If you have bought your mortgage protection from a high street lender or bank, then the chances are that you are paying far too much for your mortgage protection. The good news is that you may be able to cancel your policy, and go to a standalone provider for your insurance.
Mortgage protection is big business and the high street banks and lenders know this and often craftily attach mortgage payment protection alongside your mortgage. Some would have you believe that the cover is necessary in order for you to be successful in getting the mortgage. However, it is currently not compulsory and you can choose to buy it independently. A standalone provider is more often than not the best way to get your mortgage protection. They offer some of the cheapest policies, quality products and a reputable provider should give great advice which ensures you dont get ripped-off.
A mortgage payment protection policy is taken out in case you should find yourself unable to work due to an accident, an illness or redundancy and will pay out for a pre-determined length of time, which is usually for up to 12 months though in some cases it will run for 24 months. Providing you have...
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