Both redundant - 2 MPPI policies - Can we both claim?

wonkles

I was made redundant at the end of March and have made a successful claim against my MPPI policy since then. My husband has his own policy, insured for the same sum as me, and will be officially redundant from 1st July.

I've made the assumption that we can both claim against our separate policies.

Can anyone advise as to whether or not this will actually be the case?

I've gone back through our policy details with a fine toothed comb. Nowhere does it mention more than one individual from a property claiming at the same time/joint policies etc

anamenottaken

Two insurance policies will not pay more than the total loss, ie not so that you make a profit on what is paid compared with what was insured.

michaels

Is the insurance worded that it will pay your mortgage is it it for £x per month and you can spend it on what you want?

telboyo

FWIW my wife and I have a joint policy and it states that each of us will get 50% in the event for a claim.

Now for the "good news" she has been off sick for the last 12 months 6 months full pay and 6 months on half. 2 months ago she was finally sacked on medical grounds. When we got round to contacting the insurance company they told us that they will be paying her half of the mortgage back dated to the start of her sickness. They then implied that when she is fit again she would be able to claim under the unemployment provision for a further 12 months. Most unexpected

dickydonkin

Now for the "good news" she has been off sick for the last 12 months 6 months full pay and 6 months on half. 2 months ago she was finally sacked on medical grounds

Jeez - I am pleased that you don't have any 'bad news'!:eek:


When I had a mortgage, my cover was not specified as such but payed out a set sum do do with whatever you like.

patman99

I think it depends on the wording of the policies. If they are speciffically worded to cover the mortgage, then you might have a problem. Best talk to the policy providers.

It might be that they start your OH's policy when yours ends.

wonkles

michaels wrote: »

Is the insurance worded that it will pay your mortgage is it it for £x per month and you can spend it on what you want?

The policy states:
You can select the monthly benefit under this policy to
cover your regular mortgage repayment plus an
optional amount, up to 25% of your mortgage
repayment, to cover mortgage related outgoings such
as buildings and contents insurance. The maximum
monthly benefit is £2,000 or 50% of your gross monthly
income, whichever is less.

We haven't included the optional amount so I'm guessing that we can't both claim, as the mortgage is being paid under my claim.

Second question then is, has this product been mis-sold? I've had several discussions with the insurance company over the years to make sure that the policies still suit our needs and at no point has anyone ever mentioned a joint policy to us. I feel like we've been paying for 2 separate policies when we probably only actually needed a joint policy.

getmore4less

What would the cost of income protection have been compared to mortgage protection?


I would probably claim anyway let them decide if your covered or not.