Mortgage Protection Insurance through your Bank – Vote with your feet
The Banks have come in for a lot of flack in recent times and do you know; they do deserve it
Let’s look at the back catalogue shall we:
Irresponsible lending, leading to a collapse in the financial system
The unreasonable overdraft charges debacle
Failure to pass on B.O.E. rate cuts to customers
Removal of tracker rate products from the mortgage market
………and criticism over shoddy sales practices and price of Mortgage Payment Protection Insurance (MPPI) to their customers.
Well with MPPI you get the chance to vote with your feet!
Over 25% of mortgage payers have Mortgage Payment Protection Insurance; this cover pays your mortgage, at a time when you can’t; for example, involuntary unemployment or inability to work, due to sickness. This cover is a saviour to many at a time when the economy is in tatters and many, many jobs will go.
Now if you have Mortgage Payment Protection insurance; well, good move, you should be sleeping fairly soundly at night.
If you have MPPI and are being ripped off with the bank, would like to change, but are aware that if you do, you could be exposing yourself to the risk of the new policies 90 day initial exclusion period; there is some good news.
Some better quality Mortgage Payment Protection Insurance Policies, will, if you transfer from another insurer, give immediate cover, avoiding the initial exclusion issue.
Not all Mortgage Payment protection Policies, offer this facility, so it is very important to read the policy booklet carefully.
As always, best shop on the internet in a nice free non pressure environment.
