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    • Logitec
    • By Logitec 16th Jun 17, 5:28 PM
    • 1 Posts
    • 0 Thanks
    Logitec
    Protection shortfall (amount and years)
    I've neglected our mortgage protection. We extended the term of our mortgage a few years ago and we've recently borrowed more too for an extension. So we have level term protection of 388k to 2031 but the mortgage is 456k to 2038.


    Should we take out a policy just for the extra borrowing for now (and take out a further policy in 2031) or should we take out a new policy for 456 to 2038?


    I hope this isn't too much of "How long is a piece of string?". I will obviously do my research now but wondered if there was an obvious answer...
    • dunstonh
    • By dunstonh 16th Jun 17, 5:36 PM
    • 93,454 Posts
    • 60,980 Thanks
    dunstonh
    Should we take out a policy just for the extra borrowing for now (and take out a further policy in 2031) or should we take out a new policy for 456 to 2038?
    What if you become uninsurable by 2031 (or 38)? Even if not uninsurable, your health could be an issue and result in higher premiums.

    If you are in good health now, then you should change it now.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Vera Stanhope
    • By Vera Stanhope 18th Oct 17, 3:34 PM
    • 1 Posts
    • 0 Thanks
    Vera Stanhope
    We are in the process of claiming on our MPPI policy and the insurer is saying that the deferred period of 60 days goes from start of Jobseeker's Allowance being claimed. Is this normal? We have letter from employer outlining the redundancy so this should be all that is required.
    • JMDM127
    • By JMDM127 28th Nov 17, 7:59 PM
    • 1 Posts
    • 0 Thanks
    JMDM127
    My wife and I have a Mortgage Protection Plan with Critical Illness Benefit. With all this talk about PPI can I ask, does anyone in the forum know if this is one of the policies that we are now allowed to reclaim on?

    Would be extremely grateful for any advice. JMDM127
    • SidJ
    • By SidJ 28th Nov 17, 10:30 PM
    • 5 Posts
    • 5 Thanks
    SidJ
    Assuming you have a current mortgage don't you think they are good things to have?
    • dunstonh
    • By dunstonh 28th Nov 17, 11:05 PM
    • 93,454 Posts
    • 60,980 Thanks
    dunstonh
    My wife and I have a Mortgage Protection Plan with Critical Illness Benefit. With all this talk about PPI can I ask, does anyone in the forum know if this is one of the policies that we are now allowed to reclaim on?

    Would be extremely grateful for any advice. JMDM127
    Originally posted by JMDM127
    PPI stands for Payment protection insurance. A specific type of insurance policy. You cannot buy it much anymore except two versions. One being for mortgages.

    Your plan is not PPI. Neither is your house insurance or your car insurance.

    Is there any reason why you think it is not sensible to have mortgage protection?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • gordon.beaney
    • By gordon.beaney 5th Feb 18, 10:29 PM
    • 1 Posts
    • 0 Thanks
    gordon.beaney
    Mis-sold MPPI?
    Hi,

    I am hoping for some advise, I took out a joint mortgage with my wife in 2007 and we was told by the estate agents that we needed MPPI so we took out the minimum cover of 100 a month cover from the estate agents not the mortgage company.

    Unfortunately the last 3 years my health has deteriorated and last year I was dismissed from my employment of 11 years due to ill health & capability. I put in for a claim still paying my monthly premium. They kept asking for different forms to be filled in, doctors reports (which cost me 40 each time) & for other information.

    I have now been out of work for almost a year and claiming PIP & ESA, they have only now sent a letter refusing my claim because my former employer has said they offered me a position in a different area in the company.

    This is not the truth as they only told me to apply for the other position which I could not afford to take because the wages was considerably lower than was I was on. I explained this to the insurance company but they said the decision was final.

    I have now canceled the policy but I would like to know if I can claim anything for mis-sold MPPI and if so how.

    Thanks in advance.
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