Mppi

holly876dog · 7 June 2005 at 12:46PM

The company I work for looks to be going under in the next few months. I had a look on web for mortgage payment protection insurance but includes all sorts of rules/regs.....
1. It won't pay out in you know of impending redundancy (fair enough I suppose)
2. it will stop paying out if you don't accept job, or stop payments if not seeking employment etc etc
Does anyone have experience of taking&using this insurance and what should I be looking for in policy wording. I would like to go back into studying but it seems they won't pay out if I'm not looking for employment and do I have to take 1st job offer (no matter what job), and if not can they stop paying?
Any help would be most grateful.

Claudie · 7 June 2005 at 7:35PM

I never even knew such a creature existed as Mortgage Payment Protection until a few years ago. We took it out from Paymentshield via A Plan which was the cheapest option at the time. I am not sure if it is still the cheapest but we got a very good deal with the first 6 months premiums foc.

We opted for the policy which dates back to the end of your first month off work and pays your mortgage for a 12 month period from that time should you be off work due to unemployment or disability. As our mortgage is in joint names, it pays out based on the porportion you pay towards the mortgage.

As it turned out I was unexpectedly off work for a 4 month period last year and put forward a claim. (As it was, I didn't realise I could claim until I read a Sunday Mail article stating you can claim for sickness - I thought it was only disability and didn't realise until I read that that my own illness was actually a disability?!)

Sorry to be long winded but my policy paid out for me when I realllly needed it. The people there were super helpful and I was really grateful for the extra money.

Mppi

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