Mortgage payment protection policies from a bank or building society tend to be a lot more expensive than those bought independently.
The pricing of both rarely takes individual risk into account.
So, a 55 year old will pay the same as a 25 year old.
A new MPP policy from Best Insurance ( LINK TO PROFILE ON BRITISH INSURANCE SITE) offers some of the lowest premiums around for younger mortgage holders
There are nine age bands.
An 18 year old wanting incapacity cover will pay the lowest rate of £0.95 a month for each £ 100 of monthly benefit covered. The cost for a 28 year old is £1.20 a month, a 38 year old £1.65, compared to a 58 year old paying £ 3.15
You can buy incapacity only, unemployment only, or both.
The short-term protection on your mortgage payments for up to 12 months is against incapacity from illness or accident, or involuntary unemployment.
Mortgage payment protection insurance : News update: July 2006