Mortgage Protection Insurance Discussion

pfpf

:rotfl:

sorry, i couldnt help it.

no, you can't claim it back.

_Andy_

john_crossan wrote: »

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

No you can't - why should you be able to?
You could also apply the same principle to home insurance, car insurance..

I don't understand why you feel you should be entitled to reclaim premiums just because you haven't claimed on it.

Alan_Moore

dunstonh wrote: »

Not that much of a surprise surely. It stops people who choose to stop work from claiming. If you are unemployed for genuine reasons they you will be registered as unemployed. It doesnt matter which type of JSA you get.



No. Its common sense that to be classed as unemployed for insurance, you need to be classed as unemployed for the DSS.

Why are you not getting any type of JSA and not being classed as unemployed?

If I sign on for JSA just to validate my redundancy insurance. What happens to my ISA and Endowments which are designed to repay my mortgage. Won't the Job centre then class them as savings and force me to live off them, or are they legally assigned to the mortgage. If not what is the point of having Redundancy Insurance?

dunstonh

What happens to my ISA and Endowments which are designed to repay my mortgage. Won't the Job centre then class them as savings and force me to live off them, or are they legally assigned to the mortgage.

They are not included in the means test (no life fund investments are and ISAs are not when explicitly linked to mortgage repayment).

If not what is the point of having Redundancy Insurance?

To pay the mortgage and other loss of income that the DSS won't pay.

Alan_Moore

Brilliant. Thanks for your help.

dunstonh

You may find that the DSS will require in writing that the ISAs are mortgage linked. The IFA or provider should have no problems issuing that. ISAs by default are included in the means test but the means test is not meant to include debt repayment vehicles.

Endowments will require no confirmation as all life funds are excluded whether its an endowment, monthly savings plan or investment bond with nothing to do with a mortgage.

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
Laura

Bassey

I had to sign a pre-mortgage agreement stating I had no claim to the house (its in my partners name) however should I die or be unable to work the MIP will pay up fully, funny how these things work!!

Fliss_M

l-cooper9 wrote: »

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
Laura

I would take out 2 singles or a single in the name of the highest earner. If you take out a joint (if you can find one) it may b that they only pay out the full amount if your both unemployed or anything if your both unemployed

Sterlingtimes

dunstonh wrote: »

You may find that the DSS will require in writing that the ISAs are mortgage linked. The IFA or provider should have no problems issuing that. ISAs by default are included in the means test but the means test is not meant to include debt repayment vehicles.

Endowments will require no confirmation as all life funds are excluded whether its an endowment, monthly savings plan or investment bond with nothing to do with a mortgage.

My experience is quite different concerning mortgage linked PEPs and ISAs. I was told very firmly by the DWP that they are means tested and the claimant is expected to live off the capital. Life Plans are different. I backed off going to a tribunal after taking legal advice on this point. Whereas both ISAs and endowments may be assigned to the mortgagee, ISA are principally for the benefit of the ISA owner whereas the endowment provides protection to others, e.g. family. Therefore ISA are afforded a lower level of protection than endowments.