Payment protection

[pennypincher]

Has anyone here had reasons to draw on their mortgage income protection policy.If so did it pay off both Capital and interest each month,and the amount you claimed wasn't added on to the end of your mortgage?

 

[ClubMan]

Read the terms and conditions of such policies very carefully and check how much of the premium is commission. These are often very bad value for money and can pay out only in very specific situations and for restricted periods of time.

 

[woods]

Has anyone here had reasons to draw on their mortgage income protection policy.If so did it pay off both Capital and interest each month,and the amount you claimed wasn't added on to the end of your mortgage?

There should be no reason why the amount you claimed would be added on at the end because it is an insurance policy and is operated by a seperate company to your lending. If you had a fire and qualified to draw on your fire insurance that would not effect your payments so it should be the same.