Mortgage protection cover

Questions and Answers

Mortgage protection cover?

Q) If I was to take out 'mortgage protection cover' and I chose to leave my job for another one, would I be covered if things didn't work out and I lost the job?

A) NO Sorry I dont know what else to say. Sorry to answer your question in one word. Just call them and ask, but they will say no as well. Its like saying okay if I take out a million dollar life insurance policy and sign the paperwork and commit suicide before you leave the office. They arent paying it. To make it simple you controlled where you were at, and how you got there. And they wont insure that.

Mortgage Protection Policy For Unemployment?

Q) I would like to get mortgage protection to cover my Mortgage in case I loose my job. Can anyone give me a recomendation for which company to use ? Any bad or good stories about claiming would be good information. Many Thanks !!! I am based in UK Ok, it is legal to discuss this, I am asking for a recomendation we still have freedom of speech in England (I hope). The reason why I am asking is because I want to know who is the best company the easiest to get on with. I can imagine some companies are bad in that they have lots of policies and make it difficult and other companies are easier to make a claim with. This is the question.

A) They have freedom of speech in the UK? I'm not being flip, I just didn't think there were "rights", just like the people there are "subjects" and not "citizens". IF there's such a coverage in the UK, I'm not aware of it. There isn't any in the US. There IS "unemployment" insurance (but only through the government program), which pays you if you lose your job, and you can use the money for ANY bills, but most of the time mortgage protection only protects the LENDER. And you have OTHER bills to pay, besides the mortgage, ya know?

Mortgage protection insurance?

Q) hello, i just took out a mortgage but didn't get insurance with the lender (C&G). I understand this is compulsary, so what options do i have now? i know i can just get a standard life insurance to cover the mortgage if i pop, but what about if i become ill? or unemployed? can anyone advise? been looking at loads of bank websites and they seem confusing...cheers. Term? is that paying a fixed amonut for the duration of the loan? but pays nothing if i become ill or out of work?

A) Ok I see this mistake all teh time on teh internet so once and for all. There are two things we are talking about here PMI which is compulsary on over 80% funding loans that will pay the bank a benefit if you default for any reason and your family gets no benifit. All of those postcards/letters/ whatever in the mail talking about mortgage continuation or mortgae protection are totally different. All those plans are what we call limited or express underwriting so they take a large group of healt situations and tag one rate on the group that may be good for the sick and twice the appropriateprice for the healthy plus they are unisex which removes the advantage for females. Unless you are really sick get a life insurance policy and if you want more than 100k, run away if a company tells you no medical to qualify as all goof insurance plaans have medicals