Mortgage payment protection cover still not popular

In a time when many home owners in Britain are worried about their financial situation, you would have thought that they would take out an insurance product like mortgage payment protection cover.

In a recent poll that was taking by YouGov on behalf of the Association of British Insurers (ABI), it shows that 92 percent of them were worried that the economic environment is far worse than it was just a year ago. 82 percent of them expect things to get a lot worse over the next 12 months.

In the poll we were surprised to learn that just 31 percent would be willing to take up protection insurance products like mortgage payment protection cover in the future.

ABI Assistant Director Nick Kirwan, has said “It is worrying that so many people are not prepared to look at taking out protection insurance, even insurance which covers redundancy given the uncertain economic outlook.”

It is all well and good taking out insurance products to safeguard against things like losing your job, but it seems as if homeowners are in a catch 22, as they can’t find the extra money needed to take out any extra insurance cover.

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