Mortgage payment protection insurance and its referral
- 24TH MAY 2007
Mortgage payment protection insurance (MPPI) is without a doubt a worthwhile and necessary purchase. Buying your home is the biggest commitment you will ever take on financially, and as such you should do everything in your power to protect your investment.
The cover is designed to help out should you find yourself out of work due to the unexpected preventing you from continuing your work such as unemployment, accident or sickness. However this along with payment protection insurance has come under the spotlight and is now in the hands of the Competition Commission for a full depth inquiry.
Last year the entire payment protection insurance industry was thrust into the spotlight after it was found that many policies had been mis-sold and the pricing on the premiums was extravagant in a lot of cases. This was thrust into the public’s face after a Super complaint by the Citizens Advice Bureau.
One of the causes for complaint was the fact that payment protection offered very poor value for money due to the fact that many insurers were reluctant to pay out on the policies when a claim was made. This was due to many people having been sold policies that were actually ineligible to claim on.
Along with this, high pressure techniques were used in the selling of policies and consumers were given very little information about what their cover actually entailed.
The majority of people don’t even realise they can purchase their policy independently from a specialist provider. British Insurance is one specialist who will not only save you on your premiums but will also give great advice. So pop along to the “good guys” in the payment protection sector.
