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Mortgage Protection Insurance - Assurant
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Dick_here
Posts: 1,605 Forumite
I took this out about 18 months back (recommended by MSE as being the cheapest), they were called something else then but soon became Assurant. Anyway, I've been paying £19pm for £900 I think of cover. I received a letter today telling me the premium is going up to £38.40 !!! Over a 100% increase. No thank you, and goodnight. Beware people, and maybe it's one for MSE to look into again.
Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
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Yep. I have this. Just to remember these types of insurances are reviewable every 12 months. So they have the right to increase it.
Only sicknesschoice from HSBC is non reviewable for the short term sickness cover. As for redundancy, I have yet to find anyone who does not review each 12 months.
Question. Have you recently made a claim in the last 12 months?Motto: 'If you don't ask, you don't get!!'
Remember to say thank you to people who help you out!
Also, thank you to people who help me out.0 -
TEDDYRUKSPIN wrote: »Question. Have you recently made a claim in the last 12 months?
No, not at all. I'm writing to them asking to have it reviewed, if not I'm cancelling.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Hi
I thought I would check this forum again because I found the assurant policy tho' moneysaving expert. I paid £9 - 10/ month for 3 months cover only for redundancy and this has gone up to £16.85. This is more than I wanted to pay and I was wondering if moneysavingexpert could look into it for us, maybe recommend a better deal? Seems crazy that a lot of these companies have a 60 day wait period after you join before they will pay out, so you might prefer to stay with them :mad: .0 -
Expect more of those that have reviewable premiums and not guaranteed to do this in the coming year or so. The cost of underwriting them is going up and the reviewable plans allow increases.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Recieved one of these. I've only had the policy 3 months.
Premium doubled 100% from £16 to £34.
Has anyone found a more comptetive product to switch to? Many of the the policies seem to be capping at £1k benefit regardless of income.0 -
colinebannon wrote: »Seems crazy that a lot of these companies have a 60 day wait period after you join before they will pay out, so you might prefer to stay with them :mad: .
Hardly - otherwise anyone who had an early warning about imminent redundancy would set up a policy then claim on it.
This would then push up premiums even more which I guess you wouldn't be happy with.0 -
Just spoke to Assurant and they really couldn't care less if people leave and they are offering no alternative. If anyone finds a better deal, please let me know. I am cancelling mine before the next payment.0
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Ok.
Found that the following offers rates pr £100 consummate to Assurant pre-rate increases.
http://www.bestinsurance.co.uk
The insurer of British Mortgage Payment Protection Insurance trades as Norwich Union and is Aviva Insurance Limited (a member of the Aviva group.)
They are also on Martins current MPPI guide as cheapest provider.
Thinking the strategy is to take this , and continue to rate tart until the market settles and i can do a proper comparison.
And the good news,
Now if only I could get through to Assurant to cancel.... :mad:We will not cover claims:- For existing borrowers [...] within the first 90 days of the policy (this is waived if you already have existing cover in place with another Mortgage Payment Protection Insurance policy and you are transferring to this Paymentshield policy). An existing borrower is where the mortgage agreement has been in force for more than 30 days at the start date of the policy.
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Thanks dbunk, but not much of a change for me - less than £1/ month difference. Worth changing just to make a point?0
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Actually this is a slightly better policy compared to what I'm on (I'm covered for 3 months unemployment) whereas this one is indefinate:
8. How long does my British Mortgage Payment Protection Insurance run for?
This is a contract that has an indefinite term. The policy is issued for an initial period from the start date to the date the first premium is due and will automatically continue on payment of each premium as it falls due until cover under your policy terminates.0
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