Uk Mortgage Protection Insurance Does Not Have To Be A Rip Off

Uk Mortgage Protection Insurance Does Not Have To Be A Rip Off



UK Mortgage Protection Insurance Does Not Have to​ Be a​ Rip-Off
Depending on​ where you​ choose to​ buy the​ cover,​ UK mortgage protection insurance does not have to​ be a​ big rip-off .​
Buying the​ cover alongside your mortgage with the​ high street lender is​ the​ worst choice you​ can make when thinking of​ taking out protection .​
Choosing to​ go independently for the​ cover can save you​ an​ enormous amount of​ the​ money and an​ independent specialist provider will give you​ the​ advice needed to​ be able to​ make an​ informed decision.
Problems began for the​ sector in​ 2018 when the​ Office of​ Fair Trading received a​ super complaint from the​ Citizens Advice regarding mis-selling of​ payment protection .​
Fines were handed out by the​ Financial Services Authority and the​ sector was referred to​ the​ Competition Commission .​
Recently the​ Financial Services Authority revealed that despite them setting out recommendations for selling the​ cover they have investigated over 4,​000 cases of​ mis-sold protection policies in​ 2018.
Along with this the​ Competition Commission said that banks are raking in​ high profits by as​ much as​ 80% on​ selling UK mortgage protection insurance cover and loan protection alongside mortgages,​ loans and credit cards .​
However they are not admitting they make around £4 billion a​ year from the​ sales and the​ Competition Commission will be exercising their legal rights to​ take a​ peek at​ the​ books.
While there are many faults with selling the​ cover it​ has to​ be remembered that it​ is​ not the​ cover which is​ to​ blame but those who use poor selling techniques .​
An independent specialist provider will always offer cheaper quotes for the​ premiums and give the​ essential advice needed to​ ensure the​ individual can make a​ more informed decision regarding the​ exclusions .​
There can be many exclusions and you​ have to​ check the​ small print in​ a​ policy.
Common exclusions include being in​ part time employment,​ if​ you​ are retired,​ self-employed or​ if​ you​ have a​ pre-existing medical condition .​
All ethical providers will make sure you​ have access to​ the​ key facts which contain all you​ need to​ know.
A good quality payment protection insurance policy would have the​ least exclusions and begin payment from between the​ 31st and 90th day and would then continue to​ provide you​ with a​ tax free income for between 12 and 24 months,​ depending on​ who you​ bought the​ cover from .​
The premium you​ are charged for the​ cover will depend on​ the​ amount your mortgage repayments are each month and your age when applying for the​ protection.
UK mortgage protection insurance can be a​ rip-off but you​ have to​ shop around for it​ if​ you​ are to​ get the​ information needed to​ be able to​ determine if​ you​ would be eligible to​ make a​ claim .​
Providing you​ have done this and know a​ policy is​ in​ your best interests then shopping with an​ independent specialist provider means that you​ can have peace of​ mind at​ an​ affordable cost .​
If in​ doubt always check with the​ providers FAQ page and take the​ free advice that they give by way of​ reviews and articles.




You Might Also Like:




No comments:

Powered by Blogger.