Cheap Mortgage Payment Protection Insurance Could Be Your Lifeline

Cheap Mortgage Payment Protection Insurance Could Be Your Lifeline



Cheap Mortgage Payment Protection Insurance Could Be Your Lifeline
As long as​ you​ understand what a​ policy entails and have checked the​ exclusions against your circumstances then a​ cheap mortgage payment protection insurance policy could be your financial lifeline .​
If you​ were to​ come out of​ work after suffering from an​ accident,​ illness or​ through unexpected redundancy then you​ would still have to​ find the​ money each month to​ repay your mortgage .​
If you​ cannot continue repaying your mortgage then you​ stand to​ lose your home to​ repossession and you​ cannot rely on​ the​ State to​ step in​ and help .​
Even if​ you​ qualify for help from the​ State the​ financial assistance they do give is​ very little .​
A cheap mortgage payment protection insurance policy could give a​ tax free income each month to​ ensure that you​ have the​ money needed to​ keep up with the​ mortgage repayments .​
If you​ are out of​ work continually for between 31 and 90 days then the​ policy would start to​ payout and would continue to​ do so each month for between 12 and 24 months .​
However,​ while mortgage protection is​ an​ excellent way to​ safeguard the​ roof over your head it​ is​ not suitable for all individuals due to​ the​ exclusions .​
Common exclusions to​ all policies include suffering a​ pre-existing medical condition,​ those who are self-employed,​ retired or​ only working part time .​
Providers can add other exclusions so you​ do have to​ take the​ time to​ read the​ key facts of​ any policy you​ are considering taking out.
It is​ the​ exclusions which have caused the​ majority of​ mis-selling of​ payment protection or​ rather the​ lack of​ making the​ consumer aware that they exist .​
Problems began in​ 2018 when the​ Financial Services Authority stepped in​ and handed out fines to​ several high street names before the​ sector was referred to​ the​ Competition Commission by the​ Office of​ Fair Trading .​
While changes for the​ better have been seen a​ recent review by the​ Financial Services Authority revealed that some firms are still failing in​ some areas .​
Recently the​ Chief Executive of​ a​ mortgage firm was handed a​ personal fine along with a​ company fine for failing to​ have the​ consumer’s best interest at​ heart .​
The Financial Services Authority will continue to​ crack down by handing out personal fines and in​ March 2008 they plan on​ introducing comparison tables .​
Tables will help the​ consumer to​ determine which cover would be the​ most suitable along with making them aware of​ the​ exclusions and how much the​ cover will cost .​
With faith in​ the​ product having been lost this is​ leaving many homeowners without valuable cover and at​ risk of​ losing the​ roof over their head .​
Providing you​ shop with a​ standalone specialist in​ payment protection you​ will be given access to​ the​ key facts and all the​ information needed to​ make an​ informed decision regarding suitability .​
Along with this vital information you​ will also get quality cheap mortgage payment protection insurance you​ can count on​ to​ be your lifeline if​ you​ should be unfortunate enough to​ have to​ make a​ claim on​ it.




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