Uk Mortgage Payment Protection Insurance Doesn T Have To Be A Rip Off

Uk Mortgage Payment Protection Insurance Doesn T Have To Be A Rip Off



UK Mortgage Payment Protection Insurance Doesn’t Have to​ Be a​ Rip-Off
UK mortgage payment protection insurance has been on​ the​ receiving end of​ some negative publicity recently due to​ some consumers having been mis-sold this cover .​
However,​ despite this,​ if​ you​ buy from a​ reputable source,​ it​ is​ a​ very worthwhile product to​ have in​ your corner if​ you​ should find yourself out of​ work after suffering from an​ accident,​ illness or​ if​ you​ should become unemployed.
Although the​ product has been given a​ bad name it​ is​ important to​ remember that it​ isn’t actually the​ policy itself which is​ to​ blame but the​ poor selling techniques that have been used at​ the​ time the​ product is​ taken out .​
Policies were being sold at​ the​ time of​ taking out the​ mortgage to​ those who couldn’t possibly hope to​ claim against them including those who were self-employed or​ only in​ part time work .​
Other ineligible customers included those of​ retirement age and suffering from an​ illness at​ the​ time of​ taking out the​ cover.
Providing you​ have ensured that the​ product is​ suitable for your needs then UK mortgage payment protection insurance can start to​ give you​ an​ income which makes sure that you​ can continue meeting your mortgage each month and so not struggle having to​ find the​ money .​
It would begin to​ give you​ a​ tax free income after a​ defined period of​ time which can be between the​ 31st and 90th day of​ being out of​ work depending on​ the​ provider .​
The policy would then continue for up to​ 12 months and with some policies for up to​ 24 months .​
It is​ essential that you​ go with a​ standalone specialist provider for the​ cover as​ opposed to​ taking it​ out alongside the​ mortgage from the​ high street lender .​
The standalone provider will give you​ access to​ all the​ information needed for you​ to​ make sure that a​ policy is​ suitable for your needs.
Problems began for the​ sector when the​ Citizens Advice lodged a​ super complaint to​ the​ Office of​ Fair Trading in​ 2018 .​
The Financial Services Authority then began an​ investigation into the​ sector and several major high street names received fines for mis-selling payment protection insurance products .​
Mis-selling ranged from not mentioning the​ exclusions in​ a​ policy,​ selling cover that the​ consumer couldn’t possible hope to​ claim against and charging premiums that were sky high for the​ cover.
While some changes for the​ better have already been made the​ most recent review by the​ Financial Services Authority has revealed that 2 out of​ 3 of​ the​ highlighted problems still needed working on​ and some firms still hadn’t improved their selling techniques enough .​
a​ change for the​ better should be seen in​ March 2008 with the​ introduction of​ comparison tables which will highlight the​ exclusions,​ the​ total cost of​ the​ cover and will allow the​ consumer to​ determine from a​ series of​ questions which product is​ the​ best for their needs before buying.
In summary,​ UK mortgage payment protection insurance is​ a​ truly invaluable policy to​ have – but you​ have to​ buy it​ wisely.




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