Mortgage Protection Insurance Discussion

Fliss_M

I would say get in touch with an independent advisor. there is alot there and I personally wouldnt trust what a bank offerd.

(also do you already have a life policy? These can pay out with a terminal illness without them being critical. for me there are too many loopholes to take out critical illness.)

roy19990

anybody who is thinking of getting a policy don't if you are only going to get £500 a month. Because after your first 6 months of contribution based JSA you will get nothing, as the next jsa after that is income based and they will take this off your benefit and as the jsa income based allowance of £100.95 (couple) a week, you will get like me NOTHING,
irrespective i have paid over £4000 in premuims. The stupid part is if you get the policy to pay to your mortgage provider direct they ie JSA wont take this amount into play and therefore give you the whole amount.
So i phoned up PINNACLE who said they cannot pay direct to my mortgage lender, so be aware after 6 months no more benefits. So my only advice to you is save the premuims as you will lose in the long run. The only way to make my policy to pay more than i put in is to be on the dole for the whole 12 months, but cannot afford to do this. As no benefit will be paid afyter 6 months (jsa contribution runs out) So for trying to pay my mortgage have got penalised. so dont take out a policy not worth it!!!

anyone who knows that the jsa are wrong to take this into account please let me know thnks

dunstonh

anybody who is thinking of getting a policy don't if you are only going to get £500 a month. Because after your first 6 months of contribution based JSA you will get nothing, as the next jsa after that is income based and they will take this off your benefit and as the jsa income based allowance of £100.95 (couple) a week, you will get like me NOTHING,

If you have PPI cover then it will be included in the means test. If you have MPPI cover and the provider pays direct to the mortgage then the MPPI is not included in the means test.

It is important to make sure that the MPPI provider you use will pay direct to mortgage lender. Otherwise you may fall foul of means testing.

so dont take out a policy not worth it!!!

Most people become employed again within the 6 month period. Many will also not have the savings to last 6 months and the MPPI will be beneficial even if it does impact on the means test. So, it is dangerous to tell people not to take something out without knowing their circumstances.

john_crossan

mortgage payments protector
mortgage now cleared i tried to claim back monies paid over number of years scheme type was accident, sickness, unemployment for mortgage payments protector i have been advised that i wont be receiving refund of premiums

_Andy_

john_crossan wrote: »

mortgage payments protector
mortgage now cleared i tried to claim back monies paid over number of years scheme type was accident, sickness, unemployment for mortgage payments protector i have been advised that i wont be receiving refund of premiums

OK, thank you for that.

dukess2008

john959379 wrote: »

Re your employment. If your main job ends through redundancy and your little job is under 16 hours a week, and you sign up for JSA, then you should be able to claim. If you are working over 16 hours a week then you are classed as in full time work and therefore no claim.

Hope this helps.

Hello,

I currently have a full time job, plus a part-time job of 14 hours per week. I'm looking for MPPI to cover the possibility of losing my main job, but so far the companies I've tried will only cover me if I can claim UB/JSA and have NO other work. Can anyone recommend a company that will not penalize me for the part time work?

TIA

john_crossan

john_crossan wrote: »

mortgage payments protector
mortgage now cleared i tried to claim back monies paid over number of years scheme type was accident, sickness, unemployment for mortgage payments protector i have been advised that i wont be receiving refund of premiums

l-cooper9

hi,
I need to take out mortgage protection insurance with my partner, do we need a policy each or can we purchase a joint one?
thanks

_Andy_

john_crossan wrote: »

john_crossan wrote: »

mortgage payments protector
mortgage now cleared i tried to claim back monies paid over number of years scheme type was accident, sickness, unemployment for mortgage payments protector i have been advised that i wont be receiving refund of premiums

Ok, and what is your query?

john_crossan

sorry andy my query is would i be entitled to reclaim the premiums i have paid for nearly 14 years this amounts to quite a fair amount
anyone advise
thank you john