FTB - Mortgage Insurance? (Critical cover etc.)

tek-monkey

Quick question for anyone out there who knows about these things, what do I need? My lender sent me a quote, yet online I can find similar for 1/4 the cost, am I missing something? If I have cover for Accident, Sickness
& Unemployment do I need anything else? I got a quote from moneysupermarket, based on virtually no private details which seemed strange. Anyway, this is what I was offered for £11ish a month, can anyone see a problem? Its from a company called getMY.com.

Excess period: 30 days
Benefit period: 6 months
Day benefit is paid from: 61st day of claim

What isn't covered:

Disability and Unemployment claims:
- any chronic or continuing medical condition you already have;
- any medical condition which occurs in the first 24 months of the policy as a result of any medical condition for which treatment had been given or diagnosis commenced during the 12 months before the start date.

Disability claims:
- backache and back related conditions unless radiological evidence of abnormality is confirmed by a doctor;
- stress and stress-related conditions unless diagnosed by a psychiatrist.

Unemployment claims:
- unemployment which is notified or occurs within 120 days of the start date of your policy;
- unemployment which arises from any programme of job losses, any departmental or company restructure, or merger with another company announced by your employer before the start date of your policy or within 120 days after the start date of your policy;
- if you are a contract worker and your contract is terminated early, any period of unemployment beyond the date your contract would have otherwise naturally expired;
- if you are not in employment for the six months prior to your first unemployment claim;
- unemployment which results from the natural expiry of a fixed term contract, unless;
- immediately prior to your claim you are employed on an annual contract that has been renewed at least once;
- immediately prior to your claim you have been employed on a contract with the same employer for a period of 24 months; or
- you were previously employed on a permanent contract with the same employer;
- unemployment which is voluntary or a normal or seasonal occurrence in your occupation;
- unemployment after a period of casual, temporary or occasional work.

Carer claims:
- unless you are in receipt of (or awaiting) a Carer’s Allowance;
- if you know that a member of your immediate family would require a carer at the start date of the policy;
- if you apply for a Carer’s Allowance or are notified of receipt of Carer’s Allowance within the first 120 days of the start date.

theartfullodger

Many of these wonderful deals find ways of not paying you if you ever claim

tek-monkey

Yeah, I'm aware of this! I suppose what I should really be asking is has anyone ever had to claim, and if so who they were with and how it went.

The lender wants way too much, shan't pay that, but if I can get something that seems alright for cheap I may still do it. Is there any requirements to protect your mortgage, like life insurance, or is it all voluntary? If I die and am in NE, what happens?

flyinglemming

...
I suppose what I should really be asking is has anyone ever had to claim, and if so who they were with and how it went.
...

I've been paying a mortgage payment protection plan with getmy.com for just over a year now and am interested if anybody here has comes across any negative or positive experiences with claims as well with them.

theartfullodger wrote: »

Many of these wonderful deals find ways of not paying you if you ever claim

Yes, my quote was around £11 as well and I'm a bit concerned that could happen to me if I ever need to rely on it.

I've been thinking of dumping them for a more expensive but more established insurance company.

In any case, these guys aint giving me "piece of mind"!

tb1105

only 6 months cover?
we got a quote with our mortgage, criticial illness and disability (not loss of employment) for £20 a month for 30 years, so the payment will never go up as we age xx