Mortgage / Income protection in the UK

[imtommygunn]

Anyone any advice on the best one to take out?

Had cover on £700 for mortgage payment but they just quadrupled it.

Any gotchas to watch out for?

[Muzz]

I just got a quote from Legal and General for £66.00 roughly but there are cheaper out there.

[illdecide]

Anyone any advice on the best one to take out?

Had cover on £700 for mortgage payment but they just quadrupled it.

Any gotchas to watch out for?

My sister is my financial advisor and she informed me the other day that my policy was going up 85% and this was because there are too many people claiming at the minute so instead of them taking a hit they decide to pass it on to us...WANKE**

[Candyman]

Company called Bright Grey would be one of the most reasonable around and not a mickey mouse outfit either, check them out!!

[Louth Exile]

No matter who you get that type of policy off, you need to be very sure that you read the small print!! They are the type of policy that have a lot of claims declined! As you have noticed the premiums are also reviewable, so if your insurer is paying out a lot claims they will pass the cost on to you. These type of policies are pretty similar between the north and south.

Things to be particularly aware of if trying to switch with this type of product
- Deferred period. As an existing mortgage holder you may have to pay up to 6 months premiums before any cover is in place
- Eligibility criteria in terms of how long you need to be with your employer before they will pay a claim. They may not ask you the question at the start, doesn't mean it won't be in the policy booklet and that they won't deny a claim