MPPI with Paymentshield - Premiums increase

payless

Then on top of the increase in payments increases, they have that many conditions that it makes it near impossible to actually claim.

I got to say, I had a number of clients who were employed at MG Rover ( note the word employed, as opposed to worked at :-) - sorry only joking ) and from the feedback I had back Paymentshield certainly did not put any undue obstacles in those people claiming when the factory closed.

RICH2002

payless wrote: »

MARTIN - your MPPI article is looking out of date , especially given lots of changes in premium rates and the underlying underwriters for some of the policies you mention , plus it states


which of course is no longer a good statement - many providers will invalidate a claim if the employer had announced restructing, merger or job losses ( even if not in person's dept) at time of application ( or even in upto 4 months after!) ... switching may be a diaster , AS YOU THINK YOU ARE SAVING MONEY, BUT COULD FIND YOURSELF WITHOUT VALID COVER - CHECK BEFORE DOING SO, especially important given so many of the products mentioned come without advice - so no comeback!

Payless
Totally agree the article needs updating A.S.A.P
with further details of the changes to the government,s assitance.

I am now considering cancelling my policy due to the increase in premium and instead paying the premium off my mortgage. Thus reducing my mortgage balance and being infront on my payments it would mean my mortgage company cannot start proceedings against me until i am in arrears. High risk i know, Obviously one has to be careful in this enviroment but the company i work for are actually expanding and employing new staff at the moment. The changes to the government scheme could be crucial on my final decision.
I am not a financial advisor so this is not advice just my thoughts on the matter.

RICH2002

payless wrote: »

RICH they way you have posted implies the last bit


was one of my posts - it wasn't

Soryy did not intend it to read that way

payless

Yeah, I know you didn't - just wanted to make sure anyone reading it did not associate me with the comment .

RICH2002

payless wrote: »

Yeah, I know you didn't - just wanted to make sure anyone reading it did not associate me with the comment .

Edited it now

payless

RICH2002 wrote: »

Payless
Totally agree the article needs updating A.S.A.P
with further details of the changes to the government,s assitance.

I am now considering cancelling my policy due to the increase in premium and instead paying the premium off my mortgage. Thus reducing my mortgage balance and being infront on my payments it would mean my mortgage company cannot start proceedings against me until i am in arrears. High risk i know, Obviously one has to be careful in this enviroment but the company i work for are actually expanding and employing new staff at the moment. The changes to the government scheme could be crucial on my final decision.
I am not a financial advisor so this is not advice just my thoughts on the matter.

Thats obviously down to everyone's own decision .. My wife has a policy which we was looking at cancelling last year but given the current climate's effect on my business , even though her job look OK it would now be too much of a risk .

My worry about Govt help goes back to my position 20 yrs ago - I was made redundant , but because she also worked we could not claim ( even though mortgage based on 2 incomes)

RICH2002

Yeah exactly why finding out more info is crucial.
My other half only works part time but does more than 16 hours and would by no means cover the mortgage and other bills if the worst happened in my job but as i said before my employer is actively employing new peeps so its a tough one.

Vancat

I've had MPPI and Income Protection for years and years...and about 5/6 years ago, when there were obviously a high number of claims, my then insurers both just stopped the policies!:eek: Can't remember who it was...., but that was after they'd hiked up the premiums for a few months previously, because of the claim rate.
I was really annoyed....and had to then take out new policies. Luckily the new insurers took proof that I'd had continuous cover, and waived the qualifying periods, and I didn't need to claim anyway, as our jobs were secure.
However, just be aware that this has happened previously, and it's not unknown for insurers to completely pull out when things get tough!
I'm currently claiming with Paymentshield, and they have been very good so far; I've not received an increase letter yet, but the premium is added to the claim figure, and sort of reimbursed each month anyway, so perhaps they won't increase mine until the claim finishes?
VC

dunstonh

Paymentshield wont withdraw from the market. They are long established and have a good reputation. I would be more worried about some of the smaller, newer providers though.

payless

dunstonh wrote: »

Paymentshield wont withdraw from the market. They are long established and have a good reputation. .

I think you are right ... but I would never say never!