Mortgage Protection Insurance Discussion

browny1_2

Hi
Im a first time forum questioner with a query that I don't know who else to ask. I have a Norwich Union (Security Assurance) policy. I have been spooked by reading a newspaer article about a lady who was refused a payout because she was made redundant whilst on Maternity leave. She was refused payout because she wasnt claiming Job Seekers allowance (because she couldn't). I am also currently on Maternity leave. My policy booklet says unemployment means "having no work and being registered at a Jobcentre, and in receipt of NI credits or JSA (as appropriate)". Does anyone know if there is any way round this? This seems very unfair as it could never apply to a man. Does this also mean that benefit payments would stop being paid if you were claiming JSA and then got pregnant? Seems very harsh after paying nearly £50 per month for 15 years! Can anyone help?

Acmorley

Hi Newbie here.

According to my IFA I'm on a great deal at the moment mortgage wise with the interest rate as it is. Anyway my work has made redundancies for the past 3 Xmas's in row. The last time people left was 1st April 2009. Now things seem slow again & i have no cover for my mortgage in case this happens. I'm paying £400 a month mortgage of which Ive been told I'm over paying which i don't mind as long as I'm in a job. Things seem slow again at work & I'm worried i may go this time around if it comes. Emailed my IFA to query what to do. He told me without taking a remortgage out or changing it would be hard to get cover. I would go with some redundancy if it does come but Ive only been there 7 years

So is it possible to get cover with out remortgaging or moving mortgage?

Do i have to wait 6 months after the last bout before applying?

Is it gonna be worth getting cover with these circumstances?

Thanks Andy

thedon31

Can MPPI be reclaimed? From looking at my statements, when I took out my Mortgage in 2003, I had this insurance which was £5 something each month.

Thanks

dunstonh

thedon31 wrote: »

Can MPPI be reclaimed? From looking at my statements, when I took out my Mortgage in 2003, I had this insurance which was £5 something each month.

Thanks

Not normally no.

If you were eligible at point of sale and it was taken out on a monthly premium basis then there are no reasons why it should be refunded.

Joe_Bloggs

Acmorley wrote:-

I'm paying £400 a month mortgage of which I've been told I'm over paying which i don't mind as long as I'm in a job. Things seem slow again at work & I'm worried i may go this time around if it comes.

Many of us go through life clueless as to how much we owe and at what interest rate we are paying for the money. If you have the time then research your own finances. Find out where your money is going so you can make preparations or adjustments to your budget if things get worse at work.
J_B.

purrdy_2

Hi
Does anyone know of an Insurance Company that offers MPPI, but when they have to pay out, the money is paid direct to the mortgage lender rather than the policy holder?
I am asking this because, as I am unemployed I have experienced a lot of trouble with the Jobcentre (DWP) regarding how much Jobseekers allowance I am entitled to because I am in receipt of MPPI into my bank account.
Basically, the DWP believe that if the money goes into a Jobseekers bank account it is classed as a type of unearned income.
Hopefully I will land a job soon, and then I would like to change the type of policy that I have, just in case I am ever unemployed again.
Thanks

twinklie

We were sold MPPI when we took out our mortgage in 2006. It's £18.91 per month. However, it's only on my OH's salary and based on a fix term contract job that has been renewed 3 times now. It is very unlikely it will be renewed again (which was the original position we were in when we took it out).

When his contract comes to an end, if he fails to secure another job can he claim or would this not count? Just wondering if it's worth paying this extra every month if he won't get anything from it.

NeilB

purrdy wrote: »

Hi
Does anyone know of an Insurance Company that offers MPPI, but when they have to pay out, the money is paid direct to the mortgage lender rather than the policy holder?
I am asking this because, as I am unemployed I have experienced a lot of trouble with the Jobcentre (DWP) regarding how much Jobseekers allowance I am entitled to because I am in receipt of MPPI into my bank account.
Basically, the DWP believe that if the money goes into a Jobseekers bank account it is classed as a type of unearned income.

Just so you know, https://www.iprotectinsurance.co.uk pay in to your account, not the mortgage provider's (I asked as am also looking).

Although doesn't look like you get anything after 6 months from JSA if you have over 6k of savings anyway.

NeilB

Wow it seems the norm is 120 day exclusion period for unemployment now, that's quite a lot. Has anyone recently bought MPPI with a lover exclusion period?

black_taxi_2

im going self-employed and being my own boss--so i dont need unemployment cover

if i take sickness/injury cover is there a cheap way to do it?what kind of cover can i get?