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Mortgage Insurance..
angeldiva
Posts: 346 Forumite
I work in a finance firm and the drama that happened yesterday with Lehman Bros gave me a massive wake up call.
It could happen to me and is more likely since my company have strong links with them
Did you see the people having 10 mins to clean out their desks? Being told that they wont be paid this month let alone redundancy payouts and their pensions have all gone.
No wonder they all went to the pub!
That’s SCARY STUFF!! I have bills, debts, and of course my mortgage..
Anyway, I want to take out some insurance, that pays off my mortgage etc if I should be made redundant…
I've never had one always saw it as a waste of money, until now….
I've heard in the past people have taken out these things and when it came time to claim it didn’t actually do everything it said on the tin.
So experts...Where do I start? Any recommendations?
It could happen to me and is more likely since my company have strong links with them
Did you see the people having 10 mins to clean out their desks? Being told that they wont be paid this month let alone redundancy payouts and their pensions have all gone.
No wonder they all went to the pub!
That’s SCARY STUFF!! I have bills, debts, and of course my mortgage..
Anyway, I want to take out some insurance, that pays off my mortgage etc if I should be made redundant…
I've never had one always saw it as a waste of money, until now….
I've heard in the past people have taken out these things and when it came time to claim it didn’t actually do everything it said on the tin.
So experts...Where do I start? Any recommendations?
In Jan 2007 I had a debt of £27,896.00 :eek:
In October 2011 I paid it off and owned £0.00 - Kinda proud of this!:T
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Comments
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Wish I had some advice for you
You really do sound worried and it is understandable with the current situation and so much to loose.
We only had personal loan and credit card insurance. When my OH got seriously ill and hospitalized (still off work) it was not worth anything as he was suffering mildly from similar condition for a few years before, but ccompletely manageable and no treatment needed. Never did we realize that this can or would escalate so fast and to that degree! OF course, insurance declared it pre-existing...
Read small print, especially exclusions (such as knowing that you might be made reduntant...).
Good luck!Personal Challenge - Debt Free Debt: Loan £[STRIKE]995[/STRIKE][STRIKE]858[/STRIKE] )!, credit card[STRIKE] 2500 [/STRIKE] £900
[FONT=georgia, bookman old style, palatino linotype, book antiqua, palatino, trebuchet ms, helvetica, garamond, sans-serif, arial, verdana, avante garde, century gothic, comic sans ms, times, times new roman, serif]After the first four years the dirt doesn't get any worse. [/FONT][FONT=georgia, bookman old style, palatino linotype, book antiqua, palatino, trebuchet ms, helvetica, garamond, sans-serif, arial, verdana, avante garde, century gothic, comic sans ms, times, times new roman, serif]
The only man who sticks closer to you in adversity than a friend is a creditor.
[/FONT]0 -
a lot of policies pay the mortgage for up to a year not pay it off. check the details carefully.Tallyhoh! Stopped Smoking October 2000. Saved £29382.50 so far!0
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