Refused MPPI

hardupandcheesedoff

I have just taken out a new mortgage, and applied for MPPI, with cover of £812 per month, through iProtect, who have refused to insure me, on the grounds that I "don't meet their criteria". I have never been refused insurance before, (though I was recently turned down for a credit card, which I had been planning to use for a 0% balance transfer).

I am female, 54 years old, in good health and have been in permanent full time employment all my working life since the age of 21 (3 years in my current job).

I answered all their questions accurately and honestly, stating that there had been a re-organisation in my company late last year with a small number of job losses in senior positions but that it didn't affect my department. The company is still doing well and we don't expect any more job losses in the foreseeable future.

I can't understand why I have been turned down, and am now reluctant to apply to other providers in case the same thing happens again. I've been told that they do credit searches each time you apply and I am worried about damaging my credit record. Also, I would have to say on the next application that I have now been refused insurance, and that will probably jeopardise my chances with another provider.

What should I do ??

dunstonh

I've been told that they do credit searches each time you apply and I am worried about damaging my credit record.

That is not correct.

Also, I would have to say on the next application that I have now been refused insurance, and that will probably jeopardise my chances with another provider.

That is an issue. What you could do is go to an independent mortgage broker, IFA or insurance broker and ask them to find you one. Any enquiries they make with regards to you being accepted or not do not have to be declared as declined cover. Remember that many of the internet providers do like to cherry pick.

hardupandcheesedoff

Thanks. I did get a quote from the broker that arranged my mortgage, but it was considerably higher then those on offer via the internet.

dunstonh

Thanks. I did get a quote from the broker that arranged my mortgage, but it was considerably higher then those on offer via the internet.

Was the broker independent or tied? (forget the mortgages, being whole of market on those only applies to mortgages and not insurance. Were they independent in all classes)

The internet prices will be cheaper generally. Not always by much but a significant difference suggests not like for like or the broker was not independent.

Woby_Tide

I was rejected by iProtect also. I know they can cherry pick but it's impossible to avoid some of their questions making it look negative. "Has there been any redundancies in your company in the last 2 years?"

Erm yes, it employs 300,000 people worldwide, shockingly they have made people redundant at some point

somewhatnew

Going with Woby_Tide comments - is it possible you work in the banking or motor industry? There are a few companies that will cover these 2 sectors... but very few given whats happening at the momnt.

Woby_Tide

somewhatnew wrote: »

Going with Woby_Tide comments - is it possible you work in the banking or motor industry? There are a few companies that will cover these 2 sectors... but very few given whats happening at the momnt.

It is possible indeed! I knew that was the risk with swapping policies but just found the blanket questions a bit odd.

Seem to have found one insurer that so far doesn;t seem to take industry into account when underwriting, we shall see though