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Warning to check MPPI small print

The Research Department is warning people to check the small print on their mortgage payment protection insurance policies as many are being sold policies they do not need.

It says figures from the ABI show that sales of MPPI policies rose by 4 per cent in the second half of 2001 and that more than 36 per cent of mortgages taken out over the same period had payment protection cover.

But TRD says many people are being sold policies with extra cover they do not need. It says existing cover from critical-illness or income protection policies or employee benefits packages could also meet mortgage payments, making further cover redundant. TRD says people who need mortgage protection cover should be aware of the wide difference in the deferral periods and maximum benefits available from different providers.

Group commercial director Mark Hayes-Newington says: “The increase in the percentage of mortgages covered by payment protection is good news. However, it is important to be aware that different policies have different terms and that homeowners need to be aware of the small print in their contracts.

“Whatever the method of protection chosen, because mortgage payments are likely to be the greatest single monthly outgoing a person has, it makes sense to make sure they are covered against temporary incapacity.”

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