Payment Protection Insurance

query1

Can you take payment protection insurance to cover your mortgage payments in the event you can no longer work if you are in employment but in your contractual probabtionary period? I am looking to change jobs - what happens to your cover during the probation period?

kingstreet

You'd need to read the terms & conditions of the individual policy, but it's likely cover will only commence once you've been permanently employed for more than 16 hours a week for at least 6 months. In addition, many contracts now enforce a waiting period of three to four months before covering you for unemployment when you first take them out.

query1

Kingstreet thank you for your reply. To provide a bit more background, my partner and I are in the process of buying our first place (mortgage all approved and in place - completion likely mid-feb). I have been in my current permanent full-time role since April 2011, but my probation period under that contract of employment is 12 months. I have also recently accepted a new post that I will start around March 2011 with an initial probation period of 6 months. From what you have said then, I would not be able to obtain cover until my probationary period is complete - is that correct or are there any policies out there that I could take? Obviously, would expect that the policy wouldn't payout if you didn't pass probation for performance reasons, but what if you are made redundant/fall ill in that period - is there no protection for that?

query1

Kingstreet thank you for your reply. To provide a bit more background, my partner and I are in the process of buying our first place (mortgage all approved and in place - completion likely mid-feb). I have been in my current permanent full-time role since April 2011, but my probation period under that contract of employment is 12 months. I have also recently accepted a new post that I will start around March 2011 with an initial probation period of 6 months. From what you have said then, I would not be able to obtain cover until my probationary period is complete - is that correct or are there any policies out there that I could take? Obviously, would expect that the policy wouldn't payout if you didn't pass probation for performance reasons, but what if you are made redundant/fall ill in that period - is there no protection for that?

G_M

Kingstreet also said

You'd need to read the terms & conditions of the individual policy

kingstreet

Just to complete this thread, the OP sent me his last post by PM as well. I responded to that unaware he had posted back here.

In these circumstances, I've suggested he contact a broker or IFA who will need to carry out detailed research into the terms and conditions of the plans under consideration as the query doesn't appear to apply to an existing policy as I first thought.

Unfortunately, I don't have recent research on the issues raised and can't say much more than I had done.

If no broker/IFA my recommendation was https://www.unbiased.co.uk.