# Mortgage payment protection in case of redundancy



## Conshine (5 Jan 2009)

This post falls into a number of categories, please move if necessary. Kind of mortgage related, kind of insurance and kind of credit crunch too..

When I took out the mortgage, I got the mandatory cover in case of death, but did not bother with the protection if I were to lose my job, as it was an extra cost I felt was not necessary at the time.

I am now thinking it could be a wise move.

What is the situation with getting this cover in the current economic climate?

Are premiums more expensive?

Many people are losing their jobs and those that have not may be thinking the same as me.

How is the premium calculated? Length of service with your company, industry (financial may be higher risk), outstanding mortgage amount (of course), your age?


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## VOR (5 Jan 2009)

I took a policy with a company called Cardif Pinnacle. 
If you drop in to a mortgage broker, you can get cover for about €4.75 for every €100 of a mortgage repayment.
No underwriting questions were asked. Repayment was based on monthly repayment amount of the mortgage.


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## chris20051 (5 Jan 2009)

I pay about 3.02euros for every 100euros, Allianz has a new product on the market for this, however go throught a mortgage broker its much simpler this way.

Now the only downfall is instead of paying into this for 3 months which you must at the start of your mortgage before any claims can be made you now must pay into it for 6 months before any claims can be made because this is taken out after your mortgage start date, so remember there is always terms etc..

However on the bright side if you loose your job after 6 months of payments your mortgage is repayed for 1 year hassle free, they cover up tp 120% of your mortage or 3000euros per month whichever is less

I started to pay mine in November and I think your better off starting it now not tomorrow or the next day 

I don't have any relationship with Allianz and I don't sell there services im just an average joe soap like most people


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## Sunny (5 Jan 2009)

There is an exiting thread on this subject if you do a search. Be very careful with these products as the pay out to claims ratio is very low. Make sure you read the terms and conditions. I recently heard a story that someone who works in a bank took out this insurance last May and was told they were being let go this month. Insurance company is refusing to pay because as he was working in Financial Services and in the midst of all the jobs losses worldwide, he knew his job was at risk when he took out the policy and therefore the policy was void. Don't know if this is true but I have heard of similar cases where the insurance company refuses to pay out on the flimsiest excuses.


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## jimbobman (5 Jan 2009)

yes, these producst are rubbish. they hardly ever pay out. i had it and cancelled it.


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## deancorky (10 Jan 2009)

Anyone got a link to the t&cs for these type of policies.


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## hivas9 (14 Jan 2009)

Most of these are a scam with all their terms and conditions . 
Even after 6 months payments they have been known to means 
test claims against job seekers benefit and redundancy. So i wouldn't bother personally.


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## paddyd (14 Jan 2009)

I know that many of them don't pay out for a number of months after you are made redundant, so if you think you'd have a chance of finding a job even within 6 months og being made redundant, they're a waste of time


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