mortgage payment protection insurance

ellywellywoo

I hope someone out there can give me some advice please.

I am femail 38 yrs old non smoker. Living with 38 yr old male who is a smoker.

We currently have mpp with Nationwide for joint cover and the premium was £40 a month. This has now gone up to £48.

This cover is for £450 each and covers us for sickness, disability and redundancy. However my other half is self employed and thefore not going to made "redundant".

Anyhow the £450 each we are covered for is not enough cover for him (ok for me) as he pays mortgage which is a lot more.

So I contacted a broker who has advised the following

Company is Paymentshield

I am still covered for £450 and cost per month is £19.12.
Partner is covered for £900 and cost per month is £22.50. We have also taken off redundancy for him. This covers out mortgage payments and some extra for bills etc.

So my question is although this looks better as we have reduced premium per month and partner now is covered for more, is the company reputable. I have never heard of them and worried whether we should stick with Nationwide.
I know N.wide good as I had to claim off them last year when i was out of work.
Sorry to ramble on btw!!

dunstonh

Paymentshield are very big and reputable.

Some of the terms may differ between Nationwide and Paymentshield which may account for some of the premium difference. ie, initial deferment period and term of payment.

Also, if your husband doesnt require unemployment cover, then he should perhaps consider permanent health insurance instead. This is just income protection based on health but you can select the intitial deferment period and have the plan pay out for as many years as you like and not just the usual 12 months offered by ASU. Most tax offices allow it to be classed as a business expense too, unlike ASU.

stephentheshark

ATM I pay about £8pm to cover £500 mortgage with Pinnacle. I presume a joing policy would be slightly less than double that.