MPPI Advice

mattghi007

Hi all,

I have a joint mortgage with my wife and we've been considering whether to take out a MPPI policy as the latest rounds of shops going into administration has spooked us somewhat.

I've looked into the policies available and have a few questions on whether they would actually pay out for us should the worst happen.

We both work for a small charity and would receive between 4-6 months pay should we be made redundant. I've read that you must be in receipt of JSA to claim on a policy, but I'm unsure if i'd be likely to get it if I receive a payout? Would the insurers take only my payout into consideration as it would be in my name or would they include my wife's? Also if the policy was only in my name would it pay if the mortgage is joint?

I'm trying to avoid being saddled with a policy that will never payout.