Mortgage Payment Protection Insurance policies offer benefits payable for a relatively short 1-2 years when compared to Income Protection Insurance policies, depending upon the company but policies can include redundancy cover offering a maximum benefit of some £1,500 per month which can be claimed on top of sick pay from your employer.
A welcome relief for successful claimants!
“Which?” however, have continued to stay on the campaign trail in connection with Mortgage Payment Protection Insurance by claiming that hundreds of thousands of us have bought MPPI because they thought they would have a better chance of getting their mortgage application accepted by the provider.
Their latest research shows there to be more than 9.8 million people in the UK with Mortgage Payment Protection Insurance cover including around 1.3 million of them who purchased MPPI solely because they thought their mortgage application would have a better chance of success if it was included.
Whilst commissions payable to selling agents can be as high as 80% of the first year’s premium and there are serious questions being asked throughout the industry around the sales techniques adopted, the current economic “doom and gloom” climate is proving to be a bit of a boom for Mortgage Payment Protection Insurance providers.
Consumers are starting to fear for their jobs and financial security and sensibly taking stock, facing reality and looking to strengthen their financial position.
Filed under: Uncategorized
