Mortgage Protection Insurance

NAN63_2

Hi, I applied for MPPI two months into my new job in February 2008 and was refused as I hadn't been in the job long enough plus there was a gap in my employment of just over a month before I began the new job.(mini sabbatical.) I reapplied in August of the same year with the same company and my application was approved so I am now covered. Since then we had the crash and there is a rumour that there maybe redundancies within my company within next two months. My fear is that the insurance won't pay out using the excuse that the redundancies were foreseeable at the time of application. ( if they kept a record they would see that I had made an earlier application) Should I ring to check or will that go against me?

the-chauffeur_2

Hey NAN

Unfortunately, there are so many different policies on the market, it's impossible to guess what features and benefits your policy offers. So before you do anything else, get a copy of your policy document and read the wording carefully. It should explain exactly what you're covered for, and what specific situations are excluded from cover under the plan.

Don't make any assumptions - check the terms and conditions. If you're still not clear having done that, give the insurer a call. And no, clarifying the policy terms won't count against you.

And with any luck, you won't need to call on the insurance anyways.

Fingers crossed.

NAN63_2

Hi, I looked through the small print and I am sure the insurers could find a way not to pay if they wanted to. As my company had made 18 people redundant within the 120 days (only just) of me first taking out the policy, seemingly I would not be entitled to make a claim should I be made redundant. Unless of course the insurers were unaware that the redundancies had been made but I guess they would ask the company that question should the occasion arise. Seems jolly unfair as there is no way i would have known. Thanks anyway