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 .




