The announcement today of the Competition Commissions findings into Mortgage Protection Policies (MPP) has not come too soon.
For years banks have been selling inferior and overpriced policies alongside their mortgages and loans. Some have made an even more unfair killing, by having the entire premium added to the loan at outset This means that even if the loan is repaid early and the policy is no longer required the banks have had your money.
Stand alone Permanent Health Insurance and Unemployment Cover Policies provide much better terms and durations of cover and the rates of premium often mean that better quality is available at a lower cost.
Probably the greatest scandal however is the widespread and persistent sale of MPP policies, by the banks to the self employed who cannot claim for periods of unemployment.
If you have been sold one of these policies by your lender contact me and I will investigate if you have been mis-sold and or find superior cover if it is possible.
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