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Income Protection Home Mortgage Insurance?

Question by s | Posted in Insurance

Hi, My company has lost a contract and I have big chances of loosing my job.... I went to buy income protection insurance for myself to support me and my daugter.....
What are the things that i need to consider to make sure that as i hear around people saying that the insurances do not pay back most people.....

Answer: If you have life insurance from a mortgage company, then you have what is known as "decreasing term insurance.' That means premiums remain level, but the coverage decreases over time. But as you mention earlier, you also have other financial responsibilities such as your daughter and maybe some other debts. That means this type of life insurance is not enough to cover your other financial responsibilities.

Insurance is not suppose to pay you back. Its an agreement between you and the insurance company that as long as you pay your premiums, the insurance company will be responsible for paying for claims. In life insurance, the principal still holds true. Don't be fooled by
 
 

What Is The Best Insurance To Get For A New Mortgage? Income Protection? Life Assuance? Critical Illness?

Question by hmms | Posted in Insurance

Just got a mortgage for the first time, and am dizzy with all the insurance options, those sold to me by my mortgage broker, are for life insurance for the borrowed amount £68,000 and critical illness and income protection too incase i lose my job? this will cost me nearly £60 a month which i can ill afford. i already get 2x my annual salary £17,000 life assurance from work and 50% of my salary as part of the income protection scheme at work. the only risk is losing my job? i have researched myself round in circles.. what should i do.. healthy male non smoker 32..

Answer: lifeinsurance.awardspace.info - try this one. I have their insurance and, as remember, they can provide such a service.

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Can I Claim Job Seekers Allowance And Income Protection Insurance?

Question by William | Posted in Insurance

I have recently been made redundant.
I have a mortgage for my house. (which I pay an income protection insurance for)
40% share in a recently inherited property (which I get around £200 rent for)
I have been told by the income protection insurance I need to wait for my job seekers allowance to process pre the department of pensions being able to complete their section in my claim form.
I am worried that if job seekers allowance is not aproved I may not be able to claim for my income protection?

Answer: JSA isn't means-tested so there is no reason why you won't get your benefit.

That day will be the commencement date of your income protection benefits - depending on the policy you will have to wait 30 days before being paid for the first 30 day period - assuming your policy is on a back-to-day-one basis (which is the type we always recommend).

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Is Selling Mortgage Protection Insurance A Good Job?

Question by knology_slave | Posted in Insurance

I have been offered a job selling mortgage protection insurance. All sales leads are pre-generated and there is no "cold calling."
Of course, like any sales job, the company has assured me that I can earn a six-figure income within the first year; but I don't know what to believe.
Anybody know anything about this industry?
Is this a waste of time?

Answer: It depends on whether or not mortgage protection is the only thing you're allowed to sell. Mortgage protection is a great door opener. People are not very open to discussing life insurance out of the blue, but a discussion of their mortgage payment disappearing is an effective way to get them thinking.

As usual, when life insurance is involved, always ignore Judy. Her post here illustrates perfectly. She apparently hadn't even heard of mortgage protection, and yet she jumps right in! Mortgage protection is nothing more than a decreasing term policy designed to maintain a death benefit sufficient to pay off one's mortgage in the event of death. Generally, if there is any other

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Can You Recommend An Income Protection Insurance Plan?

Question by john10001 | Posted in Insurance

Can anyone recommend an Income Protection Insurance plan? I was looking for something that covers for "unemployment only" doesn't cost too much per month but has good cover.

Was looking for something with payments after zero or 30 days max and to get about 50 to 60% of my salary. Not interested in ASU just the U part, and not interested in mortage insurance as I don't have a mortgage. Is there anything you'd recommend looking at?

Thanks,

John

Answer: Look out!! Most so called "Income Protection Insurance" is simply a LIFE policy. Agents will make it look like its something else but it is not income protection. I worked with an agent that used to sell this (for a major well known company) and he was always having people call him letting him know they were out of work and then he would have to explain to them it was only there if he died, then it would be "income protection" for his loved ones. Before you buy anything, ask the agent if you could have the name of someone that has collected from this policy. If they tell you none of their customers has needed it yet... they lie.
Please be EXTREMELY careful.

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Testimonial - Income Protection Insurance

Income protection is designed to provide a replacement income if you are out of work due to illness or disability. The payments are made as a ...

Income Protection and Mortgage Payment Insurance « cheap fendi ...

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Both policies ensure that if you should lose your income after suffering from an illness or an accident or if you become unemployed you would have something to fall back on. Income protection and mortgage payment insurance can be found with an... Income protection and mortgage payment insurance are two both very valuable insurance policies that you are able to take out for a small premium each month if you choose to buy from a specialist in payment protection....

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