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Mortgage Payment Protection Cover Still Being Branded A "Rip-Off" Unnecessarily

Dec 20, 2007
With the investigation into payment protection insurance sector still ongoing and the Chief Executive of a mortgage firm being the most recent to receive not only a fine but also a personal fine, mortgage payment protection cover is still being branded a rip-off. However while there are problems within the sector it is essential to realize that the actual product itself will do the job it was designed to do if it is sold correctly.

Providing the consumer is aware of the terms and conditions along with the exclusions in a policy which could stop you from making a claim, a policy would work for you. Some common exclusions include being self-employed, suffering an ongoing illness, being retired or only working in a part time position, others can be added on by the provider.

The exclusions are found in the small print and if you buy mortgage payment protection cover alongside your mortgage you could be given very little information regarding the exclusions. This lack of information is what led to the majority of policies being mis-sold and the Financial Services Authority handing out fines. Other factors of mis-selling included firms charging enormous premiums for the cover but independent specialist providers tackle both these shortfalls.

An independent provider will save you money on the premiums by giving you the cheapest quotes and along with this they will make sure that consumers are aware of the exclusions which could stop them from making a claim. Mortgage payment protection cover can be a valuable safety net to have in your corner if you should find yourself out of work for any period of time. If you lost your income through suffering from an accident, were to become sick or made unemployed through no fault of your own then it could leave you struggling where to find the money to repay your mortgage.

Quality mortgage payment protection cover can begin to payout a tax free income anywhere between the 31st and 90th day of being out of work and would then continue for between 12 and 24 months as outlined in the key facts. Common exclusions being suffering a pre-existing medical condition, being retired or self-employed. Providing you have read the key facts and know that a policy would be in your best interest then it could make the difference between you keeping your home or losing it. Many homeowners believe that the State would step in and help however while some help might be available if you qualify the help they give is very little.

An independent specialist provider will not "rip-off" the consumer in favor of making huge profits but will provide quality affordable mortgage payment protection cover so that you would have something to fall back on if the worst should happen and you were to lose your income. Take the information that is offered by a specialist and as they specialize in payment protection products you can be assured that the policy will be sold by qualified staff and be backed up with experience in selling this type of product.
About the Author
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of mortgage payment protection cover, loan protection insurance and income protection insurance.
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