Halve Your Mortgage Payment Protection Costs Article Discussion Area

kheron

Hi all

This is my first post and I am confused by all the info LOL!!

I am currently paying £24.25 a month in Mortgage Payment Insurance through my mortgage provider. I have tried to find a cheaper alternative online for joint cover to cover both my hubby and myself for 100% for unemployment, accident and sickness. So far I am unable to find joint cover, does anyone know if such a thing exists outwith the banks/building socities?

Thanks in advance!

kheron

I have just been reading through the previous posts and read, maybe wrongly, that you can add the cost of your endownment premiums onto your MPPI, is that correct?

Thanks again!

dunstonh

So far I am unable to find joint cover, does anyone know if such a thing exists outwith the banks/building socities?

Not joint 100%. You take out two standalone plans to do that.

I have just been reading through the previous posts and read, maybe wrongly, that you can add the cost of your endownment premiums onto your MPPI, is that correct?

You can normally add all your mortgage related insurances.

vanbasten8276

Hi there,

I work in the voluntary sector (a paid employee, not a volunteer!).

In these uncertain times I am considering taking on some Morgage Payment Protection, however I am unsure if the insurer would pay up if I did.

In my line of work we are always aware when our funding for our jobs comes to an end but most of the time this funding is continued on an annual basis. Our contacts are classed as permanent contacts, but would I be obliged to tell an insurer that my funding runs out in June this year? We are not yet sure whether the funding is secure beyond June.

I suppose we are no different than most people at the moment as everyone is uncertain.

burnsguitarman

We had a letter from Paymentshield today, regarding a rise in MPPI premiums, whilst I do not like it, I still think it's worth it.
My OH was out of work for 6 months 3 years ago and it was a life saver!
Make sure the amounts are correct and don't forget to add all related mortgage costs and up to an additional 33% to cover other expenses. (Which reminds me I must check ours are up to date)
They were very efficient in dealing with our claim at the time. I expect they are still very competetive against other providers. Hope this helps someone!

irocfan

salesguy wrote: »

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:

just look for guaranteed premiums rather than reviewable since IIRC that should ensure that this situation doesn't occur... also if you are currently insured you may be able to get the new co to take this on meaning no extra exclusion period (but as always speak to a F.A.)

dunstonh

As mentioned on other threads, most MPPI policies will not pay out more than your mortgage plus insurance plus x%). With mortgages having dropped for many people, they may now be over insured and will not benefit in the event of a claim. So, adjusting the sum insured could save money.

payless

Paymentshield have ( or will within 7 days) written to existing MPPI policyholders with notification of a policy increase ,
( as is often allowed within this type of policy)

we are told average increase is 20% but is personalised to what they see as each policy risk - The figures I've seen so far would fall in line with that 20% - although comments above seem much higher- assuming correct this would imply a higher precieved risk

I can't say I am happy with premium increase, but its better than them cancelling plans .

As Dunstonh says - check whether your cover is higher than needed ( due to rate decreases ) - although of course if mtg rates start increasing you may want top review again.

There are other providers, but if looking ( and you find one that will take on existing business ) ensure you are happy with an new exclusion, and one you feel is underwritten by a secure company...of course the new firm might also be revieing rates ... at least ( I believe) paymentshield won't increase again for at least 6 months

payless

irocfan wrote: »

just look for guaranteed premiums rather than reviewable since IIRC that should ensure that this situation doesn't occur... also if you are currently insured you may be able to get the new co to take this on meaning no extra exclusion period (but as always speak to a F.A.)

Most of the popular MPPi contracts have an increase clause and/or a providers cancellation clause, although I have seen the odd "guaranteed" option around

burnsguitarman

The increase on our Payment shield policy, is from £3.95 per £100 up to £4.53, that is for Disability and Unemployment 30 day back to day 1 cover!