With more of us wanting security if made redundant the last thing we want to have is the cost of our cover increase.
Most Mortgage Payment Protection Insurance (MPPI) policies are monthly re-viewable. This gives the insurance company the option to alter the terms of the cover with only 30 days notice and impose a price increase typically because of higher than expected claims in an economy that has seen records redundancies and claims on such policies.
This leaves the consumer in a difficult position as they are not able readily compare the cost of cover as the price could alter soon after you have made your application.
With more providers imposing restrictions on cover so that you can only take out cover in connect with a new mortgage or mortgage review this can leave some with little choice as they cannot easily get replacement cover.
It’s time that this option which allows insurance companies to impose such increases be outlawed as its unfair and is does not fall within the “treating your customers fairly” as outlined by the Financial Services Authority (FSA).
Some providers now offering annual renewable MPPI policies that give the consumer a fixed price for their cover over a 12-month period. This is certainly preferable to the current arrangement and is likely to be the future as the Financial Services Authority influence product development with terms that are not detrimental to the consumer.
For more information or a quote on quality MPPI cover visit www.quoteme4.co.uk
Tags: Income Protection, Payment Protection Insurance, Redundancy insurance, Unemployment insurance
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