Trust a specialist for your mortgage payment insurance cover
- 20TH SEPTEMBER 2007
With many well known and trusted high street names being named and shamed during the investigation by the Financial Services Authority one has to wonder where consumers can put their trust - if anywhere - when it comes to taking out mortgage payment insurance cover. While clearly the high street names cannot always be trusted there is hope when it comes to the specialists in the sector.
Specialists in payment protection insurance products will only sell these types of insurance and as such fully understand them inside out and know how important it is that the consumer should understand them too. The high street lender however often puts huge profits first ahead of the consumer’s best interests which have resulted in many being mis-sold their cover and at risk of losing their homes if they lost their income.
When bought with understanding, a mortgage payment insurance cover policy will provide a monthly tax free income if you find yourself out of work due to an accident, long term sickness or unexpected redundancy. The cover will begin to pay out as normally after you have been out of work for 30 consecutive days and will continue for up to 12 months and with some providers for up to 24 months.
One very ethical and specialist mortgage payment insurance cover provider who constantly feature in the best buy tables for their mortgage payment insurance cover is British Insurance. British Insurance only sells payment protection products and Managing Director, Simon Burgess has always been outspoken when it comes to how the consumer is ripped off by the high street lender.
Trust and the high street lender are far apart but British Insurance ensure that they make the consumer is aware of the exclusions within a policy along with the key facts of the mortgage payment insurance cover which means that the consumer knows what they are buying and whether the policy would be suitable for their needs. While the high street lender clearly can’t be trusted, a standalone provider such as British Insurance can be when it comes to mortgage payment insurance cover.
