Mortgage Protection

[throbinson]

I'm looking for some mortgage protection to cover £550 month, just been told my job might not be safe.
Any one no of any good insurance polices

 

[Hiney]

Plenty.

One possible problem though - one of the questions you will be asked on the application form is "are you under threat of redundancy?" or words to that effect. You can answer 'no' but if/when you are made redundant and the insurance company write to your employer for confirmation of dates, you could be f***ed.

 

[vegster]

Plenty.

One possible problem though - one of the questions you will be asked on the application form is "are you under threat of redundancy?" or words to that effect. You can answer 'no' but if/when you are made redundant and the insurance company write to your employer for confirmation of dates, you could be f***ed.

Indeed, the insurance companies are always well covered, if you do not disclose any " potential" information about your employment they will probably not pay out AND keep the premiums.

 

[throbinson]

Plenty.

One possible problem though - one of the questions you will be asked on the application form is "are you under threat of redundancy?" or words to that effect. You can answer 'no' but if/when you are made redundant and the insurance company write to your employer for confirmation of dates, you could be f***ed.

That could be a problem, big cuts coming in the new year nothing offical yet thou

 

[beorhthelm]

you might want a reputable independent financial adviser ... :US:

as said, reckon you're buggered if you already know somthing (if unofficial... well might be worth the risk). from recollection, you dont get any payments until out of work for 6 months or so.

 

[throbinson]

Well, its just rumer at the moment but rumer at my place is 95% correct thought i could cover myself before rumer becomes fact

 

[Fungus]

Well, its just rumer at the moment but rumer at my place is 95% correct thought i could cover myself before rumer becomes fact

There's sometimes a "qualifying period" for these policies, eg. you're not covered until you've been in the scheme for 3 or 6 months. If there's nothing official about job losses, it would be worth getting in ASAP.

 

[seagullsovergrimsby]

You need an IFA to tell you about the small print in these policies , there could be exclusions that mean the insurer wont payout under certain conditions or a non disclosure renders the policy void.

 

[throbinson]

Have to pop in tomorrow and ask

 

[Steve Foster]

Hi, I am an IFA and basically the advice that you have been given by the previous posters is sound. These policies normally have a deferred period where the benefit will not pay out for the first 3 or 6 months. They also ask questions about your current employment & if there is threat of redundancy will not allow you to take out the plan

 

[supaseagull]

I'm looking for some mortgage protection to cover £550 month, just been told my job might not be safe.
Any one no of any good insurance polices

I work in the Claims industry and I work closely with our Mortgage Payment Protection Claims team...Your insurers WILL write to your employers to ask if people knew of any impending unemployment and if they say yes, then your claim AND probably, your policy, will be cancelled.

 

[supaseagull]

I work in the Claims industry and I work closely with our Mortgage Payment Protection Claims team...Your insurers WILL write to your employers to ask if people knew of any impending unemployment and if they say yes, then your claim AND probably, your policy, will be cancelled.

By the way - it's very difficult to take out Unemployment cover at the moment because it's too high risk.

At L&G we've not sold it for the last year.

 

[throbinson]

By the way - it's very difficult to take out Unemployment cover at the moment because it's too high risk.

At L&G we've not sold it for the last year.

Spoke today dont think i will bother trying, if it happens i will just have to sell my body.

Thanks for the advice