Finance Talk

With all the redunancies being made right now i am worried about keeping up my mortgage if i lost my job.

No one has been made redundant yet in my work but with things the way they are i need to look for some protection just in case.

What do i need to be aware of

Cheers

Worried

Will it pay - You need to check the qualifying period on the policy.

Some are 3 months and some are 6 months.

If you are aware of intended redundancies when you take out the product this would invalidate any claim so you must be really care with that.

More detailed information can be found here :

What is mortgage payment protection insurance : - https://www.life-assurance-bureau.co.uk/mortgage-payment-protection/faqs/What-is-Mortgage-Payment-Protection-Insurance.htm
Why would a claim be refused :- https://www.life-assurance-bureau.co.uk/mortgage-payment-protection/faqs/Are-there-any-situations-that-would-result-in-my-claim-being-refused.htm
Information from British Insurance https://protectiononline.co.uk/index.asp?siteID=584

Sorry to be sceptical but can we trust insurance companies to pay the claims if so many claims will be made.

Can we not expect them to try and prove we knew redundancy was coming etc?

Just a thought

Totrust -

In the end of the day with any type of insurance an element of trust is required towards your insurer.

It is the job of the FSA to ensure that they are trust worthy.

Do not worry tomuch.

Hop this helps.

BB