Halve Your Mortgage Payment Protection Costs Article Discussion Area

dunstonh

Am i paying too much, as they are due for renewal soon.

We know nothing about you, the sum assureds/sum insured, coverage options, terms on what the premiums are based on or anything at all. It makes it impossible to say what you are paying is low, high or just about right.

foreverfriend

Thank you for replying dunstonh,
here is a bit more info
Building & contents=
1 - Buildings with accidental damage
provides unlimited insurance to cover the full cost of rebuilding your home.
Cost £178.61
Contents=
1 - Provides insurance to cover the full cost of repairing or replacing your contents.
2 - this includes high risk items, with a limits of £7,500
or £2,000
3 This doesn't included Accidental damage caused through diy accidents
Cost £83.23
4 I have 5 years no claim bonus

With the tmpp i am not too sure what we are covered for all i can tell you that our mortgage is for £102000.00
1 - the mortgage repayment benefit pays out 125% of monthly mortgage payment payment
2 - life cover just covers the outstanding amount on the mortgage
3 - Critical illness is the same as life insurance

that is all the info i have
hope this helps
thanks ff

Magence1

Hi, this is my first post but....if I took out a MPPI with Britannia when I took out my mortgage because we were told we had to, can I try and claim the money back from them and then transfer to a new MPPI, I am currently paying £16 per month.
Thanks for any help given.

happypuppy

foreverfriend wrote: »

Hi all
When i took my Mortgage out in 2002 with the Halifax, we got their Building & contents insurance, which is included with our Mortgage. i am paying £261.84 a year.
Also we were told we had to have Total Mortgage Protection Plan which covers Mortgage Repayments, Life Cover and Critical Illness. i am paying £125.00 a Mth.
Am i paying too much, as they are due for renewal soon.

thanks ff

I am in the same boat
Currently paying 110 per month for a 108000 mortgage with halifax.
Any advice would be very much appreciated. I was thinking of using bestinsurance.co.uk
are they still recommended ?
Thanks

happypuppy

Bump

Bump

watts58

I've read some good advice but am still unsure whether I should take out income protection.

I took it out with my first mortgage, was advised not to continue due to NHS benefits for sickness cover. But now that I am nearing my 40's and have a larger mortgage I am not sure what to do. I am in my mid 30's, no dependents and am employeed full time within the NHS.

A quote via my advisor, is with Legal & General, at £35 per month, paying a reasonalbe lump sum in the event of illness or accident for the term required (not limited to 12 months). Cover is until I retire at 65.

The payment adequately covers my mortgage and bills as they stand at the moment. However, because I work for the NHS it won't kick in until that sick term benefit ends.

I also aim to pay off my mortgage as soon as possible, within 15 years or less. In the unlikely event of critcal illness I would consider selling anyway, moving somewhere smaller. Plus when sick I expect not to spend as much on lifestyle extra's, so could put away more money (from work sickness pay) to cover me for a longer period of sickness. I have no credit card debt's or loans and also have a little nest egg building to fall back on.

Should I just put a sum of money away each month in the event that I may need it to pay my mortgage when I am sick for more than 12 months?

jhamil

I was thinking of taking out mortgage protection but am worried by the fact that they don't pay out for pre-existing medical conditions. I'm diabetic so is it likely that they would attribute any illness I get down to that fact and refuse to pay. If so, is it possible to get insurance just for accident & unemployment? Also, would premiums be higher because I'm diabetic?

dunstonh

jhamil wrote: »

I was thinking of taking out mortgage protection but am worried by the fact that they don't pay out for pre-existing medical conditions. I'm diabetic so is it likely that they would attribute any illness I get down to that fact and refuse to pay. If so, is it possible to get insurance just for accident & unemployment? Also, would premiums be higher because I'm diabetic?

Look at permanent health insurance (PHI) instead which is the better quality income protection plan and is underwritten with your health taken into account. Depends on the severity of the diabetes on how you will be costed but PHI is certainly better than MPPI.

MPPI would cover you for accident and unemployment as long as there is nothing that can be linked to your diabetes.

pgsi

hi,not 100% i should post this here but here goesi have a morgage with woolwich and also mortgagecare from barclays to cover repayments if i become unemployed or sick.i have just noticed that it seems most mortage insaurance wont cover you if you are sacked for misconduct, which isnt greatbut my question is:a friend has recently been asked by work to do a urine test for drugs and achohol, which he has failed for cannibis i beleive, and subsiquently been sacked. would this be concidered misconduct by the insurer? resulting in no payment?incidently hes disputing it.any help appreciated.

dunstonh

pgsi wrote: »

hi,not 100% i should post this here but here goesi have a morgage with woolwich and also mortgagecare from barclays to cover repayments if i become unemployed or sick.i have just noticed that it seems most mortage insaurance wont cover you if you are sacked for misconduct, which isnt greatbut my question is:a friend has recently been asked by work to do a urine test for drugs and achohol, which he has failed for cannibis i beleive, and subsiquently been sacked. would this be concidered misconduct by the insurer? resulting in no payment?incidently hes disputing it.any help appreciated.

Being sacked is nearly always rejected and quite right too. Being sacked for an illegal activity is almost certainly going to see a rejection.