Mortgage Payment Protection Cover Still Being Branded A Rip Off Unnecessarily

Mortgage Payment Protection Cover Still Being Branded a​ Rip-Off Unnecessarily
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.

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