Jump to content RIP Sheffield Admin Mort

Life, critical illness and unemployment insurance help please

Recommended Posts

we have recently got a mortgage are require the above which is best policy is there one for pay out in 10yrs if we havent claimed, im on a fixed term contract with work and my partner is self employed. any help greatly apprieated

Share this post


Link to post
Share on other sites

Be careful these type of policies have been pulled to pieces on various consumer programs and I would have thought it would be difficult to get one to cover self-employment.

Share this post


Link to post
Share on other sites

I got unemployment and illness insurance when I got my mortgage, and promptly cancelled it. I don't think its worth what you pay for it. It does not cover if you get sacked or leave your job, they have all sorts of get-out clauses and circumstaces where they won't pay.

I have life insurance, but only the minimum. If one of us dies, the mortgage will automatically be paid off in full.

Share this post


Link to post
Share on other sites

We had both critical illness- which cost us a fortune every month. We also had the unemployment one- but the list of exclusions was ridiculous. cancelled them both.

 

i think you can get an income protection policy which might be better.

Share this post


Link to post
Share on other sites

We've had mortgage protection for unemployment before and it was the best thing we did. Hubby was made redundant and within 30 days, we didn't have to worry about the mortgage at least as it was being paid. If you work in an unstable industry (as my Husband does), then I think unemployment insurance is worth it.

Share this post


Link to post
Share on other sites

we have mortgage protection - it's useless for sales people. anyone that has to achieve targets as part of their employment are usually refused if that forms part of the reason they lost the job.

Share this post


Link to post
Share on other sites

All insurances are useless until you need them. I personally wouldn't be without critical illness on a mortgage and I speak from experience here having succesfully claimed and recieved help from NU some years ago following my wife's illness.

 

I'm sure if your mortgage lender is requesting certain types of assurances to be included on your policy that you are entitled to shop around for the best deal. They are not allowed to bully you into their policy and if they are trying to go to another lender, or at least threaten them with this.

 

Insurance is not compulsory and there are different methods of covering a loan or indeed borrowing the money, shop around until you get a better understanding or a better offer.

Share this post


Link to post
Share on other sites
All insurances are useless until you need them. I personally wouldn't be without critical illness on a mortgage and I speak from experience here having succesfully claimed and recieved help from NU some years ago following my wife's illness.

 

I'm sure if your mortgage lender is requesting certain types of assurances to be included on your policy that you are entitled to shop around for the best deal. They are not allowed to bully you into their policy and if they are trying to go to another lender, or at least threaten them with this.

 

Insurance is not compulsory and there are different methods of covering a loan or indeed borrowing the money, shop around until you get a better understanding or a better offer.

 

 

Critical illness insurance has "evolved" from years ago. Some illnesses that were considered "critical illness" are no longer considered so. We were denied a claim under this 3 years ago because of a get out clause in a policy. There are that many exclusions these days that you really need to consider whether the premiums are worth it as there are loads of horror stories of insurance companies not paying out on critical illness.

Share this post


Link to post
Share on other sites

DONT underestimate this type of insurance.

 

dont listen to those on here who might of cancelled etc...

 

the thing you need to ask yourself is: how would your mortgage/debts get paid if you or your partner came out of work, due to accident,sickness,death etc...

 

if you could afford it then dont insure yourself...

 

BUT if you couldnt afford it then you simply NEED to be covered!!!!

 

again dont listen to those on here who have cancelled!!! they either dont need it, or are going to be gutted if any of the above happens to them...

 

i am in this line of work (yorkshire bank)

 

i personally have 3 polocies... : one each for me and our lass to cover the mortgage... then a seperate 50k one just to cover the costs and stuf...

 

the way i look at my own is : i hope the monthly ammount is a waste of money to me beacause if i ever have to use it it would be the BEST money id ever spend!!!!!!!!

 

john

Share this post


Link to post
Share on other sites
DONT underestimate this type of insurance.

 

i am in this line of work (yorkshire bank)

 

 

If somebody was getting sick pay would this be dedeucted from any claim .

How long after unemployment would it pay out for?

It seems the only thing you are insuring against is prolonged illness as everybody with a mortgage should have already got life insurance.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.