The importance of getting several mortgage payment protection insurance quotes

It is vital that you get several mortgage payment protection insurance quotes if you are to get the best quote for your policy premiums. The cheapest quotes will be found with the standalone provider and the dearest end of the scale is with the high street lender, so shopping around could end up saving you thousands in total for the advantage of having peace of mind and security when it comes to your mortgage repayments.

Mortgage payment protection insurance (MPPI) is considered to be a lifeline that could make the difference between you losing the roof over your head and comfortably managing to carry on making your monthly mortgage repayments. Providing your lifestyle fits the policy then it would start to pay out after you had been out of work for 30 days or more due to having an accident, suffering an illness or through unemployment such as redundancy. A policy will generally continue to provide you with a tax free income for up to 12 months (in some cases for up to 24 months) which is more than enough time for you to get back on your feet.

While getting the cheapest mortgage payment protection insurance quotes is essential this isn’t the only reason for shopping around and going with a standalone provider for the protection. High street lenders have come under fire in the past for not giving out the essential information regarding policies and the exclusions within them. An investigation into the sector materialised after a super compliant by the Citizens Advice to the Office of Fair Trading. Following this, several high profile companies were fined. They were fined for not giving out essential information and ensuring that a policy was in the consumer’s best interest.

The sector is still under the watchful eye of the Financial Services Authority (FSA) and also the Competition Commission, who hope to have their review completed by February 2009.

The mis-selling of policies have been wide spread and it is hoped that many changes for the better will be the result of the ongoing investigation and review. One recent change has been the way that mortgage payment protection insurance is sold online. Until recently companies relied on pre ticked boxes as a way of including the insurance with a mortgage. However some consumers didn’t realise they had to un tick the box if they didn’t want the cover which resulted in them buying policies that they didn’t want and wouldn’t have been able to claim on. While this is a step for the better there are plenty of more factors that need resolving and one of them is the fact that the majority of consumers don’t even realise they can shop around for the cover and buy it independently.

Consumers do have the option of shopping around and this is essential, not only can you get the cheapest mortgage payment protection insurance quotes but you are also provided with the essential information that you need to make the decision over whether a policy is in your best interests.