Landlordreferencing.co.uk – Forum

It is well known that there has been a large amount of bad press associated with Payment Protector Insurance
mostly due to the practice of miss-selling by many Banks and Finance Providers. This has meant that many purchasers were left with products that they either did not require, were ineligible for or alternatively paid a higher premium compared to other products available on the market.

Although the majority of the bad press has been justified the back lash and mass cancellation has left many
consumers dangerously underinsured and unable to meet their financial commitments in the event that they suffer an accident, sickness or loss of employment.

As a result of this more and more Insurance providers are turning to Lifestyle Insurance Protectors, Lifestyle
Cover is based on providing a monthly benefit payment  which is linked to your level of income rather than a specific credit agreement, such as a mortgage or loan. This means that cover may be arranged to protect multiple commitments, such as, mortgage repayments, rent, utility bills, loans and credit facilities.

This cover can be arranged for amonthly or annual premium, and a monthly benefit is paid for up to 12 months,
should you not be able to work due to an accident, sickness or involuntary employment.

These products provide the consumer with a single product which can be used to cover multiple commitments
whilst at the same time allowing the consumer to decide the best product provider and the added assurance that the insurance can be cancelled at any time without penalty.

The question will be can these products restore faith to consumers,  that when sold correctly these policies can
add financial security during what can be stressful and worrying times.

Mark Bevan

Express Mortgage Solutions

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