Sales of mortgage payment protection (MPPI) are slowly increasing, but there are still wide-spread misconceptions about both the product and what the State will provide if people are unable to work due to sickness, disability or unemployment, as Ben Marquand discovers
Following the initiative to boost minimum standards on MPPI policies from the Association of British Insurers (ABI) and the Council of Mortgage Lenders (CML) in 1999, there has been an increase in the number of homebuyers taking out insurance to cover their mortgage payments. But, there are still too many homeowners who remain unaware of the risks they face if they are unable to work due to accident, sickness or unemployment. As of July 2001 all ongoing MPPI policies must now conform to the minimum standards put in place by the ABI and CML. This was the final phase in the sustainable home...
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