Motgage Payment Insurance

barrymung

Hi All,

I have an endowment type mortgage and have had free payment insurance until now, courtesy of the mortgage company (Derbyshire BS)

My actual endowment policy includes critical illness cover so I don't need that. (If I die or get a terminal illness it'll pay out)

However, what I do need is a policy that'll payout in the event of unemployment and cover the mortgage repayments.

Can anyone recommend anyone? Are there any comparison websites?

dunstonh

terminal illness is not critical illness. Do not get the two things mixed up. They mean different things.

Accident, sickness and unemployment cover (ASU) is the type you are after. You can get it in unemployment cover only form. Premium isnt the only consideration as a lot of the cheap ones slice off cover to lower their prices.

barrymung

Well, if I kick the bucket or get a terminal illness the endowment pays out.

If I'm ill my work pays my wages.

What I'm after is cover if I lose my job.

What I'm after is recommendations for good companies to go with...and those to avoid.

dunstonh

What I'm after is recommendations for good companies to go with...and those to avoid.

You are not going to get that on here. Recommendations of regulated financial services products would put us in breach of FSA rules. With most plans having pros and cons what is best for one person may not be for another.

You need unemployment cover, so you you need to research the unemployment plans from the 40 or so companies that offer ASU or single segment ASU (i.e. unemployment only) plans.

You may get the odd person saying their plan was very good but how do you know their policy is any good until a claim is made? Most consumers do not properly research their ASU contracts but pick the cheapest. Cheapest is not normally best so you either need to do your own research based on your own circumstances or get someone to do it for you.