Mortgage Protection Insurance Discussion

Curlycrystal

Are there any policies that pay out on voluntary redundancies? I have just realised that I am not covered if I take VR and would like to move to another policy, although I realise it may be too late as VR & CR has been ongoing for a while.

Does anyone have any sugggestions?

Thanks

Curly

:rolleyes:

BigT69

I'm a bit confused..

I am currently with British Insurance, paying £30 pm and have just received a letterfrom them saying my premiums are going up to £57.14 from June.
Also the letter explains that they have joined forces with Alpha insurance A/S and the administrator has changed to Adminicle.
As this was a steep jump, I looked on here to see if I could get anything cheaper, and I went to the justclick4cover website where the same cover is showing up at £24.70.... lovely I thought, but then I had a look at the conditions and lo and behold, the insurer is Alpha insurance and the administrator is Adminicle!!

If I switch am I likely to have my premiums double again straight after applying??

lfc84

I am in a similar possition. My premium with British Insurance has gone from £26 to a revised quote of £57 from next month. I think its time to either cancel or check in case I am over insured ! £57 premium is ridiculous.

dunstonh

£57 premium is ridiculous.

What is your monthly benefit? £57 could still be cheap or it could be expensive but we need to know the montly benefit (and if its 12 or 24 months cover) to comment on that.

favemuppet

dunstonh wrote: »

What is your monthly benefit? £57 could still be cheap or it could be expensive but we need to know the montly benefit (and if its 12 or 24 months cover) to comment on that.

Mine is going up from £21 to £42 per month for cover of £800 for 12 months on an unemployment-only policy.

dunstonh

favemuppet wrote: »

Mine is going up from £21 to £42 per month for cover of £800 for 12 months on an unemployment-only policy.

That means its moving to £5.25 per £100 of cover. At the height (or trough depending on which way you look at it) of the last recession the price of MPPI was around £6.50 per £100 of cover. So, its getting close to that peak now.

I would think they have priced in an expectation of 3 to 3.5 million unemployed in that price. If so, you shouldnt see any more increases unless the underwriting insurer has liquidity problems.

pfpf

just read the OP and quickly scanned over the linked article so not entirely sure what the angle is on this thread and article.

OH was made redundant at the end of January. she is insured for mortgage cover via Cardif Pinnacle and she has just put in her 3rd claim for the 3rd month of unemployment.

she was paying £10.95 per month till last month when it went up to £14.23.

cover is for £500.00 and covers sickness too.

highly delighted with the service from Pinnacle even down to them ringing to say they had sent a letter with the wrong increased monthly payment (they originally said it was up to £18+).

we have had some form of cover all of our home owning life (17 years). i benefitted a few years ago due to illness, my OH this time due to redundancy, WE would not be without this type of cover, its helped us alot.

she has had this particular policy for 5 years. we changed from a joint policy with payment shield once i was no longer eligible for cover. we were paying £40+ per month for the two of us all that time ago and they would not reduce the cost for a single policy, she had to re-apply on her own or we had to keep the joint policy at full cost. we took the chance to shop around, found the lower cost and the rest is history.

newport.david

I've just received my letter from Ant Insurance advising the change of policy providor to Alpha Insurance A/S, administered by Adminicle.

I am covered for £800 on income protection (not mortgage only - though I intend to double check this) for a period of 6 months.

My policy fairly recently went up to £22.56 and has now gone up to £36.94.

I have looked at some of the threads about mpi etc... and would like to ask whether the above company is going to be one of the good ones if I ever need to claim?

Thank you for any advice you can give.

Also, are there any decent policies around that aren't monthly - ie. would give you a quote for cover and the price would be fixed for 12 months? Wishful thinking I know.

Just did a calculation actually, correct me if I'm wrong - but my cover is £800 x 6 months = 4800. At £37 a month it would take me 10 years to save that much money. Kind of puts it in some sort of perspective but on the other hand doesn'nt alter the fact that £37 is a bit of a burden.

Another option would be where I could choose that for accident or sickness I could manage for 2 months before pay outs commenced (due to decent sick pay at my work place) but I am guessing it would make negligable difference to the premium (especially if the prices are due to the employment situation).

Thanks for any advice.

Dave

Attempt_1000

My premiums for my Sickness and Unemployment cover policy (£2000 Cover through Ant Insurance) have increased from £52.02 to £102.06 through to £180.02 in a lovely letter today. I would have posted this earlier but the smelling salts have only just worked.

Can anyone beat this?

TEDDYRUKSPIN

£180.02 for £2000 cover? That is taking the micky!

LOL. I believe alot of people should be able to beat this. Use an IFA.

I quickly clicked on paymentshield and for the maximum £1500 benefit this costs £75.00 per month for a 50 years old. Redundancy and sickness. This was just scouring the internet.