Mortgage Protection Insurance Discussion

groovyposhchick

I have just been made redundant but have MP and Income protection. I telephoned to make a claim and have just looked at the terms and conditions booklet of both policies and they say for Public Sector workers (which I am not). My policy schedule makes no reference to Public Sector workers and I certainly didn't apply for public sector but the schedule does state the T&C's should be referred to. I applied originally through Ant Insurance online and completed the forms and the policy is with Assurant but I'm not sure how concerned I should be. As yet I have not raised this with the insurers and thought I would wait until the forms come through......I fear I may not be covered now I actually need it.....any advice? I did speak to Ant but they seem to have just been taken over and no longer deal with Assurant, they did say however that their policies cover everyone apart from HM Forces and the self employed and so wouldn't matter!

mandavies

Hi Dan

Im very interested in the various companies who offer protection against unemployment etc, however do you havea list of these various ones, what in particular im looking for is their excess period if you like. One can fall foul of this, some wont pay out until you have been with them for 3 or more months, they call the waiting period!

Are there any out there with shorter waiting periods?

Mark

Fliss_M

groovyposhchick wrote: »

I have just been made redundant but have MP and Income protection. I telephoned to make a claim and have just looked at the terms and conditions booklet of both policies and they say for Public Sector workers (which I am not). My policy schedule makes no reference to Public Sector workers and I certainly didn't apply for public sector but the schedule does state the T&C's should be referred to. I applied originally through Ant Insurance online and completed the forms and the policy is with Assurant but I'm not sure how concerned I should be. As yet I have not raised this with the insurers and thought I would wait until the forms come through......I fear I may not be covered now I actually need it.....any advice? I did speak to Ant but they seem to have just been taken over and no longer deal with Assurant, they did say however that their policies cover everyone apart from HM Forces and the self employed and so wouldn't matter!

Wait and see what they say. I recently moved my cover to Ant as they were cheaper. It does have a drop down box for your type of work, so pointing out your not a public sector worker, so it shouldnt be a problem, maybe a gereral response. But let me know how this goes as I may need to call them myself as mine and my husbands policy's are with them.

Fliss_M

TashW wrote: »

Ok so I think i'm up to date on the basics of mortgage insurance. I currently have a joint policy but this was taken out pre baby and I am now part time. I think my current insurer (paymentshield) are really expensive but am struggling to find another joint policy. Am i better off changing it to my partner only on a policy as his is the greater income and while we would struggle without my wages it would be his that meant meeting our martgage would be a no no?

I was the same. Took out a policy for just me as I was the larger earner. What you could look at is how much to insure you both seperatly. It may work out cheaper. Its £30 for me and my DH were as before I switched it was £40 for just me.

Look at just him too, but, what would happen if you were both out of work? How much would they give you then and could you survive on that?

With a joint policy does that mean they pay out if one of you are unemployed or do they expect you both to be unemployed first?

cagneuk

Hi,

Please feel free to move me if I'm in the wrong place. A few colleagues of mine have been offered redundancy at work and although I've been told my job is safe, that is what they were told in January.

So naturally I'm a bit worried. wife and 3 soon to be 3 kids, main earner and mortgage, secured loand and 2 non secured debts in addition to all reg bills etc.

Where can I get some insurance from to cover me in case of redundancies?

I know this has probably been discussed at length but any quick best buy guide or something you could point me in the direction of?

thanks

dunstonh

here can I get some insurance from to cover me in case of redundancies?

online, direct or through an IFA.

I know this has probably been discussed at length but any quick best buy guide or something you could point me in the direction of?

The MSE article on it focuses on price rather than quality. Also, I believe it is out of date now as one of the providers recommended isnt currently taking business, another has just increased its price and another is about to.

cagneuk

thanks looked online and might have some

spam28red

My son is about to start his first mortgage. His company do not pay very much sick pay. Is it better for him to choose MPPI or Income protection?

dunstonh

spam28red wrote: »

My son is about to start his first mortgage. His company do not pay very much sick pay. Is it better for him to choose MPPI or Income protection?

Whichever is most suitable for his requirements. It may be that a PHI and standalone U (unemployment) plan is the best option

Sue09_2

Hi there,

Please point me in the right direction if I am on the wrong thread. I'm a self employed consultant in that I pay my own tax and NI contributions. My work has recently dried up and I am now claiming Job Seekers Allowance. I've had mortgage insurance covering unemployment for 10 years but when I spoke to the insurers by phone they suggested that as I'm not a registered company I might not be eligible. Should being registered unemployed be enough to claim? There must be thousands of self employed people in the same boat.

If anyone has been in this situation I'd welcome your story. Thanks.

Thanks Sue