The majority of us, at some point or another, have obtained loans. It might be a mortgage credit card loan or a private loan. No matter what the loan might be, at a single stage of our own lives.
We’ve been provided an insurance policy that insures the payments. This can be offered to ensure if you aren't able to operate, as a result of redundancy or illness, there's a means for payments to be created. You can get the best mortgage payment protection insurance via Foxgrove Associates.
Policies like these are known as Payment Protection Cover. The idea of having a repayment option in times of need seems very ideal but in recent years, it has been in a lot of scandals due to how the coverage is marketed to the consumers. This is very different from insurance policies that are sold in order to get a mortgage.
The main problem with such insurance is that the lenders sell this to individuals who are not really covered by these kinds of policies. They only find out about it when they are applying for a claim.
These people will include people with pre-existing medical conditions, self-employed individuals, retired people, and already unemployed individuals.
There are some lenders that also market this insurance as a way of getting credit even if the insurance is not applicable. Though the said methods are not deemed as illegal, it is still a big question as to why organizations like the FSA do not seem to take the matter seriously.