Standards must be met when it comes to selling mortgage protection insurance
- 21ST DECEMBER 2007
With the outcry about payment protection insurance mis-selling which started in 2005 and ongoing investigation by the Financial Services Authority (FSA), certain standards should now be met when it comes to selling mortgage protection insurance. But while some changes for the better have been seen there is clearly a long way to go before the majority of selling techniques can be classed as perfection.
If you are relying on your savings or the State to kick in and help if you were to lose your income through becoming ill, suffering an accident or should be made unemployed then you could be in for a shock. Mortgage protection insurance is taken out to safeguard against all of these providing it meets your circumstances. There are exclusions and these should be mentioned at the time of taking out the policy, however depending on where you choose to buy your cover will all depend on the information being made available before buy.
Typical exclusions include if you are of retirement age, suffering an ongoing illness, being self-employed or if you are only in part time work. There could be others so it is essential you read the small print of any policy you are considering before taking out the cover.
Specialists in mortgage protection insurance British Insurance, are one of the most ethical providers of the cover and offer a policy which can save you up to 40% in comparison to high street lenders along with making sure you have access to the key facts of the policy. The key facts are needed so the consumer can make an informed decision regarding the suitability of a policy and a lack of these is what led to the majority of mis-sold policies. The cover can work the way it was designed to work and it is never the products that are at fault but rather those who sell them without the experience needed.
