NLIC.org

Jonathan Said:

Mortgage Protection Policy For Unemployment?

We Answered:

They have freedom of speech in the UK? I'm not being flip, I just didn't think there were "rights", just like the people there are "subjects" and not "citizens".

IF there's such a coverage in the UK, I'm not aware of it. There isn't any in the US. There IS "unemployment" insurance (but only through the government program), which pays you if you lose your job, and you can use the money for ANY bills, but most of the time mortgage protection only protects the LENDER. And you have OTHER bills to pay, besides the mortgage, ya know?

Oscar Said:

is mortgage protection cover mandatory with obtaining a mortgage/remortgage? uk?

We Answered:

It's not mandatory, it's optional.

Gina Said:

My husband was injured at work when a pipe hit him and our mortgage protection wont pay out for being off work

We Answered:

I couldn't agree more with Banky's answer. Whether or not this is down to a 'pre-existing' condition seems a bit irrelevant to me. If this was a result of something that happened at work then surely the company has responsibility here, either under Workers Comp or Employers liability depending on which country you are in.

Have you asked them for the name of their insurers and tried that route ?

Ryan Said:

Is there any legal obligation to buy total mortgage protection cover plan with halifax?

We Answered:

Hi

To give a straight answer you do not need to take up the insurance however the advisor has a legal obligation to discuss this with you and give you at least a indication as to cost, the FSA stipulate this as part of responsible lending procedures.

Your intention to save £500 per month and reduce your mortgage is certainly very responsible however can I suggest that maybe instead of paying this amount yearly instead you pay per month, this is because most lenders now give you an overpayments facility per month of £500 and if you did this you would also save further ££££'s as you will be paying less interest on your mortgage loan.

Finally I would say its worth giving Critical illness cover some serious consideration. What is your situation at the moment.are you single? no dependants? Fit and healthy? If the answer is yes to the above then you are more in need of critical illness cover than Life assurance. Think about it if you were to get ill and couldnt work for a sustained period you would lose what you have worked for over a number of years, in the space of months! How long would it take you to save up for a deposit again? also if your are say in your early to mid 20's and healthy this is time to get the lowest premiums which you can guarentee for the next 20,30,40 years!

If you are single and it come to a choice between life cover and critical illness cover you definatly need to take out critical illness cover.

if you do have dependants then consider takeing out maybe a certain % cover of your mortgage such as 25% of your mortgage so at least if something did happen then you will have time to recover.

Also do not just take what Halifax offer you go to a broker and they can search around for the best deal.

Please seriously consider the above as it shouldnt cost you much to protect yourself most people are surprised by the actual premiums

hope this helps if you have any more queries feel free to email me

Kind regards

Jamie Said:

Mortgage protection cover?

We Answered:

NO

Sorry I dont know what else to say. Sorry to answer your question in one word.

Just call them and ask, but they will say no as well. Its like saying okay if I take out a million dollar life insurance policy and sign the paperwork and commit suicide before you leave the office. They arent paying it. To make it simple you controlled where you were at, and how you got there. And they wont insure that.