Why mortgage payment protection insurance?
- 8TH JUNE 2007
Mortgage payment protection insurance (MPPI) can be an expensive addition added onto an already tight budget and the recent negative press coverage regarding the sector has one wondering if it’s really worth it.
However, if you should find yourself out of work due to accident, sickness or unemployment then consider the possibility of how you would pay your monthly commitments. Certainly, the Government’s benefits would not even make a dent in covering the cost of the average person’s outgoings and nay savings would soon be eaten up.
By taking out mortgage payment protection you have something to fall back on should the worse happen and you find yourself out of work for any length of time. Most policies will typically pay out to cover the cost of your monthly commitments for up to one year and the payments are tax-free too.
While it’s fair to say that if you purchase your protection from the high street bank that you will be charged “an arm and a leg” for the protection, you do have other options.
Going to an independent specialist payment protection provider can save you up to 40% on mortgage payment protection policies and 80% on loan payment protection insurance. One such company is British Insurance, Simon Burgess and his team are considered to be one of very few “good guys” left in the sector that puts the consumer before huge profits.
With the Competition Commission currently undertaking the investigation into the mis-selling of the product, play it safe and stick with someone you can trust, like British Insurance.
