mortage payment protection is it worth it

blacksmith105

wondering if i should cancel my mortage payment protection policy my mortage is 370.00 per month and being charged 25.00 per month by my lender i made a claim last year but the 12 months has finished so back paying my own mortage again i know its only 25 euro but it all adds up they have told me that i cannot make another claim until i have worked for 6 months which is not very likely in the present climate , even then it take 2 months for them to process the claim etc etc
was thinking of cancelling the policy
anyone out there with any similar experiences

Xcellor

blacksmith105 wrote: »

wondering if i should cancel my mortage payment protection policy my mortage is 370.00 per month and being charged 25.00 per month by my lender i made a claim last year but the 12 months has finished so back paying my own mortage again i know its only 25 euro but it all adds up they have told me that i cannot make another claim until i have worked for 6 months which is not very likely in the present climate , even then it take 2 months for them to process the claim etc etc
was thinking of cancelling the policy
anyone out there with any similar experiences

Seems like you got your monies worth from having the policy! My premium went from being 35 euros up to about 60 euros a month because people are actually using their insurance now.

25 is not a lot of money. A beer and a chinese takeaway. I suppose you could cancel it and once you start work again take it out again.

X

MortgageBroker

i don't know that cancelling it is a good idea given that you have already claimed from it and said that you don't fancy your chances of future employment.

that's like a person who crashed their car and reckons they'll crash again cancelling their car insurance, it doesn't make sense.

MidlandsM

MortgageBroker wrote: »

i don't know that cancelling it is a good idea given that you have already claimed from it and said that you don't fancy your chances of future employment.

that's like a person who crashed their car and reckons they'll crash again cancelling their car insurance, it doesn't make sense.

it makes sense to me, his mortgage is only €370pm.......like even on the dole he'd manage to cover it in the future if thats his only big bill.
Personally i don't have it - to me its like critical illness cover - all bollox.

Canis Lupus

MidlandsM wrote: »

Personally i don't have it - to me its like critical illness cover - all bollox.

Until you become critically ill....

MortgageBroker

MidlandsM wrote: »

it makes sense to me, his mortgage is only €370pm.......like even on the dole he'd manage to cover it in the future if thats his only big bill.
Personally i don't have it - to me its like critical illness cover - all bollox.

€370 p.m. is a lot of money if you are on the dole, if he can hedge against a likely risk (unemployment) for c. €300 p.a. against a liability risk size of €4,440 (annual mortgage payments) then it's only costing about 6.7% to insure against it, given his past record the probability is high - he even states as much in his comment later. The direction you have given - of not having it - is not based on the facts or the risk, rather it echoes your emotive opinion which is made clear from the fact that you said other forms of insurance are b0110x.

MidlandsM

@MB, you speak like a real mortgage broker, so you must be, not just mascarading as one. (things are slowwwww at the minute i guess that why you're on here giving you're pearls of wisdom at 4 o clock in the day) Would you be one of the gang right now telling people to buy now, the bottom of the market has arrived etc? Vested interest....NO?

Re; my opinion ; I'm not being emotive about it, they're just bollox and it don't take out policies in my life that are marketed to appeal to me as a must have thru' scaremongering etc. Read the small print on these policies is what i say to anyone and make an informed opinion and then they usually say to me that they see BOLLOX in the T&C's.
And re; the €370pm mortage, if he can't manage that out of his €780 social (if as i said it his only bill) he must be down the pub all day....lets call a spade a spade and not dance around it with all the jargon like you brokers.

@Canis, serious illness is bollox to me, when in good health or when ill, thats my opinion and you can't question my opinion as I'm entitled to it and to articulate my opinion on it when and where i wish.

monkeypants

I'd look at Income Protection Insurance instead.

MortgageBroker

MidlandsM wrote: »

@MB, you speak like a real mortgage broker, so you must be, not just mascarading as one. (things are slowwwww at the minute i guess that why you're on here giving you're pearls of wisdom at 4 o clock in the day) Would you be one of the gang right now telling people to buy now, the bottom of the market has arrived etc? Vested interest....NO?

Re; my opinion ; I'm not being emotive about it, they're just bollox and it don't take out policies in my life that are marketed to appeal to me as a must have thru' scaremongering etc. Read the small print on these policies is what i say to anyone and make an informed opinion and then they usually say to me that they see BOLLOX in the T&C's.
And re; the €370pm mortage, if he can't manage that out of his €780 social (if as i said it his only bill) he must be down the pub all day....lets call a spade a spade and not dance around it with all the jargon like you brokers.

