Advisers regret limited mortgage payment protection insurance cover
Fri, 07 Nov 2008
Many financial advisers are saying that the limited cover period on traditional mortgage payment protection insurance (MPPI) is the biggest disadvantage of the product.

Benefits on MPPI are paid for a maximum of 12 or 24 months only and according to a study by LV=, this concerned nearly half (53 per cent) of the respondents and nearly a quarter said they disliked the ‘one size fits all’ approach of MPPI providers . However 50 per cent of financial advisers said that they still recommend MPPI, or a similar protection cover, to all clients where possible.

LV= head of protection, Chris McFarlane, said: "Our research shows that despite having serious concerns about the limitations of traditional MPPI, half of financial advisers will continue to recommend a MPPI product to all their clients."

He added that in the current economic climate it was essential to protect mortgage repayments in the event of an accident, long-term illness or unemployment .
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