Mortgage Protection Insurance Discussion

di3004

Sue09 wrote: »

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

Hi Sue

Sorry to hear of this news hun and hope it gets sorted out very soon.

So you have been paying for this mortgage protection to cover your mortgage repayments and now they are saying you may not be eligible?
I take it you have been working for the same company for the time you taken out this cover?

Maybe someone will be able to clarify this for you but you may have a case here of being mis sold this cover that is worthless to you.

If that is the case you should write to complain and reclaim of what you have paid in this policy, but wait for others to give their opinions on this as well hun, but why pay out for something where you are not eligible.

Check out any paperwork you have, like the terms and conditions for your policy.

If this does not pay out, I would discuss this with the job centre/benefit office where it can be arranged to pay just the interest on your mortgage for the time being, but get more advice on this first hun, good luck and sorry about your job, I do hope you get a new job very soon.;)

Di
X

Sue09_2

Thanks Di,

I'll wait and see the outcome but suspect I didn't take enough notice of the small print as I was in a perm role 10 years ago when I took the policy out - worth warning other self employed to check their policy. I'll speak to the job centre too.

Sue

jm2926

At the moment we have no redundancies etc at work, but if I take out MPI and other people (aka not me) are made redundant during the waiting period, will I still be covered if I am eventually notified of redundancy after the 90 days? I'm just confused by the company asking if there has been any restructuring/redundancies - although at the moment I can honestly say no.

stewbrown

I have been looking at my insurances recently and found that as I have been temping my mortgage protection policy wasn't valid, so I have cancelled it and so not covered for sickness or unemployment from 1st April. I'm not terribly concerned about not having unemployment cover as I expect I can get a job of some sort within a month.
I am a bit concerned about not having any sickness cover (I currently have a critical illness policy which apparently does cover me as a temp).
I'm asking should I leave things as they are (I am 45 with a £31,000 mortgage (hoping to pay it off in @ 5years) with no dependants?


thanks

Stewart

babycake_2

Blackers1100 wrote: »

I took out a policy with Payment shield (Norwich Union)last October and have just received notification that as from 1/3/09 my premium would be increased by 50% and that an additional admin fee of £3/month would be added from month 13 of the policy!!

Can they change the premium mid policy? Or because I pay monthly the policy is monthly and not annually.

babycake_2

i am afraid they can my mortgage payment cover has also increased with cardif pinnacle basically there are so many claims now that we are paying for the money that must be paid out. rumour has it that some companies may not be taking on any new applicants because of the unemployment rate being at a all time high.

di3004

babycake wrote: »

i am afraid they can my mortgage payment cover has also increased with cardif pinnacle basically there are so many claims now that we are paying for the money that must be paid out. rumour has it that some companies may not be taking on any new applicants because of the unemployment rate being at a all time high.

Hi there

Ours increased with Pinnacle as well, a few more quid a month.

I thought I heard that rumour as well somewhere, if I find it on here I shall post up.;)

DKHC

Quote:
Originally Posted by babycake
i am afraid they can my mortgage payment cover has also increased with cardif pinnacle basically there are so many claims now that we are paying for the money that must be paid out. rumour has it that some companies may not be taking on any new applicants because of the unemployment rate being at a all time high.


Hi there

Ours increased with Pinnacle as well, a few more quid a month.

I thought I heard that rumour as well somewhere, if I find it on here I shall post up.;)

---

Hi, just checking with other people, as I have a Cardif Pinnacle policy as well.

My policy went up 30% without notice, well I didn't get any written notice anyway! Apparently they sent letters out early Feb 09, saying that prices are going up.

Did anyone else get these letters? Or was it good old royal mail losing some of my mail again??


Thanks

di3004

DKHC wrote: »

Quote:
Originally Posted by babycake
i am afraid they can my mortgage payment cover has also increased with cardif pinnacle basically there are so many claims now that we are paying for the money that must be paid out. rumour has it that some companies may not be taking on any new applicants because of the unemployment rate being at a all time high.


Hi there

Ours increased with Pinnacle as well, a few more quid a month.

I thought I heard that rumour as well somewhere, if I find it on here I shall post up.;)

---

Hi, just checking with other people, as I have a Cardif Pinnacle policy as well.

My policy went up 30% without notice, well I didn't get any written notice anyway! Apparently they sent letters out early Feb 09, saying that prices are going up.

Did anyone else get these letters? Or was it good old royal mail losing some of my mail again??


Thanks

Hi hun

And yes, the letter arrived here sometime in Feb.
So Pinnacle have informed you then that a letter was posted out to you?

We don't always get our post here due to so many addresses alike, so surprised we did get this really, as in the past Pinnacle letters have gone to the other addresess, due to the Royal Mail, think its this month they actually increase, will have to check on the letter again lol.:D

misselvis

Hello

have had my light bulb moment or maybe sense of reality wake up but have realised that I need to seriously look at taking out some insurance instead of wishing and hoping I fall into a pot of money. am really working hard on being DFW but realise I need to commit to either a MPPI or a combination mortgage protection life insurance with a critical insurance addition. looked on insurance comparision websites and found AA and norwich union doing £250000 over 25 years for £26.03. am wondering in addition to the that insurance should I also look at doing MPPI inc accident, sickness and unemployment where my payments would be my payments plus 25% resulting in £1337.50. I have found two I could afford first assist payout is 120 days premium is £15.42 and i:protect first payment 90 days £16.52. am soooo confused I currently work for a housing association and feel fairly solid but am thinking of going to study to become a social worker next year. at present am working on building a savings nest egg of 6 months living expenses but would really appreciate feedback on my situation.

thanks