Salary Protection

leicsmarkyr

I have mortgage protection which I pay each month so in the event of the worse happening my mortgage should be covered.

Can you take another policy of similar nature to cover other things like, i.e. standard bills?

So in effect you have two policies that would cover your wage?

Etherelda

Perhaps this might be something along the lines of

http://www.postoffice.co.uk/portal/po/jump1?catId=19300223&mediaId=26000661

Lifestyle insurance from the post office

koexelek

Depends what you want to be covered for ?

If unemployment, then you can only typically cover up to 125% to 150% of your mortgage payment.

If you want cover against sickness and accident, you could look at a Permanent Helath Insurance ( PHI) policy. You can typically cover yourself for up to half your income.
In the event of a claim, you would get monthly payments unitil either your mortgage finished, you retired, or your policy term finished.
A typical mortgage protection policy, in comparison, typically only pays out for a year

leicsmarkyr

I looking for unemployment cover based on the current market.

My mortgage is covered for £8 a month.

But would ideally like something for the rest, i.e. the bills

thejoose

leicsmarkyr wrote: »

I looking for unemployment cover based on the current market.

My mortgage is covered for £8 a month.

But would ideally like something for the rest, i.e. the bills

It's worth asking yourself how worthwhile you think unemployment protection really is for you. In your opinion how difficult would it be for you to find alternative work if you were laid off? Martin will tell you himself that payment protection policies do not have the greatest reputation.

Make sure you have read Martins page on Mortgage Payment Protection Insurance

koexelek

thejoose wrote: »

Martin will tell you himself that payment protection policies do not have the greatest reputation.

Make sure you have read Martins page on Mortgage Payment Protection Insurance

I'm not a great fan of them either. The companies seem happy enough to take your premiums, but not so keen to pay out.

Porker

saw an article in the paper about this recently, basically banks robbing people for the cover, this came out of it well : http://www.columbusinsurance.com/financial-protection/

HTH

leicsmarkyr

thejoose wrote: »

It's worth asking yourself how worthwhile you think unemployment protection really is for you. In your opinion how difficult would it be for you to find alternative work if you were laid off? Martin will tell you himself that payment protection policies do not have the greatest reputation.

Make sure you have read Martins page on Mortgage Payment Protection Insurance

Depends on whether I would want to have the same way and job do now. eeing as I work in IT of finance it not a great ideal going forward. Just thought based on the market at the moment, to take out for 12-18 months in case to give protection

thejoose

leicsmarkyr wrote: »

Depends on whether I would want to have the same way and job do now. eeing as I work in IT of finance it not a great ideal going forward. Just thought based on the market at the moment, to take out for 12-18 months in case to give protection

For sure, they can have value. It's more of a problem because the policies have been sold to people for whom they are really not appropriate. Turn yourself into an expert by asking loads of questions, reading policy info and then make a decsion as to whether you feel the premiums justify the likely return.

leicsmarkyr

thejoose wrote: »

For sure, they can have value. It's more of a problem because the policies have been sold to people for whom they are really not appropriate. Turn yourself into an expert by asking loads of questions, reading policy info and then make a decsion as to whether you feel the premiums justify the likely return.

I can understand from a accident/sickness side but unemployment cover should be more simpliar I would have thought. You get made redudant so here is the insurance you paid

I guess I being naive

thejoose

leicsmarkyr wrote: »

I can understand from a accident/sickness side but unemployment cover should be more simpliar I would have thought. You get made redudant so here is the insurance you paid

Don't you just wish it was that simple?