Check Out Uk Mortgage Protection Insurance Before Buying

Check Out Uk Mortgage Protection Insurance Before Buying



Check Out Uk Mortgage Protection Insurance Before Buying
It is​ essential that you​ check out UK mortgage protection insurance before you​ buy if​ you​ want to​ ensure that you​ have a​ policy to​ meet your needs and a​ quality product without paying over the​ odds for the​ cover .​
Historically,​ the​ high street lender will charge way over the​ odds for the​ cover when compared to​ the​ standalone specialist provider .​
Over the​ term of​ your mortgage this can cost you​ literally thousands of​ pounds.

UK mortgage protection insurance can help you​ to​ continue repaying your mortgage if​ you​ lose your income through becoming unemployed; or​ suffering from an​ accident or​ an​ illness which keeps you​ off work for any length of​ time .​
Cover will usually begin to​ payout after a​ set period of​ time which can be anywhere between the​ 31st day and the​ 90th day after the​ event and would then continue for between 12 and 24 months which should be ample time to​ get well or​ find alternative employment.
You do have to​ realise that there are exclusions in​ all policies that can stop you​ from making a​ claim .​
Exclusions that are typical to​ most mortgage payment protection insurance policies include if​ you​ are suffering from an​ ongoing illness at​ the​ time of​ taking out the​ cover,​ if​ you​ are self-employed,​ of​ retirement age or​ if​ you​ only work in​ a​ part time position .​
The exclusions should be mentioned at​ the​ time of​ taking out the​ policy but the​ high street lender can be lax here,​ however a​ standalone specialist provider tends to​ be more ethical - as​ payment protection insurance is​ their core business - and will always make this information available in​ plain English .​
It is​ the​ lack of​ information that causes so many problems with the​ sector and the​ Financial Services highlighted this in​ 2018 when they began an​ investigation into the​ payment protection industry following a​ super complaint from the​ Citizens Advice to​ the​ Office of​ Fair Trading .​
Several high street names received fines for unsavoury sales practices .​
However in​ March 2008 it​ is​ hoped that a​ big change for the​ better will occur when the​ Financial Services Authority introduces new comparison tables which will make buying the​ product easier for the​ consumer .​
The table should make the​ product more transparent by asking the​ consumer a​ series of​ questions which will then point out which payment protection product is​ the​ most suitable for their needs along with highlighting the​ fact that there are exclusions in​ the​ policy and how much the​ cover will cost in​ total .​
Up to​ this point these have all been serious failings when it​ comes to​ selling payment protection products which have left the​ consumer confused about what they have actually bought and if​ it​ is​ suitable for their needs.
For the​ time being if​ you​ want the​ safety net that UK mortgage protection insurance can give then buy the​ cover independently from a​ standalone specialist provider who will not only be able to​ offer the​ cheapest premiums for the​ cover but also give you​ the​ advice you​ need to​ ensure a​ policy is​ right for your needs.




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