Thursday 17th April 2008
Expert advice can lend more confidence to a payment protection insurance (PPI) decision, it has been claimed.
Legal & General recommends such guidance for anyone unsure of whether to protect their mortgage repayments.
However, a spokesperson for the financial services provider notes that a fully protected mortgage represents the "ideal" situation.
Joe Wiggins, public relations manager for protection, says: "Most people dont fully appreciate that sick pay from an employer does not last that long.
"Many people suffering a loss of earning would soon find that they would struggle to meet their mortgage payments."
Accident, illness and unemployment are among the pitfalls which may be covered using a mortgage-specific PPI product, he adds.
Britons with families are particularly advised to ensure they and their relatives are not at risk should an illness or injury occur.
Mr Wiggins concludes that mortgage protection can make "a huge difference" to the ability of a household to weather a storm in their personal finances.
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