Mortgage Protection Insurance Discussion

dunstonh

£9 per hundred pounds of cover is very expensive. Its well over the £6.50 per hundred seen in the last recession. One guesses that they are almost trying to price you out.

thomas_1

I'll be honest I read this article and tried to sort this out for myself but then enlisted help with a mortgage broker as i wanted everything sorted all at the same time. I didnt pay a fee for the service and am now £400 per month better off and fully protected so I couldnt be happier. I would recommend anyone and everyone do the same if they can get a broker they can trust to do this for them, mine was stephen from and he works on a referral basis so please mention my name if you contact him yourselves on telephone 0191 4224344. but good luck regardless what you do and hopefully whatever you do you will be as happy as i am

lurker53

Just in case anyone is taking Thomas's post seriously I would not take any recommendation from a new user on here.
Also appears the firm with that phone number was only re-registered with FSA last month. ( although appears on FSA list for a few months previously)

Krasnoludek

Hi there

I am looking for cover for my husband who is the main earner as I am a student for the next few years. We currently have a policy with Aviva and it costs around 50 per month. Our mortgage is about 101K with 20 years left on it.
Currently we are both on the policy but it seems silly paying MPPI for me when I dont have a job and dont earn anything at the moment. Husband is 32 and a RMN.

Any advice appreciated

Thanks

K x

Fliss_M

Krasnoludek wrote: »

Hi there

I am looking for cover for my husband who is the main earner as I am a student for the next few years. We currently have a policy with Aviva and it costs around 50 per month. Our mortgage is about 101K with 20 years left on it.
Currently we are both on the policy but it seems silly paying MPPI for me when I dont have a job and dont earn anything at the moment. Husband is 32 and a RMN.

Any advice appreciated

Thanks

K x

Were I you I would drop you as you dont earn and swap the company you hold with. iprotect should be best if you already have 6 months of cover under your belt. Plus you can reduces the length before payment on unemployment to 0 and sickness to 180 to lower the cost more. (also double check the polivy is in both your names, as normally its 1 name only)

retropants

I got a letter from British Insurance, with whom I have my MPPI. They are transferring my policy over to a new company and from 1 June my monthly payments will double to over £55. Does anyone have any reccomendations as to an alternative?
Thanks!

dunstonh

retropants wrote: »

I got a letter from British Insurance, with whom I have my MPPI. They are transferring my policy over to a new company and from 1 June my monthly payments will double to over £55. Does anyone have any reccomendations as to an alternative?
Thanks!

Its impossible for us to say because we dont know your details, dont know what type of MPPI you are after and what terms you want it on and dont know what distribution channel you would use to buy it. There is no one best option that fits everyone.

Fliss_M

retropants wrote: »

I got a letter from British Insurance, with whom I have my MPPI. They are transferring my policy over to a new company and from 1 June my monthly payments will double to over £55. Does anyone have any reccomendations as to an alternative?
Thanks!

Only you know your circumstances, but if you have had the account for long enough, and havent had any threats of redundency, you could look at swapping the policy to a cheaper insurer. Shop around.

legaleagles_2

I have also just recievd a letter fom British Insurance - which was huge surprise in itself because my MPPI policy was with Assurant.

I have £1700 MPPI cove which was costing me £59.00 per month (up from £44.00 about 6 months agos) - to my horror my new premium is £113 - almost a 100% increase and working out at over £14.00 per hundred.

Laughably the covering letter advises that BI had just completed a "review" because my current provider (Assurant) had implemented a "very large" increase (actually £14 per month more) and that BI had sought out an alternative insurer "with a view to keeping any price increase to a minimum" and offer "excellent value in the marketplace"


All of which equate to an 100% increase !????

Confusingly British Inusrance's website quick quote indicates a price of £60.00 per month so why, as a policy holder of 5 years, am I getting hit with such a huge increase - economic picture is gloomy but £14 per £100 seems to be an attempt to price me away

I am going to shop around but obviously want to be cautious about the usual 90/120 day initial period exclusion clause - anybody know of a provider that will not impose this if you are switching from one provider to another and haven't claimed ?

dunstonh

I have £1700 MPPI cove which was costing me £59.00 per month (up from £44.00 about 6 months agos) - to my horror my new premium is £113 - almost a 100% increase and working out at over £14.00 per hundred.

Is your mortgage payment really £1700?

Laughably the covering letter advises that BI had just completed a "review" because my current provider (Assurant) had implemented a "very large" increase (actually £14 per month more) and that BI had sought out an alternative insurer "with a view to keeping any price increase to a minimum" and offer "excellent value in the marketplace"

Why is that laughable? Its fact.

All of which equate to an 100% increase !????

Not really much of a surprise though is it. They were far too cheap to begin with and it was always going to increase when bad times hit.

Confusingly British Inusrance's website quick quote indicates a price of £60.00 per month so why, as a policy holder of 5 years, am I getting hit with such a huge increase - economic picture is gloomy but £14 per £100 seems to be an attempt to price me away

I seem to recall the new business plans they offer are different to existing plans. Hence the price difference.