MPPI Legal and General - cover more than doubling

RJRock

Legal and General's MPPI cover is coming up for renewal and I've been quoted £47 in lieu of my current £21 per month premium to cover up to £750 mortgage payment.

Without making a fuss of the whys etc, which are arguably fairly obvious, could anyone recommend a company which isn't trying to take advantage of the current climate? i.e. a steer from someone renewing their MPPI that isn't being quoted more than double?

Yours in hope.

RJ Rock

opinions4u

That new premium sounds about "right" for a typical lender provided policy.

You could look at http://www.moneysupermarket.com/payment-protection/ and see what's provided there.

Before changing though you probably need to read the small print of any new policy to compare what exclusions there are and, most importantly, what time period at the start of a new policy you won't be covered at all for. While the price increase may seem unpleasant, switching and not being covered when you NEED to claim would be worse.

Good luck.

RJRock

Thanks for the advice, I'll make sure I do the research

payless

Just had a look at those rates.(put thro' a dummy unemployment MPPI quote) . seem high compared with what's around from brokers ( who are prepared to look around !- not available direct ).. I think these comparison sites are good for car insurance( - although didn't come close to my recent own policy renewal ) possibly property as well ( although watch for excesses ) , & travel cover ( although again I beat it for myself for some searching, and for getting a feel of other costs BUT can often be beaten by looking around yourself harder , or speaking to a broker in that field .

opinions4u wrote: »

That new premium sounds about "right" for a typical lender provided policy.

You could look at http://www.moneysupermarket.com/payment-protection/ and see what's provided there.

Before changing though you probably need to read the small print of any new policy to compare what exclusions there are and, most importantly, what time period at the start of a new policy you won't be covered at all for. While the price increase may seem unpleasant, switching and not being covered when you NEED to claim would be worse.

Good luck.

RJRock

Having got a good steer, I went to iprotect .co .uk
In summary: More cover for less than HALF PRICE:beer:. (£980 for £23/month)
The online quote tool allowed me to tailor for 0-180 day qualification for both unemployment and sickness. e.g. my company offer 13 weeks paid sickness so I entered 90 qualification for sickness and 0 days for unemployment.
As a bonus they (iprotect) also waiver the initial qualification period if you are already have another policy - this is important as a lot of insurance outfits don't allow any claim until you've been with them for a while.

Tip: don't cancel your current policy until iprotect confirm your new policy and then take delight in speaking to L&G when cancelling.

Foot note: when I spoke to L&G today to cancel, they told me that their management had changed their mind on increases to MPPI policies.:T Fine, but too late for me and I doubt they could match Iprotect for flexibility and price. They also tried to warn me that I wouldn't be covered for a while with a new provider to which I suggested they check their competitor's policies.