Paymentshield MPPI - Will it pay?

AFCChris

My wife and I have a Paymentshield MPPI. The policy started mid September and was taken out with a re-mortgage we did. It looks like my wife might be made redundant in a few weeks time and I am hoping that we will be able to claim.

Does anyone know what will happen if I'm still in work when this happens? Will we be covered? If so will we not get the 1400 odd quid a month that they are covering us for if it's a joint policy? To be honest I am even wondering if we will be able to claim. I think there has to be 30 days between the policy starting and a claim but not sure if there is any other condition which might mean we don't get paid. The redundancy wasn't being spoken about when we started the policy so I don't think they could deny us on that one.

Anyway, any help would be great.

Ember999

Hi Hon,

PaymentShiled and most other MPPI policies do not pay out in the first 3 months of taking out the policy. Also, if you were aware of the impending redundancy when you took out the policy this will invalidate it also. If you have a joint policy, they will pay out the % you specified to each party when you took out the policy. Did you get the back to back 30 day policy?

Beddie

I believe that a joint policy will be split between you, according to your incomes. If you each earn the same then you would be covered for 50% ie £700 each. Best thing to do is call their claims number and talk to them - you have nothing to lose.

payless

I am pleased to say , from my experiences the company mentioned appeas to act fairly
with claims

Assuming its a policy from their "normal" range - the 3 month exclusion is not applied if policy is taken within 30 days of a new mortgage or new remortgage
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You say unaware of redundancy - good as this would otherwise invalidate policy
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Policies come with a range of waiting or excess periods - so check your schedule ( some are 30 day wait with back to day 1 cover)

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regarding splits on joint cover- standard wording is usually

If your mortgage is in your name only, or you have a joint mortgage and you are the only person who is eligible for cover, we will issue single cover in your name and you will be insured for 100% of the monthly benefit.

If your mortgage is in joint names and both of you are eligiblefor cover, you can:

• Take out single cover in your name and you will be insured for 100% of the monthly benefit (subject to you being the main income earner); or

• Take out split cover in joint names and you will both be insured for a percentage of the monthly benefit. If you make a claim, we will divide your monthly benefit in the same percentage as the normal income of each person at the start of the claim.

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As stated I am assuming as standard product

If in doubt , yes ring them , speak to your adviser , or post here , as I and others have a fairly indepth knowledge of this product

bingo_2

I know this doesn't relate directly to the discussion, but I thought you might all want to be aware of a new "age related" policy that has been brought out called INTEGO MPPI

Its age related, so the younger you are when you take it out the cheaper it is, and the premiums stay related to the age when you took it out.
I dont think it is the cheapest, but it does have a lot of extra bits i.e. it covers you if you have to give up work to look after a memebr of your immediate family.

I'd never heard of the company, but aparently it's backed by Norwich Union, so there you go.
I found them on the net and they have a "call me back" facility, so you actually get to ask all your questions and talk to a real human being!

I,ve taken out my landlords buy to let insurance with them, so I would appreciate any comments from anyone who is already using them, on how well they treat their customers and claims experiences.
I,ll keep an eye out for any of your responses.
Thanks,
Bingo :T