mortgage protection help

A

alanb

Guest
im looking for help regarding how many times you can use mortgage protection,at the moment the company i work for has put us on short time for a few weeks,and is considering letting people go after the few weeks is up if things hasent picked up,since im last in, im first out.i used my protection before in 2006 when i was made redundant and used it for 4 months until i found employment,many i spoke to said i can only use it the once,i havent contacted my mortgage broker yet as im still employed,just wondering if anyone knows anything about this,my policy is with the ebs.

thanks.
 
The EBS currently use a company called Genworth Financial to issue their Mortgage Repayment Protection. Don't know if they did when you took it out.

Looking at the I don't see any reference to a previous claim invalidating your cover, but a quick call to your EBS branch should confirm this.
 
Just on this point, if there is a reduction in pay, say a 10% drop in salary do you have to contact the mortgage protection company to advise? I heard that if you dont the company dont have to pay out. COuld this be true?
 
As Mortgage Repayment Protection is covering mortgage repayments rather than income, I doubt if such a clause exists, but I'm open to correction on this. Read through the policy conditions.

Maybe you're confusing Mortgage Repayment Protection with Income Protection? The latter does cover your income so if your income is reduced, you should also reduce cover.
 
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