Mortgages are complex products, and they come with a big risk to people who find themselves unable to pay. One way to help with that risk has been to purchase protection plans.
However, the public has been unhappy with protection plans, recently. In part, this is because other sectors have come under a lot of scrutiny for mis-selling protection plans.
But, as James said:
“It’s true that confidence is low regarding protection. A minimum level of protection would be useful and a drive by insurers to dispel some myths regarding what they will pay out on would also improve confidence in protection products.”
As with any product, customers need to know as much as they can about what they are buying. This is doubly true for investments which come with risks.
If you’re not sure where you are with mortgage protection, drop us a line. We are not pressure-sales people, our advice is unbiased and we can help with all aspects of your mortgage.