mortgage payment protection insurance which has won awards and has been featured as a “best-buy” on TV and in National newspapers. A policy from British Insurance would begin to payout from the 31st day of being continually out of work and would then continue giving you a much needed tax free income for up to 12 months. Some providers will not pay out until after the 90th day of being out of, which shows how terms and conditions can vary, so always check the key facts of any policy you are considering.
With repossessions on the rise it is essential that some thought is given to how you would continue repaying your mortgage. Mortgage payment protection insurance is just one way that you can get peace of mind – providing, of course, that you have made sure it is suitable for your needs.
