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Mortgage Protection Insurance Cover Has Brokers Who Specialize

Apr 16, 2008
Insurance brokers have mortgage protection insurance cover products to offer consumers that are potentially 40 to 80 per cent less expensive than traditional protection offered by high street banks and lenders. Along with the lowered costs, insurance brokers and specialists also offer product expertise, a stronger focus on customer interests, and a better reputation for honest selling practices.

Customers must be proactive to achieve the benefits mentioned. The challenge is that many consumers get stuck in plans they buy either without knowing it, or because they feel pressured. Large institutional sellers have engaged in high pressure or deceptive selling techniques for several years, which have prompted a current investigation by the Financial Services Authority (FSA). Some have even used mis-selling techniques by selling to customers that are ineligible to benefit from the protection.

Mortgage protection insurance cover provides great benefits to Brits who lose their job due to a covered event. Covered events typically include involuntary redundancy, illness, and accident. The list of covered events does not include voluntary redundancy. Long-term income protection is often confused with payment protection insurance (PPI) products, which are short-term. PPI products have payout plans ranging from 12 to 24 months. They payouts are a percentage of the normal monthly income earned by the covered individual.

Mortgage protection insurance cover usually allows coverage up to full mortgage payment and sometimes more, depending on the normal monthly income. While the benefits of coverage are extremely important to low or middle class consumers who lose their job, the costs are unfavourable when the insurance is bought from a large institution. Large sellers usually are much more expensive, which can make the benefits seem less advantageous. Some consumers get stuck with the higher cost coverage, though, because the insurance is packaged into mortgage, credit cards, or other loans, without their knowing.

Consumers need to be knowledgeable and look to insurance brokers to protect themselves in the best way. Insurance brokers will be more likely to watch out for the customer's best interests. They also have greater knowledge of the best plans based on the needs of an individual customer.

Mortgage protection cover can mean the difference between keeping and losing a home for many unemployed people. Monthly mortgage payments are a huge cost each month for many. It is highly advisable that mortgage or loan shoppers read the fine print before agreeing to the terms of any loan. They need to give themselves a chance to find the right coverage on their terms, and at the most desired premiums.

Mortgage protection insurance cover payouts usually begin from 30 to 90 days following the covered event. Customers need to know their needs before buying a product. Some people might need immediate payments, while others would prefer to wait until regular pay checks are affected. It is also important to know what events are covered by a given plan and which events are not covered. Prospects also must be sure they are eligible to receive benefits in the event of a job loss.
About the Author
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of mortgage protection insurance cover .
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