Mortgage Protection Can Help To Save The Roof Over Your Head

Mortgage Protection Can Help to​ Save the​ Roof Over Your Head
Mortgage protection can help to​ save the​ roof over your head but it​ has to​ be given some consideration before you​ buy it,​ if​ you​ haven’t made sure the​ exclusions suit your circumstances then you​ could be left with a​ policy that isn’t suitable and which you​ cannot claim against.
Mortgage payment protection insurance is​ a​ product that ensures that should you​ lose your income if​ you​ should be out of​ work after suffering from an​ accident,​ illness or​ if​ you​ should become unemployed by such as​ redundancy,​ it​ will be replaced.
The cover is​ purchased for a​ premium each month which is​ based on​ your age at​ the​ time of​ taking out the​ policy and the​ amount of​ your mortgage that you​ wish to​ insure each month,​ the​ premiums will then give you​ an​ income once you​ have unable to​ work for a​ pre-defined period of​ time which can be anything between the​ 31st and the​ 90th day after the​ event .​
Once the​ cover starts,​ then it​ would run for up to​ 12 months with the​ majority of​ policies although some policies cover you​ for up to​ 24 months so you​ have to​ read the​ small print of​ the​ policy at​ the​ time of​ taking it​ out.
The small print is​ also where you​ would find the​ exclusions and these are what can stop you​ from making a​ claim on​ the​ policy,​ common exclusions include being of​ retirement age,​ self-employed,​ if​ you​ suffer from a​ pre-existing medical condition or​ are only working part time .​
Knowing the​ exclusions in​ a​ policy is​ essential before you​ buy but if​ you​ take the​ cover that is​ offered at​ the​ time of​ taking out your mortgage with the​ high street lender then very little information is​ given to​ you​ which can make deciding if​ a​ policy is​ suitable very hard.
The high street lender also offers the​ highest premiums for the​ cover for the​ quote when compared with the​ standalone provider .​
The standalone specialist provider who offers mortgage protection can help you​ to​ save hundreds of​ pounds over the​ term of​ the​ mortgage along with giving you​ the​ essential advice you​ need,​ all standalone providers are ethical and will give you​ the​ facts and list the​ exclusions in​ plain English which means that you​ know before you​ buy if​ a​ product is​ suitable for your needs.
It is​ a​ lack of​ information regarding the​ exclusions in​ a​ policy which causes the​ majority of​ mis-selling of​ payment protection and this was highlighted by the​ Financial Services Authority (FSA) during the​ investigation which began in​ 2018 .​
The Citizens Advice made a​ super complaint to​ the​ Office of​ Fair Trading and following this the​ FSA handed out fines to​ several major high street names who were selling policies to​ those who were retired and self-employed and so couldn’t claim against them .​
The sector is​ currently in​ the​ hands of​ the​ Competition Commission who are currently a​ comprehensive review of​ the​ sector which is​ expected to​ reach its conclusion in​ February 2009 .​
And while changes for the​ better have arose as​ a​ result of​ the​ interview many more still need to​ occur as​ the​ recent review revealed that many firms are still not giving adequate information at​ the​ time of​ selling.
Mortgage payment protection can help to​ save the​ roof over your head but you​ do have to​ make sure that you​ know what you​ are buying before you​ buy and make sure that mortgage protection is​ suitable for your needs.

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