Is Cheap Mortgage Payment Protection Insurance Possible

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Is Affordable Mortgage Payment Protection Insurance Possible?


Summary:

Affordable mortgage payment protection insurance (MPPI) is achievable if you know where to look. Typically, MPPI purchased alongside mortgages from high street lenders can be much more expensive. Opting for specialists in payment protection products can save you significantly.

Article:

Securing affordable mortgage payment protection insurance (MPPI) is possible if you know where to seek the best premiums. Historically, getting MPPI directly from high street lenders can end up costing you significantly more than if you choose specialists in payment protection products.

MPPI is designed to protect you in the event of an accident, sickness, or unemployment, such as redundancy. If you find yourself unable to work, your mortgage payments might become a source of stress and anxiety. Suitable MPPI can alleviate this burden by providing a tax-free income after a set period out of work, ranging typically from the 31st to the 90th day. Most insurers will backdate the coverage to day one.

The insurance continues to pay monthly, usually for up to 12 months, and with some providers, up to 24 months. It's crucial to review exclusions to ensure the policy meets your needs. Common exclusions include part-time work, retirement, or pre-existing illnesses at the time of policy initiation.

These exclusions have raised issues in the past. The Financial Services Authority investigated the sector, leading to fines for several prominent high street names. Subsequently, the Office of Fair Trading referred the sector to the Competition Commission, which is conducting an in-depth inquiry, concluding in February 2009.

For a reliable safety net, obtain quotes from specialists and thoroughly understand the terms and conditions before purchasing a policy.

You can find the original non-AI version of this article here: Is Cheap Mortgage Payment Protection Insurance Possible .

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