Unemployment cover being withdrawn Friday!

saints1fan

Hi all.

Part of my job is to advise on different types of insurance, including redundany cover. They insurer our company has used to provide this cover for 13 years, Paymenshield on Friday, unless you are taking a new mortgage. We have always found this insurer, who are underwritten by Norwich Union, to be reasoable and in fact, my wife claimed some years ago and they were great.

Basically, if you are looking for this type of cover for a reasonable price, be quick as I guess other insurers will follow suit.

ceridwen

Hi

I'm sure people will appreciate this warning.

Errrr......I'm not quite sure how to interpret your post - other than a warning of some description to do with mortgage protection insurance.

Do you think you could put this in clearer language please?

saints1fan

Sorry.

Paymentshield offer insurance in case of redundancy, which provides an income for upto 24 months, which is designed to pay your mortgage, associated insurance costs (house, life etc). They currently allow anyone to buy this cover at any time, whether taking a new mortgage or if you already have one. This option is being removed on friday, so to be able to get cover, you must have applied for a new mortgage or remortgage. Plus, their premiums are going up 20%.

I appreciate that I am biased towards this insurer, but I practice what I preach and have cover with them. I have seen how much of a relief this type of cover can be if redundancy occurs, although it is not for everone. If anyone is considering this type of cover, act fast.

As usual, take good advice before selecting your insurer and cover.

ceridwen

Ah - I'm with you now. Existing mortgagees can forget about getting this type of cover as from Friday - as it will only be available to new mortgages/re-mortgages. Those people who CAN still get it will have to pay a lot more.

Got ya - hmmm.....I'd anticipated this would happen - so I'm not surprised.

Good on ya' to warn people.

wymondham

also, if you have any mortgage protection cover etc and have since remortgaged, check you are still covered. I had two policies I paid for several years until an IFA advised asked why I was paying them as neither would pay out. I contacted these companies and sure enough they only covered a specific mortgage I took out many years ago.....

check, and keep checking when you remortgage!

Burp_2

Payment shield cover my credit card insurance

We were advised that we couldn't take Mortgage insurance when we got our mortgage last year as OH was self employed ... he is now on contract work until the end of next week ... so I'm guessing we still can't get insurance ashame cos he might be out of work for a long as everyone else is struggling to get work

captain_nugget

I took out mortgage protection with these a couple of months ago. At the same time I called nationwide to cancel my existing policy. I got notice last week that I was being made redundant. On checking my statements it appears that nationwide didn't cancel the policy, so here's hoping I can claim on both.

asandwhen

you cant.......

saints1fan

Yes you can, there is no limit. I have had clients who have had cover with more than one insurer and claimed on both. Good luck

scrooge2008

I had MPI with two insurer's and was only able to claim on one policy. Fortunately, I argued that I had been mis-sold the other one, and got all my payments back, as it was not clear that I could only take out one insurance policy against the mortgage. Captain nugget, I would phone both companies and check out small print on policies.

saints1fan

NEWSFLASH.

Paymentshield have extended the deadline for new applications to midnight tomorrow (25th Jan), provided the agent has not updated their online application system, 'inertia'.

Speak with your financial adviser/mortgage adviser asap if you want cover.