Mortgage Protection Plan

[4getmenot]

Any recomendations on who to use?

[Hymie]

None !!

You might think a wise person would take out such protection, but when I last looked at such products on the market – it worked out that with 20% of the policy holders claiming on their policy, the insurance company would still be quids in.

Most have a very limited pay-out period of 12 months, and will not pay out until you have been unemployed for 3 months. Most also have a qualifying period, during which you are giving the insurance company money for nothing.

Many people, such as myself, work for large outfits which would only make staff compulsorily redundant should the whole company go down the tubes. Otherwise they may offer voluntary redundancy (with a handsome payoff) – but no mortgage protection policy will pay out for voluntary redundancy.

Read the small print of any policy before signing up and handing over money on a monthly basis.

[4getmenot]

Thank you for your great input. its more if either me or partner have an accident.

[fbg40]

Hi 4getmenot
Totally in agreement with Hymie. I had one of these policies, was medically retired from my job (Fireman) and tried to claim. I won't go into detail but suffice to say that they wouldn't pay out. I fought and fought and all I got eventually was a refund of all premiums paid - which suggested to me they were admitting liability. I also tried the Insurance Ombudsman but to no avail. Have a look at the Consumer Direct website, I think you'll find quite a lot of info on there. Good luck !!
FBG40