Cheap mortgage payment protection insurance (MPPI) can be found but you do have to make the decision to buy it independently from a specialist provider. As the financial pages of the Press regularly highlight, cover that is offered alongside the mortgage at the time of borrowing can cost up to 40% more than had you looked at quotes with an independent provider.

Mortgage payment protection insurance can provide a financial lifeline when taken out with your circumstances in mind. However checking to make sure that you would be eligible to claim on a policy is the key to making the product work for you, should you become unable to work due to redundancy, illness or accident. A quality policy can give the holder a tax free income after being out of work for a defined period of time which is usually between 30 and 90 days. Once it has begun to provide you with this benefit then it could carry on for between 12 and 24 months depending on the terms and conditions set out by the provider.

Providers can add in exclusions so it is necessary to check to check the wording over thoroughly. There are some exclusions which can be frequently found in all policies. If you are self-employed, of retirement age, suffering from a pre-existing medical condition or work on a part time basis then your circumstances probably would not be suited to a policy.

Once you have determined if mortgage protection could work for you then finding cheap mortgage payment protection insurance is your next hurdle. Sticking with a payment protection specialist is essential. While the high street lenders offer cover at the time of borrowing you have to remember that they only sell it as a sideline. As such they often have little experience when it comes to the product they are selling. They are also known to rake in huge profits for the cover which is thought to be in excess of ?4 billion a year.

Problems began for the payment protection sector in 2005 after the Citizens Advice made a super complaint to the Office of Fair Trading. Following this the sector was places under the watchful eye of the Financial Services Authority who set out guidelines when it came to improving sales techniques.

The FSA also handed out fines to several well known high street names who were found to have engaged in sloppy sales practices.

The FSA and Competition Commission continue their investigation and hopefully cheap mortgage payment protection insurance which is of quality will be available to all eventually. One change which is on the horizon and which should make buying cover easier is comparison tables. The tables which should surface this March will make payment protection more transparent and easier to buy. From a series of questions they will lead to the individual knowing which policy would be most suitable and make the consumer aware of the exclusions and how much cover would cost. For now an independent provider should be your choice when looking to take out cover.