mortgage protection plan & benefits my partner may be entitled to

Karine_Tellier

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

scope

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.

jessbob

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.

Karine_Tellier

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.

Karine

jessbob

If the policy states that the cover is only for 12 months, then they will only pay for the 12 months, unfortunately

Oldernotwiser

Insurance isn't a savings policy - the length of time you've paid it is irrelevant.