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mortgage protection plan & benefits my partner may be entitled to
Karine_Tellier
Posts: 4 Newbie
Hello everyone,
About 4 weeks ago, my partner was made redundant and we have a mortgage protection insurance to help pay the mortgage while he's not working. We don't have any children but I only bring just over a £1,000 a month and I have to pay the bills, etc. My worry is that I don't know what will happen to the mortgage if my partner doesn't find a job within a year - I'm under the impression that the mortgage insurance will only pay the insurance for a year. Does anyone know?
Please help.
Thanks.
Karine
About 4 weeks ago, my partner was made redundant and we have a mortgage protection insurance to help pay the mortgage while he's not working. We don't have any children but I only bring just over a £1,000 a month and I have to pay the bills, etc. My worry is that I don't know what will happen to the mortgage if my partner doesn't find a job within a year - I'm under the impression that the mortgage insurance will only pay the insurance for a year. Does anyone know?
Please help.
Thanks.
Karine
0
Comments
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Your policy will state how long they will pay - normally it is up to 1 year.. Mine will pay for each month I have paid the insurance, up to a maximum of 12.. So if I took out the insurance 3 months ago, I will get 3 months back.. If I took it out 24 months ago I get 12 back.. But every insurance is different I guess.0
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Karine_Tellier wrote: »Hello everyone,
About 4 weeks ago, my partner was made redundant and we have a mortgage protection insurance to help pay the mortgage while he's not working. We don't have any children but I only bring just over a £1,000 a month and I have to pay the bills, etc. My worry is that I don't know what will happen to the mortgage if my partner doesn't find a job within a year - I'm under the impression that the mortgage insurance will only pay the insurance for a year. Does anyone know?
Please help.
Thanks.
Karine
Most are for 12 months, but agree you must check your policy, or give the insurers a ring to clarify.0 -
Hello everyone,
However, what happens after 1 year? What will happen if my partner is still unemployed? Are they going to stop paying? We've been paying for this insurance since November 1994 which has been a long time so it would not be fair to just get 1 year. What do you think?
Please help.
Karine0 -
If the policy states that the cover is only for 12 months, then they will only pay for the 12 months, unfortunately0
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Insurance isn't a savings policy - the length of time you've paid it is irrelevant.0
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