Mortgage protection and redundancy
Discussion
You can get "income protection insurance" at any time. This covers you for upto approx 65% of your current monthly take home.
Most policies have different t&c's, some with longer periods between getting laid off and the policy paying out. Can also cover for sickness etc.
You will have questions around past lay offs in the company and declare you know of none forthcoming too.
Just taken one out myself so the details are fresh in my mind!.
Cheers
RM
Most policies have different t&c's, some with longer periods between getting laid off and the policy paying out. Can also cover for sickness etc.
You will have questions around past lay offs in the company and declare you know of none forthcoming too.
Just taken one out myself so the details are fresh in my mind!.
Cheers
RM
oyster said:
Can MPPI be bought after a mortgage has been taken out?
And what restrictions are placed on taking it out if there are potential redundancies already taking place in the workplace?
Yes Mppi can be purchased at any time. And what restrictions are placed on taking it out if there are potential redundancies already taking place in the workplace?
The clause relating to redundancy is "at the start date you knew you were to become unemployed, or it is reasonable for us to say that you knew that it was likely to happen"
So redundancies in your work may not count, however you being told there was a chance you were on the list would mena they didnt pay the claim.
PM me if you want details.
rm030775 said:
You can get "income protection insurance" at any time. This covers you for upto approx 65% of your current monthly take home.
Most policies have different t&c's, some with longer periods between getting laid off and the policy paying out. Can also cover for sickness etc.
You will have questions around past lay offs in the company and declare you know of none forthcoming too.
Just taken one out myself so the details are fresh in my mind!.
Cheers
RM
Income protection, and MPPI (or ASU) are different things.Most policies have different t&c's, some with longer periods between getting laid off and the policy paying out. Can also cover for sickness etc.
You will have questions around past lay offs in the company and declare you know of none forthcoming too.
Just taken one out myself so the details are fresh in my mind!.
Cheers
RM
[/quote]
Income protection, and MPPI (or ASU) are different things.
[/quote]
Yes - thought the OP might like to know, if they didn't already, you can get a policy that covers you for (hopefully) enough to keep up mortgage payments and have some left over for beer and smokes
Cheers
RM
Edited by rm030775 on Wednesday 22 October 12:58
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