I have always been fascinated by the average consumers obsession with insurance. Its a massive industry. People buy insurance to cover all types of risk. Some insurance cover is a legal requirement, e.g. motor insurance. Other insurance is a contractual requirement e.g. buildings insurance when you have a mortgage.
Mortgage payment protection is another entirely. It seems to me that people would only take this out if they felt there employment was vulnerable. Secondly, from experience MPPI comes with so many exclusions many people find that their cover does not extend to the circumstances that have brought about their loss of employment. People excluded include the self-employed, people aware of a redundancy risk and people who work abroad.
Despite this MPPI remains popular and the market is increasingly competitive.
20 April 2010
Amex Card Problems Resolved
Things have improved with my American Express card. Back in March they offered me a refund. Despite this I still paid the late payment fee and monthly interest. The two charges were reversed in my April statement. I have also noticed a cashback rebate of £30. Things are looking up.
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