Halve Your Mortgage Payment Protection Costs Article Discussion Area

dunstonh

I work for HBOS and the policy is around 1 month for every year of service.

So, is that all classed as payment in lieue of service, or as my contract states one months notice, is only the pay I would recieve for this classed as payment in lieue of service?

If it says 1 month is classed in lieu of service and the rest isnt then the qualifying date is one month later.

kevkdg

dunstonh wrote: »

If it says 1 month is classed in lieu of service and the rest isnt then the qualifying date is one month later.

All is says is one months pay for every completed year of service.

An for service between 4 to 8 years 2 months notice is required.

I looked at Ant Insurance and they quote


REDUNDANCY PACKAGE (Involuntary)

You are not eligible to apply for unemployment benefit for any period for which you are in receipt of payment in lieu of notice and this includes any compensation payment made for loss of office, including, but not limited to any payments made as compensation under a compromise agreement or redundancy package.
For example, If you are in receipt of a redundancy package equivalent to 3 months salary you are not eligible to apply for unemployment benefit for 3 months.

111

lowis wrote: »

I note that MPPI will literally just cover your mortgage payment - could you add things like service charges and insurances to MPPI - or is that why some policies give you the option to add 25% to the benefit?

some policies do allow you to have eg, up to 50% of the mortgage cover as additional cover for other monthly household outgoings.
the best thing to do is try and get an MPPI policy with your mortgage provider; especially if they only provide MPPI to their own mortgage holders, as it is in their best interests that your mortgage is paid. it costs more to repossess your house than it does to pay your mortgage for a few months.
find out the companies claim pay out percentage, and find out why they wouldnt pay out.
independent companies may be cheap, but they may try and find any way possible to not pay out otherwise they will be out of pocket, whereas your mortgage company should look at every case individually.
also check that your cover includes things like back ache and stress, as some places dont offer this and for places that do, it can sometimes count for about a third of all their claims.
i sell the policies for a living for a big building society, so have heard every objection under the sun for people that say they dont need it, and then the same people phone up when something has happened to their income and they cant pay the mortgage, by which time it's too late. i have also had a lot of people saying how it has changed their life, and they are so glad they had it.
if you have any queries, please dont hesitate to ask me.

111

raforrester wrote: »

Hi, I have PPI from the same people as my mortgage, Nationwide, but I want to move the mortgage to another lender but Nationwide are telling me if I do so the policy will be cancelled, can they do this?

Nationwide only provide MPPI to nationwide mortgage customers (which is why they have such a high claim pay out rate of about 97%). so as soon as you close your nationwide mortgage, your MPPI will also cancel, otherwise you will be paying for a policy you cannot claim on.
hope that helps.

Murphs

If a policy (for unemployment cover only) was taken out on 2 Dec which states "this will not pay for any unemploynent that you were advised of or which happens during the first 60 days following the start date" - do you think it would be possible to phone the insurer and ask whether the policy could be changed to 30 days from the start date (and pay an extra premium)?

Has anybody had any experience of this?

Please anybody can you advise?

dunstonh

do you think it would be possible to phone the insurer and ask whether the policy could be changed to 30 days from the start date (and pay an extra premium)?

No. Providers tend to offer one version with options and that isnt normally an option you would see.

DanMac_2

What if a policy you have had for 5 yrs gets taken over by another provider. Are they allowed to treat it as a new policy and negate any cover for their quoted initial period?

dunstonh

DanMac wrote: »

What if a policy you have had for 5 yrs gets taken over by another provider. Are they allowed to treat it as a new policy and negate any cover for their quoted initial period?

No. ...........

aja_3

I've just got in from work today to a letter from my MPPI company informing me my cover which was £19.20/month is going up to £37.71/month.

The cover is for a repayment of £1163 (mortgage repayment, related premiums and additional cover) it is through Paymentsheild.

Has anyone else had increases?:mad:

salesguy

I have cover with Paymentshield as well. £1000 of cover, was costing £31 / month.

The new level of premium is £59 / month!!!!

Not happy, and will look to get cheaper cpver elsewhere....and risk the new exclusion period!

Very unhappy indeed

:mad: :mad: