Question about mortgage protection insurance

bhz-2

I have a full time job and don't know whether I'll lose it or not.

I'd like to find an evening/weekend job soon to supplement my income and help me pay for an OU course I intend to start in Nov. I'd work part time just until the start of my course.


If I lose my main job while working on this temporary job, does that mean I'll lose my entitlement to mortgage protection payments? I've been with this insurance company for about 6 years and never made any claim.

Thanks

Hammyman

I don't understand. Mortgage protection payments are for when you're unemployed. You'll not be unemployed so you'd not be claiming. You'd still be entitled to them because you're still paying the premiums.

~Beanie~

You can still claim them, well I did anyway.

Last year I worked f/time 9-5 five days a week and also had a p/time 11.5 hrs per week evening/weekend job.

I was made redundant from the day job but because I was still working less than 16 hrs in the other, I was able to claim JSA.

The only requirement my insurance co had was that my claim form each month was signed by the Job Centre to confirm that I was still signing on, which I was so they paid up.

Hammyman wrote: »

I don't understand. Mortgage protection payments are for when you're unemployed. You'll not be unemployed so you'd not be claiming. You'd still be entitled to them because you're still paying the premiums.

But if your mortgage was based on you working f/time and you are made redundant, why shouldn't you claim? From the p/time job I was only earning £52 pw so it wouldn't have paid the mortgage never mind any of the other bills.

Hammyman

Ah, fair enough. Being self employed and working for agencies over the years, I've tended to be ineligible for such things.

bhz-2

~Beanie~ wrote: »

You can still claim them, well I did anyway.

Last year I worked f/time 9-5 five days a week and also had a p/time 11.5 hrs per week evening/weekend job.

I was made redundant from the day job but because I was still working less than 16 hrs in the other, I was able to claim JSA.

The only requirement my insurance co had was that my claim form each month was signed by the Job Centre to confirm that I was still signing on, which I was so they paid up.



But if your mortgage was based on you working f/time and you are made redundant, why shouldn't you claim? From the p/time job I was only earning £52 pw so it wouldn't have paid the mortgage never mind any of the other bills.

Beanie

Thanks for your advice. Anyway, I need to read my insurance small print to make sure I can make a claim if I lose my main job and work less than 16h per week on a second job.

Hope you've found another full time job!

DVardysShadow

bhz-2 wrote: »

Beanie

Thanks for your advice. Anyway, I need to read my insurance small print to make sure I can make a claim if I lose my main job and work less than 16h per week on a second job.

Hope you've found another full time job!

Normally, I favour going to whoever and asking them direct before asking a question on a forum, because you get the answer from the horse's mouth.

But in yor case, I would suggest not approaching the insurance company and letting them know anything - it is apparently not unknown for insurance companies to hear of an impeding job problem and cancel Mortgage Protection Insurance immediately.

bhz-2

DVardysShadow wrote: »

But in yor case, I would suggest not approaching the insurance company and letting them know anything - it is apparently not unknown for insurance companies to hear of an impeding job problem and cancel Mortgage Protection Insurance immediately.

That's why I asked my question on this forum. I didn't want to have problems with my insurance company and I'm not going to contact them at all.

Anyway, it's useful to read the posts here and see if anyone has got similar issues.

Thanks for your advice.