Mortgage Payment Protection insurance with Assurant General Insurance

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Stanis

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First time poster here , looking at taking out Mortgage payment protection insurance to cover accident sickness & unemployment with Assurant General Insurance, to cover repayment of €900 pm for 12 months @ €33 pm premium. The accident/sickness starts as soon as I take out the policy but the unemployment cover won’t kick in for 90 days. I am mainly doing it due to the risk of redundancy in the present climate.
Has anyone any dealings with Assurant?
 
I work for Assurant - let me know what you want to know about the products!
 
Stanis said:
I am mainly doing it due to the risk of redundancy in the present climate.
QUOTE]

Be aware that some of these policies won't pay out if you had reason to fear that you would be made redundant before you took out the policy e.g. people made redundant in your place of work already......not sure this is the case with Assurant.
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with Assurants Mortgage Protection and Income protection products a claim will not be paid if you have been told verbally or in writing that YOUR job is being made redundant within the 90 day exclusion period. If there have been redundancies previously in your company this would not effect your ability to claim as it was not your job specifically that you were given notice for. neither would rumours of closure or future layoffs effect your claim. If you were put on protective notice however during the exclusion period this would invalidate your claim. Once the 90 days have passed you are sorted. Claims paid rate is over 95% also.
 
http://www.independent.ie/business/personal-finance/surviving-the-recession/five-things-you-can-really-do-without-1743124.html

Another view......
 
I believe Assurant have closed the door to new business on this product...I am up for correction on this though as I heard the info indirectly.
 
daveyk111 said:
If there have been redundancies previously in your company this would not effect your ability to claim as it was not your job specifically that you were given notice for. neither would rumours of closure or future layoffs effect your claim. If you were put on protective notice however during the exclusion period this would invalidate your claim. Once the 90 days have passed you are sorted. Claims paid rate is over 95% also.
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Thanks for all the replies, I did take out a policy last March and since then there have been people in my company put on protective notice, after a 30 day review some people were layed off. I was not involved in this process so from daveyk111 comments my exclusion period is still valid, have Assurant closed their doors to new customers?
 
My Wife has a policy with them. Took it out approx 3 months ago. However we've just recieved a letter from them stating that due to the increased number of claims in the current climate, they are doubling the monthly premium... I find that suspiciously convenient now that the 90 day exclusion period is up.
Can they do that?
 
Yes I got the same letter and my 90 day exclusion period is up, the premium increase is significant!
 
Same experience. Took out policy about 4 months ago and just got letter saying that monthly premium is going up by over 100% from €99 to €206.40. Can they just do that ?
 
The letters increasing the policy cost appear to be doing the rounds and conveniently after the exclusion periods. Got mine yesterday!! I contacted the Financial Regulator who said that they do not set the cost out for such policies, so nothing stopping them increasing the cost in another few months!!
 
Me too! After the 90 days were up I got the same letter. My premium increased by about 60%. They have every right to increase the premium according to the policy. The real question is, of course, regarding how they process claims. Do they pull out clauses in the policy that effectively allow them to reject all claims e.g. "Sorry you're not the seventh son of seventh son" kind of thing.

Also if you do lose your job I bet your bank will be more accommodating than you think, given the state of the housing market. So I wonder if this insurance is anything more than expensive self delusion.

I am considering cancelling my policy. It was worth it at a low cost but now it's more expensive than I would have tolerated when taking the policy out in the first place.
 
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