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Guide to Mortgage Payment Protection Insurance

    CPD
    60min

    Introduction

    New laws introduced in April as a result of recent competition commission rulings mean that mortgage advisers can no longer sell accident, sickness and unemployment insurance products, including PPI and MPPI, at the point of sale of a mortgage.

    Now, when a mortgage is being sold advisers can provide a MPPI quote to customers at any time but it cannot be sold until seven days after the later of two events – either the date the lender formally makes the mortgage offer to the customer or the date of the adviser provides the customer with a quote.

    These new rules have led to some providers, including Lloyds, Santander and Hitachi, pulling out of the MPPI market and means IFAs have a more crucial role in filling the gaps in client knowledge and product sales.

    Answers provided by David Hollingworth, associate director at London & Country Mortgages, Dennis Haggerty, marketing manager at iprotectinsurance.co.uk, and Martin Sincup, product manager at LV=.

    In this guide

      CPD
      60min
      1. What is mortgage protection insurance?

      2. Can you immediately claim on mortgage protection insurance?

      3. What is the closest cousin to mortgage payment protection insurance?

      4. What duration does a MPPI policy cover a client for?

      5. What is the usual notice period for a change in the policy?

      6. What changes were recently made following an investigation by the Competition Commission?

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