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Click and Insure - Mortgage Payment Protection Insurance - Any experiences?

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  • 10-11-2009 3:59pm
    #1
    Fingleberries
    Registered Users Posts: 3,393 ✭✭✭


    Hi All,

    I recently received a renewal form from my Bank for Mortgage Payment Protection, and they have helpfully raised their rates adding a healthy €14 increase for themselve.

    I have been shopping around and found an intermediary (ClickAndInsure.ie) mentioned on AskAboutMoney.com.

    I was wondering if anyone has had experience or dealings with them in the past, as their rates appear to be about €10 cheaper than any other broker I have looked into.

    Thanks in advance,
    F.


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    #2
    Long Onion
    Closed Accounts Posts: 1,342 ✭✭✭Long Onion


    How worried are you about redundancy? In my own opinion, this is the only reason one should consider MRP policies.

    If the answer is 'very' then be aware that the vast majority of them are reviewable and you may find yourself in a similar position next year. Also, you will typically have to serve a deferred period if you switch (so if you are made redundant in the first 6-9 months of the policy, no benefit will be paid.)

    The policies usually only pay the mortgage for about twelve months - have you enough savings to last this period.

    If it is illness you are worried about, have a look at a guaranteed premium PHI plan which will cover up to 75% of your salary (less social welfare benefits) and which will pay benefits for the duration of your illness or until you reach retirement age - you can also claim tax relief on the premiums.


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    #3
    Fingleberries
    Registered Users Posts: 3,393 ✭✭✭Fingleberries


    Thanks for your feedback. If I were to fall in while still in employment, we have a fairly good policy that would cover about 75% of salary. It would generally by the possibility of redundancy that I would like to be prepared for. I'm fairly safe at the moment, but that could change at any point in the current economic climate.

    I'm the sole breadwinner in the house, and if I'm ever out of work we would prefer to have savings to fall back on for day-to-day expenses and have the breathing room that would be afforded by Payment Protection insurance. Is this being excessively paranoid?


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    #4
    Long Onion
    Closed Accounts Posts: 1,342 ✭✭✭Long Onion


    Not at all Fingleberries, it is a question of degree really and what peace of mind is worth to you.

    In my case, I caluclated what a year of mortgage would cost me, looked at my savings, factored in the possibility of a switch to interest only or a moratorium for the short term and decided that the MRP was a little too restrictive and expensive for my liking.

    There isn't really a right or wrong choice, simply the one that best suits the individual.


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