Mortgage protection insurance - timing of going back to work

only1redders

Hi there. I fortunately took out a mortgage protection plan before being hit by the P45 axe in July earlier this year. Have fortunately had no problems in claiming, other than the huge amount of paperwork/evidence that is required, but I have a question relating to getting back to work...

My reference date is the 10th of every month. I am likely to get a job offer shortly (so my recruitment consultant tells me!) and I want to establish when might be the best time to start work. What I am concerned by is that if I start say on the 8th, then the payments are an 'all or nothing' and I will miss out on the entire amount, whereas if I start on the 11th, I'll be ok. Does anyone know if that is how it works, or whether the payments are pro-rated over the course of the month. I have made those dates up, so it's not quite as simple as saying 'just wait a few days until the 10th', especially as the new role will be a contract position and they want the new person in quite quickly.

Thanks

LongTermLurker

I'm looking at buying insurance atm and those I've looked at all specify that part months will be paid at 1/30 of the monthly benefit - therefore, it would make no difference unless the benefit was more than your new salary. You need to check your policy wording.

chivers1977

Paymentshield settled our recent claim paying the last payment prorataed for the amount of the month before he started work. therefore it made no difference for us when he started work other than he earns more than the insurance payout!