Mortgage Protection Insurance Discussion

Redcar1805

Hi,

Hope someone can help me. I have a joint mortgage with my wife. We both work but to safe guard our payments, we want to take out MPPI.

Should we take out a joint MPPI or would it be better to have a single policy each. What are the benefits?

Also, which is the best company to consider at the moment.

Many thanks

ACG

Your questions are ones that would result in advice. If you need advice then you need to speak to a Mortgage, Insurance or Financial advisor. Its a regulated industry and the people qualified to give that advice would not do so with so little information.

Money_saving_maniac

Redcar1805 wrote: »

Hi,

Hope someone can help me. I have a joint mortgage with my wife. We both work but to safe guard our payments, we want to take out MPPI.

Should we take out a joint MPPI or would it be better to have a single policy each. What are the benefits?

Also, which is the best company to consider at the moment.

Many thanks

Well I can't advise you cos I'm just a person not a professional.Here is my pennyworth.

I like separate ones just in case the worse happens as the pay out is less if it's joint ASU, on the plan I have. So as I was the highest paid I had one in my name. OH wasn't very highly paid so i didn't bother getting him insured at the time.

I have no idea which is cheapest although you can find that out on comparison sites. However I have had cause to use my Paymentshield ASU this year and they have paid promptly and not been difficult in any way, for what it's worth.

Also I had been over insured with them accidentally due to remortgaging and the helpful advisor asked me to get a letter from the bank giving the dates the mortgage payment fell and she would get me a refund of overpaid premiums.

Plus I was delayed in signing on after redundancy as I was waiting for my passport to be renewed and it took 3 months...and they were willing to backdate the claim, accepting that was a reasonable cause for the delay in signing on.

So my experience with Paymentshield has been good.

GuitarHero1

Hi
I have income protection insurance as Im now the sole breadwinner at home. Im about to take out a mortgage too, can I get MPPI to ensure these payments in addition to income protection? Im currently at 65% of salary covered by income protection.
Thanks so much!

controller1

Hi,
Just wondering if anyone has made a MPPI claim with Northern Rock now NRAM? We were paying this for over 10 years yet had a separate policy and were covered with work benefits so therefore didn't need it! Any help please?

dunstonh

controller1 wrote: »

Hi,
Just wondering if anyone has made a MPPI claim with Northern Rock now NRAM? We were paying this for over 10 years yet had a separate policy and were covered with work benefits so therefore didn't need it! Any help please?

Do you mean claim or complain?

Work benefits are not an issue with MPPI. Indeed, the FOS has been rejecting complaints where people have had 6 months full pay, 6 months half pay (the typical maximum) with MPPI.

mud7dan

Do I keep paying my protection?
It's about £15 ,pay per month which is included on my mortgage
60 days start.
Only a year cover.

dunstonh

mud7dan wrote: »

Do I keep paying my protection?
It's about £15 ,pay per month which is included on my mortgage
60 days start.
Only a year cover.

No-one here can answer that. If we say yes, we do so without any knowledge of your situation. If we say no, the same applies but also, you could end up suffering a claimable event later on and wouldnt be covered any more.

kiwi1

I wonder whether anyone can help me with a slightly unusual situation. I am in the process of trying to relocate to another part of the UK... so am selling my house, which is mortgaged. I am not buying another property. Obviously there is a risk that the sale could fall through, but as I am having to time the move to coincide with the house sale, this would (potentially) leave me without an income to pay the mortgage, as I do not yet have a job at the other end (I am taking a few months to refresh my clinical training). I would like to purchase some mortgage protection, but all the policies I have seen specifically exclude voluntary unemployment. Any ideas about the best way forwards please?

crazy_chic

Im sorry if this is the wrong forum, but even thou ive been on here for a number of years ive never asked a question before.
In 2001 i took out a mortgage to buy my own home, i was self employed at the time, and i was told that i needed to take out the insurance in case i was taken ill and couldn't work etc, in 2003 i lost my business through a nervous breakdown which left me with debts to pay, at the time because i was ill i didn't think of the insurance or anything else for that matter, i eventually went with a debt management company who sorted everything out for me, so i wouldn't lose my house etc, i managed to get a job in 2005 i wasn't on any benefits i was told i couldn't claim anything because i was self employed before hand, i let things ride at the time i couldn't cope with anything to be honest, my boyfriend helped me to pay my mortgage and everything else untill i got a job, when i did get a job i paid him back what he had paid plus paid my own bills,i rang the insurance people and told them i was now employed not self employed they told me it didnt matter i didnt really need to inform them of this fact, about 4 years ago my aunt passed away she left me enough money to pay my mortgage off ( btw i only had an original mortgage of £25,000.01 they had to add the penny apparently to make it a mortgage not a loan) i rang the insurance company who i am with to tell them it had ended, and they told me that i couldn't cancel it that it had to run the full 20 yr term of the mortgage, is this correct? do i still have to pay this £20 a month until the date my mortgage should have finished. Now i have some of my faculties back (lol) it seems an awful lot of money i have forked out, i have also just had to cut my hours from 40 to 17 a week because i have Vascular Dementia