Is Cheap Mortgage Payment Protection Insurance Possible

Is Cheap Mortgage Payment Protection Insurance Possible



Is Cheap Mortgage Payment Protection Insurance Possible?
It is​ possible to​ get cheap mortgage payment protection insurance (MPPI) but you​ have to​ know where to​ go for the​ premiums .​
Historically,​ the​ cover that is​ sold alongside mortgages from the​ high street lender can add hundreds or​ even thousands of​ pounds onto the​ cost of​ the​ mortgage more than it​ need to​ if​ you​ had gone with the​ specialist in​ payment protection products.
Cheap mortgage payment protection insurance is​ taken out if​ you​ wish to​ safeguard against the​ possibility that you​ might come out of​ work if​ you​ should suffer from an​ accident,​ sickness or​ unemployment by such as​ redundancy .​
If this were to​ happen then you​ would still have your mortgage repayments to​ make and this adds stress and anxiety at​ a​ time when you​ don’t need it .​
Providing that cheap mortgage payment protection insurance would be suitable for your needs then it​ would ease the​ stress and worry by giving you​ a​ tax free income after you​ had been out of​ work for a​ set period of​ time .​
This will vary from provider to​ provider but usually ranges from the​ 31st day to​ the​ 90th day of​ being out of​ work and would be backdated to​ day one with the​ majority of​ insurers.
The cover would then keep paying out each month for up to​ 12 months and with some providers for up to​ 24 months .​
You do however have to​ check the​ exclusions to​ ensure that cheap mortgage payment protection insurance would be suitable for your needs .​
Some of​ the​ usual reasons which could stop you​ from claiming include being in​ part time work,​ retired or​ if​ you​ have an​ illness at​ the​ time of​ taking out the​ policy.
The exclusions caused many of​ the​ problems when in​ recent years the​ Financial Services Authority investigated and fined several well known high street names before the​ Office of​ Fair Trading turned the​ sector over to​ the​ Competition Commission .​
The Competition Commission are conducting an​ in-depth inquiry into the​ sector which will end in​ February 2009.
If you​ want the​ safety net that cheap mortgage payment protection insurance can provide then get quotes from a​ specialist and make sure that you​ understand the​ terms and conditions in​ a​ policy before you​ buy.




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