Mortgage/Income Protection Insurance?

[zebra]

We might want to get this, whenever we buy next house. Is there anything we should watch out for, or does anybody want to recommend a particular provider, things to look for? MPI seems very expensive minimum 2.45% of the amount you might want to be insured for i.e., £2.45 payment per month to be insured for mortgage of £100/month. And even then it's only good for 12 months.

There was an article on this very thing in the paper recently (Observer - Sunday???) General advice was NEVER take it out with your lender as it is usually horrendously overpriced. They did mention a couple of better (ie cheaper...) providers. But I can't remember them...if said article has not made it to recycle bin and I can locate I'lll try to post later....

We took it out when we remortgaged with A & L a few years ago - it was for the monthly mortgage payment plus you could add up to 50% on top for other bills. For about £600 pm - for 12 months - the premium was £35 - is that about what you said, zebra? (brain can't do sums today.) (god, no, it's twice that. Definitely horrendously overpriced.)

Anyway the premium went up to £40 the other day and I accidentally deleted the Direct Debit and it's lapsed now. Just hope DH doesn't get made redundant in the next 5 years.

www.moneynet.co.uk has a cheap one I think
www.moneynet.co.uk/borrowing/mortgages/goodfellows/mortgage_payment_protection/index_intro.shtml

Sorry Zebra, unusually we have actually done the recycling.....!(this may have been because we couldn't move for paper...!) However, check out this link www.moneysavingexpert.com. Or this
observer.guardian.co.uk/cash/story/0,6903,1115566,00.html (this is the article I was refering to...)
Hope it helps...

Thanks Blackduck -- that Observer article was very useful! Still chasing up Money Expert (I don't really like Martin Lewis, but am open-minded). Ta!