Looking for MPPI

al_hunter

Hi guys. I'm looking for some help with Mortgage Payment Protection Insurance. I've read through the article on the main MSE site and have applied to one of the recommended suppliers. Since then I have also applied to a second insurer. Both have rejected me (hence the second application), on both occasions giving no particular reason, although the letter I received from the second insurer did give some idea of the reason - I work in the construction industry.

In a way I can understand why they're rejecting me on the basis of the industry I work in, obviously these are times of recession and construction is normally one of the worst hit industries - in fact it is at the moment. However, my employer hasn't made any redundancies within the surveying staff (of which I am part) and even if they did I'd be fairly confident I wouldn't be among the redundancies - I'm one of the two lowest paid members of staff on the team.

Does anyone have any suggestions of an MPPI provider who won't charge me an astronomical amount (any more than, say, £25 a month) and is likely to accept me, given the industry I work in?

Thanks

Al

Wutang_2

Speak to a broker

kevin_c_3

yep, do the job properly - ask an IFA about proper long term income protection (PHI) with unemployment cover included, which is typically far superior to PPI/MPPI

al_hunter

That's the problem - I discussed it with my IFA and they got me quotations from a body they do a lot of MPPI with - can't remember the name of the company now - who quoted me around £36 a month. I've got accident and critical illness insurance more or less sorted (after a hiccup in the application) but wanted something to protect against potential unemployment.

Wutang_2

al_hunter wrote: »

That's the problem - I discussed it with my IFA and they got me quotations from a body they do a lot of MPPI with - can't remember the name of the company now - who quoted me around £36 a month. I've got accident and critical illness insurance more or less sorted (after a hiccup in the application) but wanted something to protect against potential unemployment.

Speak to another broker - who can a.) do the research for you and b.) explain what your "accident and critical illness insurance" policy is all about.

somewhatnew

What do you do for a living that makes you so uninsurable?

al_hunter

I am a Quantity Surveyor in the Construction Industry. Why that makes me uninsurable I dunno... I guess they're seeing construction industry and basing it on that.

OshayAway

Can you find out which provider(s) has declined your application?

al_hunter

one of them was i: protect... will find the letter from the other one tonight that rejected my application.

OshayAway

Some MPPI providers have excluded occupations relating to construction, banking sectors etc in recent months. Not all though, there are providers that will accept you if you go through the right channels.

Many IFAs and brokers only use one or a couple of insurers for this tyoe of cover at best, you need one that can cast their net that much further.

pedro123456

http://www.telegraph.co.uk/finance/personalfinance/insurance/mortgage/5696332/PPI-raising-premiums-or-reducing-cover-may-be-unfair-FSA-warns.html


Every egg a bird !!!

:rolleyes: