Mortgage Protection Insurance Discussion

boxrick

I am about to take out my first mortgage and it looks to be around £11 p/m for myself and then another £11 p/m for my partner. She is on a temporary contract with the NHS, when this finishes and if she doesn't get a permanent position and ends up signing on for the moment will a PPI policy pay out?

dunstonh

She is on a temporary contract with the NHS, when this finishes and if she doesn't get a permanent position and ends up signing on for the moment will a PPI policy pay out?

Most PPI plans wont cover her.

thedonkeycentrehalf

howardad wrote: »

I recently received a letter from Paymentshield advising of another hike in my MPPI premium (in Feb 2009 I was paying £11, it jumped to £22 and although I eventaully received the payout my premium remained around that level it's now jumping to £35!).

So I looked at the MSE site and followed the links to iprotect, filled in a quote and was delighted when it came in at £22, filled in the application and was surprised when a pop-up appeared indicating that I didn't meet the underwriters criteria.

I work in the public sector (local/scottish government) have a good income (£37k) and a relatively low mortgage payment (£560pcm) allowing for 25% of extras I was looking for £700 of cover, back to day 1 for unemplotment, kicking in after 120 days sick.

Any idea as to why I should be turned down?

Alan

Same here - looks like iProtect are not covering public sector employees at the moment as they must be seen as high risk given the current cuts.

sturdygirl21

Hi

I'm after some advice - Myself and my partner are due to complete on a house next week and have a mortgage set up with nationwide. We've sorted life insurance with integrated critical illness cover (aviva). We're not sure if we should go for MPPI as well or if we should get standalone health insurance and unemployment cover.

me - currently on a temporary contract until end of March 2011 (obviously i know that i won't be covered under any unemployment cover if I am without work after this time as you can't cover the inevitable!). covered for 2 months full sick pay, followed by 2 months half pay. The type of work I do means that I don't anticipate being out of work for any great length of time, and I'll be looking for another job pretty soon so there (fingers crossed) shouldn't be a period without wages. Again, the type of job I do means that sickness benefits are normally pretty good regardless of where I work. I'm therefore questioning if I even need to be covered for sickness/unemployment.

partner - works as a builder. made redundant last year but is now working again. No sign of redundancy again, but lets face it this sector is pretty rocky anyway at the moment. He has no sickness benefits with his employer. (he's trying desperately to find work elsewhere)

What do you think given our situations? I've been thinking about it for ages but haven't got around to sorting anything yet. I'm pretty certain we should have something for my partner at least......

Also, does MPPI/standalone health insurance/unemployment cover only cover one person or can it be a joint policy (like our life insurance)? If it can't be a joint policy, can both of us be insured separately?

sorry if these are daft questions, it's just all a bit confusing!!

phead

thedonkeycentrehalf wrote: »

Same here - looks like iProtect are not covering public sector employees at the moment as they must be seen as high risk given the current cuts.

Looks like they are rejecting every application, whatever the employer. I think MSE needs to remove them from the main article, there is no point in applying to them anymore.

[Deleted User]

Difference between MPPI and income protection?

Is it because MPPI is limited to mortgage+25% and income protection has a higher limit?

iprotect will do my mortgage+25% = £740 for £22 a month but income protection of £1000 for £52 a month !!!!!

dunstonh

Difference between MPPI and income protection?

Income protection doesnt exist. Its a name that covers three product types.

MPPI
PPI
PHI

Out of those, PHI is typically the best option as its underwritten at point of sale (unlike the other two). Plus, it can pay out until retirement, cant be adjusted in premiums and cannot be cancelled by the provider.

No_expert...

I have no protection policy .....My company (30 employees) is due to merge with a bigger company (400 employees), there has been nothing in writing to employees as yet, no meniton of job losses, it is anticipated that the majority if not all will be moved over in current roles or offered another job but of course there are no guarantees. It has been on the cards for 6 years but likely to finally happen in Jan 2011 although might happen in July 2011. Would having the knowledge that a merge was due to take place and structural changes exempt me from starting a new policy now?

Boro30

Hi, Can anyone help me and my partner both work for the same firm, and today I've accessed something that wasn't for my eyes. That will probably lead to my partner loosing her job, we have a joint mortgage and she will recieve around 15k redundancy. We have a £800 per month mortgage. The plans will take place in around 2 years. Shall I buy insurance.

Thanks in advance for any advice.

Gwyn100

Hi there, did you ever find out any more about this? I am on maternity leave, have a redundancy insurance policy and am just being made redundant. I'm worried I will not be able to claim.

Thanks.

browny1 wrote: »

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?