The payment protection insurance (PPI) sector, of which mortgage payment protection cover is one along with income protection and loan protection, is still under review by the Competition Commission until February 2009 as well as the Financial Services Authority. Problems with the sector have been in the spotlight since 2005 and while some changes have been seen for the better, many more clearly need to be made to make the product more transparent for the consumer.
Mortgage payment protection insurance (MPPI) can give you an income if you should lose your own to ensure you would still be able to meet your monthly mortgage repayments, stopping you getting into arrears and losing your home to repossession. If you were to come out of work after suffering from an illness, having an accident or being made unemployed and you were to be off work for any length of time you would have the added worry of where to find the money each month.
Providing your circumstances meet those of a policy then it could begin to provide a pre-defined tax free income once you had been continually out of work for between 31 and up to 90 days. Once the cover had commenced then it would...
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