Unemployment Insureance Help

PROLIANT

Hello guys, I have already posted this in the Insurance part of the MSE forum but nobody home so I will try here, could somebody point me in the right direction of an Insurance company that will cover all of my credit/debt repayments with one monthly payment, this is what I am looking for:

1. The policy will cover me from day one i.e. no 120 day exclusion from claiming so if I buy the policy tomorrow I could claim the day after if I was made un-employed.
2. The policy will let me cover up to around £650 per month of credit commitments.
3. The monthly instalment will not exceed £30.

Any advice would be most welcome.

bristol_pilot

http://www.moneysupermarket.com/asu/IncomeProtectCover.asp

benf90

I don't have any recommendation specifically I'm afraid.

However, just wanted to check if you'd noticed the guide on here about PPI for credit cards? If you've already looked at it maybe this'll be of use for anybody else reading this thread with similar questions etc.

The guide is here: http://www.moneysavingexpert.com/cards/credit-cards-protection

The recommended company is one that isn't listed on the comparison site given by bristol_pilot.

Paymentcare (recommended in the article) have a minimum amount of £1000 for the insurance. From what I've read you don't have to have that amount of credit, but you just get insured for that amount.

The cost for that is £6.50 per month (£0.65 per £100 of credit).

However, the policy needs to be in place for 90 days before you're able to claim.

The quotes on moneysupermarket seem to change depenging on age and income. For me Paymentcare was almost £10 cheaper per month than the cheapest cover which allowed you to put in a claim the day after the policy started.

Depending upon the difference per month if could be worthwhile starting 2 policies now. Based on the figures I was given for example it would cost:

£23 per month to have 2 policies running for the 1st 3 months. After that the price would drop to £6.50 per month (compared to £16.50 had just the more expensive policy been taken out). Cancel the more expensive policy after 3 months as it's no longer needed. It's more expensive initially but that way you've benefitted in the short term from being covered straight away, and lower monthly premiums in the long term.

However, I suppose it needs to be checked whether it's allowed or legal to do that.

**Edit** Just checked in more detail and the cheapest quote given on moneysupermarket specifically excluded unemployment cover for the 1st 120 days of the cover. Accident and sickness etc was covered but unemployment was not.

So if using that site, be careful not to take the figures given for granted and to check the T&Cs in more detail.

lisyloo

Have you considered protecting your INCOME instead of protecting individual bills.
If you protect you entire income then your mortgage, pension and other bills will all be covered for one payment, which will probably be less than doing them all individually.