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Employment Cover

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Hi

Anyone have any tips on how to approach buying employment cover for a mortgage?

Thanks in advance

Comments

  • ACG
    ACG Posts: 24,565 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Contact a Mortgage, Financial or Insurance advisor.

    Its easy enough, we will do a quick search, get some quotes and hey presto.
    Some companies will ask less a couple of medical questions, others will want a complete application. Presuming your have no major medical conditions and your not aware of any upcoming redundancies at your place then it should be straight forward enough.

    Just do a search on google for an advisor close by to where you live?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Thanks for the advice. Have had 2 quotes from Pinnacle Insurance and Britsh Insurance. Can anyone give me feedback on these companies - wanting to buy Accident, Sickness and Unemployment Cover?
  • dunstonh
    dunstonh Posts: 119,697 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Can anyone give me feedback on these companies

    That would be a regulated activity and not something you would get on the internet, other than unregulated individuals giving opinion (which typically results in them liking what they have whether it is right or wrong)
    wanting to buy Accident, Sickness and Unemployment Cover?

    Is that mortgage related, standalone (not mortgage linked) or bolted on to (or linked to) a permanent health insurance policy (typically the best option)?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Mortgage related - not linked
  • ACG
    ACG Posts: 24,565 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Personally i dont use either of those companies - not for any paticular reason. Just personal preference there is a company i do use that i think do a good job and so in the main i would use them.
    http://www.defaqto.com/star-ratings/find-product/short-term-income-protection-insurance/5 - British Insurance has a 5* Defaqto rating (which is the highest). That isnt the be all and end all, the company i usually recommend have 4 stars... but its a good indication.

    However, unemployment cover is quite expensive on its own - for literally a small percentage more you can look at companies that offer unemployment cover with long term income protection bolted on. This means that if you were unable to work for health reasons it wouldnt just pay out for 1 or 2 years (Like ASU), it would pay out until your chosen retirement age.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • British Insurance, at least the last time I looked at them, sell a standard off the shelf product and are simply a trading style for Towergate. All claims etc were handled by the insurer (Allianz from memory) so the fact you bought through British Insurance makes little/ no difference to your experience.

    As ASU is a short term product you could ask an IFA etc for a quote but you could find online quote and buy systems are easier/ cheaper because of them being simplistic unless you have any pre-existing medical conditions or have unusual work habits etc.

    If you opted for the more long term option of PHI then an adviser is generally more sensible and potential necessary due to the lack of direct to consumer offerings.
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