Mortgage payment protection

Pew_Pew_Pew_Lasers!

Hi there, I need £450 a month of cover in case of accident or sickness, for my mortgage. I'm self-employed so don't require unemployment insurance.

Can anyone recommend a half decent policy for this? I've just cancelled the one sold to me with my original mortgage (£27.45pm for £475pm) as I'm certain I can find a better deal.

I work in television and travel regularly, often out of the country. It isn't really a risk-occupation though.

Oscar_The_Grouch

Hi Pew. Remeber to go back to the insurer that you have just cancelled with and tell them that you believe the policy was missold to you as it doesn't provide the cover you need due to your occupation - you may get some or all of the premium back.

As to a provider for you now, I suggest you do one or both of the following:

Speak to someone in the TV industry who is a member of a union. Find out from the union who they get cover from and either join the union or speak to the insurer direct.

Speak to a Financial Advisor. Be completely explicit about your occupation and ask them for their best offer. They have to tell you who the insurer is and then you can approach them direct and see if they will write the business with you without the advisor being involved. You may get a discount!!

Good luck

Pew_Pew_Pew_Lasers!

Thanks I will investigate your first suggestion. I'm morally opposed to taking the advice of a financial adviser and then cutting him out though.

I was really just looking for a policy that would start paying out within a month or two, that didn't want to know what savings I have, etc. Just a company that is trustworthy and offers a good policy at a competitive price.

dunstonh

as it doesn't provide the cover you need due to your occupation

ASU does cover the self employed but has more exclusions. It is not a mis-sale.

Speak to a Financial Advisor. Be completely explicit about your occupation and ask them for their best offer. They have to tell you who the insurer is and then you can approach them direct and see if they will write the business with you without the advisor being involved. You may get a discount!!

The adviser has to be an IFA and going direct can actually be more expensive. Scottish Widows, for example, have higher premiums on their products sold by Scot Widows staff and bank staff than those sold on maximum commission basis by an IFA.

permanent health insurance makes much more sense for the self employed. ASU (or AS in this case) could still be utilised with a PHI but PHI should be the priority.

jonesMUFCforever

Seems stupid to me to cancel FIRST and then try to buy a cheaper policy.

IMO your occupation may well lead to a loading of your premium.

TEDDYRUKSPIN

Agree with the above. Make sure you obtain a like for like or better cover before you cancel the original. Just remember that each cover will have exclusion periods varying from 60 days to 120 days before you can make your first claim.

The above is also correct, many of the self employed coverage will have exclusions but most of the time is that you must have your company liquidated first and then queue up for the dole.

Their is a very good article on this website pointing to securityfirst.co.uk.
They are brokerage and use britishinsurance. You can obtain sickness cover or unemployment or both. Not bad link.

After reading the small print, it is like any other cover and seems to be great.

Good luck. Another mentioned on this website is ANT insurance.

:beer:

Pew_Pew_Pew_Lasers!

Dole......blimey, I've never claimed it. Had income support while I was working in a pub in a gap year, but I've never even had a full time job.

I cancelled it because well, frankly, I'm in perfect health and always have been. Never had a day off work sick ever. It would have to be something quite severe to stop me working

I will have a look at that security first site, cheers

dunstonh

The policies on that site are not Permanent health insurance plans. They are budget plans with limited cover and lots of get out clauses. The same goes for ant insurance.

jonesMUFCforever

Pew_Pew_Pew_Lasers! wrote: »

Dole......blimey, I've never claimed it. Had income support while I was working in a pub in a gap year, but I've never even had a full time job.

I cancelled it because well, frankly, I'm in perfect health and always have been. Never had a day off work sick ever. It would have to be something quite severe to stop me working

I will have a look at that security first site, cheers

Unfortunately critical illness and accidents happen to very healthy and unhealthy people!

tonydee

Try http://www.bestinsurance.co.uk/

They seem very competitive

Edited to say I've been using them for the last few years.

dunstonh

bestinsurance do not sell PHI policies but mortgage payment protection plans and that isnt what the OP is after or needs.