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Mortgage protection vital for some
Wed, 30 Jan 2008
Mortgage protection insurance can be "very important" but only for the right people, one expert believes.

Paul White of Belgravia Insurance Consultants said: "The problem [with mortgage protection] is that it is being sold to the wrong people. For example, a policeman wouldn't need it as they have excellent sickness benefits and are extremely well covered."

However, mortgage protection would be a must for the self-employed, he added.

Mr White also said that people could opt for a "cafeteria style" mortgage protection plan which would enable people to pick and choose the kind of cover that best suited their personal circumstances.

Figures published by the Association of British Insurers indicate that around 20 per cent of households in the UK have mortgage protection plans in place.

It also found that the average annual expenditure on mortgage protection plans was around £500 a year.

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