Finance Articles

Mortgage Payment Cover Still Facing Problems

Mortgage payment cover is still facing many problems and faith badly needs restoring. Mortgage protection is one of a family of protection policies that can be taken out to safeguard against you becoming out of work. If you are incapacitated to the point where you cannot attend work after suffering from an accident or an illness, or if you should become unemployed such as through redundancy, a policy could help.

Taking out a protection policy could provide a much needed income that would allow you to continue meeting the commitments of your mortgage. The majority of polices begin to provide benefit after you have been unable to work for between 30 to 90 days. Once the policy holder has started receiving a tax-free income, they then continue to do so for between 12 to 24 months if needed.

Mortgage insurance can give security and allow the individual to recover with the knowledge that the roof over their head is safe. This can help to speed up recovery or give peace of mind while looking for a new job. However, you do have to be aware that cover is not suitable for the circumstances of all individuals. Exclusions that are usually included in a policy include being retired, self-employed, suffering a pre-existing medical condition or working only part time. You do have to check these exclusions carefully, and be aware that they vary between providers. An ethical provider will always make the consumer aware that these exclusions exist and give all the information needed for them to be able to make an informed decision.

It is a lack of information that has led to a lack of faith in payment protection products. An investigation started in 2005 after a super complaint was made to the Office of Fair Trading. Following this, the Financial Services Authority also began their own investigation, which resulted in them handing out several fines to some well-known high street names. The most recent fine was for a mortgage firm, and the chief executive had to dig into his own pocket to pay a personal fine too. Early in 2007, the sector was referred to the Competition Commission, which is currently conducting an in-depth review. While there have been some changes, it is evident that many more need to be made in the future. A recent report revealed that some providers are still continuing to mis-sell cover despite recommendations set out for improvements.

It is hoped that with the introduction of comparison tables, which are to be revealed in March this year, buying cover will be easier. Mortgage payment cover is just one form of payment protection. Loan and income protection could also benefit the individual but sometimes choosing which product is most suitable can be hard. The tables will lead the consumer through a series of questions, which will help them decide which policy would best meet their circumstances. They will also be aware of how much a policy would cost and be told of the exclusions that exist. But at the moment, the safest way to buy cover is with a standalone specialist provider.

Simon Burgess is Managing Director of the award-winning British Insurance (http://www.britishinsurance.com), a specialist provider of low cost income payment protection insurance (PPI), mortgage payment protection insurance (MPPI) and loan payment protection insurance.

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