@Canis, serious illness is bollox to me, when in good health or when ill, thats my opinion and you can't question my opinion as I'm entitled to it and to articulate my opinion on it when and where i wish.

@MidlandsM it's really odd that you would make any comment on what I do or don't do at 4pm in the day, it's not really affecting you other than the fact that my post debunked the lack of fact in or common sense in your own post. Things might be slow, fast, or otherwise, it doesn't matter, I row my own boat and we are still in business so we must be doing something right.

If a person is on the dole (I don't know how you are familiar with his likely entitlements, but we'll say that it is the 780 you quoted) then he'd be left with about €100 a week to live on, that has to cover all bills, food, transport etc. I wouldn't really classify that as a life where a person could afford to be down the pub all day.

It really doesn't bother me that you don't analyse the things that you say before you say them, but it would be nice if you did the sums first.

MidlandsM

MortgageBroker wrote: »

@MidlandsM it's really odd that you would make any comment on what I do or don't do at 4pm in the day, it's not really affecting you other than the fact that my post debunked the lack of fact in or common sense in your own post. Things might be slow, fast, or otherwise, it doesn't matter, I row my own boat and we are still in business so we must be doing something right.

If a person is on the dole (I don't know how you are familiar with his likely entitlements, but we'll say that it is the 780 you quoted) then he'd be left with about €100 a week to live on, that has to cover all bills, food, transport etc. I wouldn't really classify that as a life where a person could afford to be down the pub all day.

It really doesn't bother me that you don't analyse the things that you say before you say them, but it would be nice if you did the sums first.

So, things are slow then:D

broker2008

Personally I'm not a fan of Mortgage Payment Protection Policies.

If one is working I do think PHI is worthwhile covering for the serious events eg disability after 6 or 12 months out of work on the basis that one has some level of savings to tie them over for the 1st 6 months -generally one needs to be pretty sick to be out of work for this length of time. I have seen a number of claims where sickness or inability to work due to an accident provided an income while they got on their feet - as well as one instance where one won't work again and will have an income payable until their retirement date and then a pension will be payable because they had payment protection added.

I have also had a number of claims payable for serious illnesses; cancer, stroke, heart attack - 2 of whom had their mortgages paid off in full - one subsequently died and had further payments from life insurance policies. Also death claims have been paid out from policies that I have sold.

I have seen people have many thousands paid out with motor, home, travel & health insurance claims too. (Pet insurance also !)

Every one of them (apart from those who had died) were thrilled when I was able to tell him that they had a valid claim and even more thrilled when the claims were paid out.

No one likes having to pay insurance but when it things go wrong, as things do, it is invaluable.

MidlandsM

broker2008 wrote: »

Personally I'm not a fan of Mortgage Payment Protection Policies.

If one is working I do think PHI is worthwhile covering for the serious events eg disability after 6 or 12 months out of work on the basis that one has some level of savings to tie them over for the 1st 6 months -generally one needs to be pretty sick to be out of work for this length of time. I have seen a number of claims where sickness or inability to work due to an accident provided an income while they got on their feet - as well as one instance where one won't work again and will have an income payable until their retirement date and then a pension will be payable because they had payment protection added.

I have also had a number of claims payable for serious illnesses; cancer, stroke, heart attack - 2 of whom had their mortgages paid off in full - one subsequently died and had further payments from life insurance policies. Also death claims have been paid out from policies that I have sold.

I have seen people have many thousands paid out with motor, home, travel & health insurance claims too. (Pet insurance also !)

Every one of them (apart from those who had died) were thrilled when I was able to tell him that they had a valid claim and even more thrilled when the claims were paid out.

No one likes having to pay insurance but when it things go wrong, as things do, it is invaluable.

Thats good to read, but not entirely a true depiction of all cases sadly.

broker2008

MidlandsM wrote: »

Thats good to read, but no entirely a true depiction of all cases sadly.

Well the €6.35 that I have paid out for €127k worth of life insurance for the last 20 years was a waste of money then - the cost now is dear but then again the chances of me dying in the next 20 years have increased but would have been even more expensive if I hadn't put on a conversion option on the policy.

rolion

No matter of economical reality,always have protection / insurance policies whatever are they called now...
I have protection policy on everything,no matter what the times are slow,fast ,down ! !

Better pray to don't be forced to use them ...or your partner !