Halve Your Mortgage Payment Protection Costs Article Discussion Area

dunstonh

Paymentshield were well priced on back to day 1 cover and of course they offered 24 month pay out as well (as an option). That made them very popular. I wouldnt be too hasty in jumping as there are rumours that more are going to be doing the same.

hoezone

Wonder if anyone can help me.
Ive just been made redundant from zavvi last week. Our mortgage has protection which weve paid for many many years and now ABBEY say that redundancy ISNT covered in the policy only illness and death. Anyone else heard of this... its a very stresful time as it is. also having trouble with our bank loan protection but will discuss that in the appropriate thread...

thanks in advance for ANY replies

Dave.

payless

Abbey have had separate policies that cover separate events... think they also had a multi- benefit plan- where by you could have different covers under one plan.

Check your paperwork and see if you have a different plan / DD going out

stustu92

my wife is due to go on maternity leave soon and even though i'm not under threat of redundancy i'd like to get insurance to cover my mortgage payment and bills.

I have some mppi with helpupay but the cover level is inaccurate.
is it possible to get insurance to cover mortgage + bills?

Not sure what to do now...

India_3

We're considering a policy to cover my husbands income/mortgage payments. His company announced some redundancies before Xmas and some employees have been laid off 1 day a week. So far, he is not 'at risk' himself. Will he be able to get cover and if so, any idea which companies might offer it?

Thank you.

xeno_2

I have had my paymentshield letter this morning. It has gone up by a massive 79.15%. I appreciate that risks are there but you don't expect to be penalised for doing the right thing by your family.

I work on the NHS IT project and don't expect to be made redundant but this is a huge jump to swallow, and now I am not sure if I can actually afford the payment, though in reality I know I could not afford to not have cover should the worst happen. Rock and a hard place is exactly where I feel I am now.

dunstonh

If you are in the NHS scheme where you get 6 months full pay 6 months half pay then you really only need unemployment cover for the first 12 months and sickness cover from 12 months onwards. So, an amendment to your coverage may help your costs.

Plus, if your mortgage has gone down, you may be able to reduce the sum insured (as you dont get paid out more than the mortgage in a claim plus the defined x% you can add on for insurances. Even if you are covering yourself for more - Assuming MPPI and not PPI).

Chuffy

payless wrote: »

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 .

Wife and I have a policy each - increased from £14.40 to £25.80 for £450 cover plus £150 top up. Both premiums gone up identical so saying it's based on risk is total cobolox. We both work for different employers so can't say it's risk based unless based on geography which is a ropey excuse.

Will be ringing 'em soon to bin 'em if (I can find alternative cover) - can't be doing with this kind of increase (gone up by 79%!!).

payless

There's been a few threads opened about Paymentshield increases
maybe best if kept in one place , shall we say
http://forums.moneysavingexpert.com/...html?t=1438805

also I have placed a warning there to those that have just rec'd a premium increase to be careful about using the information at top of this thread , as the conditions on many polcies have changed , so don't switch without being sure you are wasting your money if you don't meet the now usually harsher conditions on a replacment plan.

RICH2002

payless wrote: »

There's been a few threads opened about Paymentshield increases
maybe best if kept in one place , shall we say
http://forums.moneysavingexpert.com/...html?t=1438805

also I have placed a warning there to those that have just rec'd a premium increase to be careful about using the information at top of this thread , as the conditions on many polcies have changed , so don't switch without being sure you are wasting your money if you don't meet the now usually harsher conditions on a replacment plan.

Sorry but the above link does not seem to work.

Personally i think the mppi companies/underwriters are all having a laugh.
They rake the money in when times are good paying out very little then when times get a bit harder they whack up their premiums.
They also have the nerve to suggest lowering your cover (because interest rates have fallen and as such your mortgage payments could be lower) but what happens when interest rates go back up.

I don't mean to be pushy but it is about time the new article was released as lots of people now are being affected by this issue.