Mortgage Payment Insurance,any Recs?

jasonking

It depends what your interpretation of Mortgage Protection is, just because a product is labelled as mortgage protection it doesnt mean it is the right one for everybody. Paymentshield is a fine company that offer a very competitively priced ASU plan, but there are other non-ASU alternatives that can do a better job...especially as the original post was for accident and sickness cover, not unemployment cover.

knitwit

I've been reading this thread with interest but not a lot of understanding

My daughter and her hubby have Decreasing Mortgage Cover Plan with Zurich and a Disability only Income Protection Plan with Paymentshield. They pay about £66 a month, their mortgage is £416 a month.

It seems a lot of money to be paying out each month for something you might not get a return on.

Do you have to have this insurance ?

If the policy only pays out for 12 months mortgage wouldn't it be better to pay the insurance premium into a savings account/ISA instead ?

Luckily our's is paid up and we never had to have this sort of insurance when we had a mortgage.

regularsaver1

They would have to have about £5k rainy day fund in savings then to pay mortgage alone for year - then bills ect on top

knitwit

regularsaver1 wrote:

They would have to have about £5k rainy day fund in savings then to pay mortgage alone for year - then bills ect on top

They would be able to get that amount from us :rolleyes: if they needed it, but I would think they will be safer with insurance in the long run.

POSSETTE

I suppose im not too bothered what it is called as long as if either of us get sick or have accident there is a sum of money coming in to cover the roof over our head!..if i was made redundant there would be around £5500 in redundancy payment so we dont cover for that,as i would get a job the next day in the home care area as they always have jobs going and im trained.Similar to hubby,he would clean toilets if ness!!! haha..
So anything that covers £800 a month is ok....

palace_2

I am looking for some advise on an Income Protection Policy, as opposed to Mortgage Protection Insurance.

I am trying to track-down a competive rate on Income Protection, which competes favourably with Mortgage Protection Insurance. Hope someone can help.

palace_2

My daughter is currently studying at the University of Central England (Birmingham) and is resident in one of the University's Halls of Residence, with her own room telephone. However, like most Universities within the UK, the UCE sees fit to allocate its students with 0870 numbers to the individual rooms. I have tried to find the geographical telephone number through the saynoto0870web site, but it appears almost impossible. Does anyone have a relative living in the Halls @ the UCE and any alternative geographical numbers ?

dunstonh

I suppose im not too bothered what it is called as long as if either of us get sick or have accident there is a sum of money coming in to cover the roof over our head!..if i was made redundant there would be around £5500 in redundancy payment so we dont cover for that,as i would get a job the next day in the home care area as they always have jobs going and im trained.Similar to hubby,he would clean toilets if ness!!! haha..
So anything that covers £800 a month is ok....

You do need to be concerned about whats it's called. Its a bit like a home removals company telling someone to go out and buy them a new vehicle and they come back with a car when they really needed a lorry.

Permanent Health Insurance (PHI) and Accident Sickness & Unemployment (ASU, sometimes called MPPI) are two different things in similar areas but with very different terms.

PHI is the comprehensive of the plans, cannot be cancelled by the insurer and is underwritten to your circumstances.