Mortgage Payment Protection?

T

The Inquisitor

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Hi

Sorry if Ive posted this in the wrong place.

Im buying a house and remember (many?) years ago that it was possible to buy an insurance policy that would pay the mortgage for 12 months if a person was made redundant. I cant seem to find one online to buy now. Is this product now discontinued? Is there any way to insure mortgage payments or income against redundancy?

Thanks
 
Repayment protector and similar sounding names, died a death when everyone started claiming misselling and wanted a refund. Went up hugely in price as well at the time, don't think it's a product anymore, could be wrong maybe someone here still n the business knows.
 
Are you thinking of income protection insurance perhaps? They are still a product I believe. I can see one from a simple search on AIB's website.
 
kickstart said:
Are you thinking of income protection insurance perhaps? They are still a product I believe. I can see one from a simple search on AIB's website.
Click to expand...
Income protection still exists but is I would say a different product from what OP is talking about.

Repayment protector paid your repayments (or the amount you picked to insure yourself for) for up to a year usually in case of illness, accident or redundancy, or illness/accident/hospitalisaton if you were self employed. There were quite a few restrictions especially on the redundancy side, if there was even a whisper of redundancies in your place of work or previous ones then it wouldn't cover you, compulsory redundancies only too obviously.

Accident was the most straightforward one, plasterer breaks and arm and is out of work for 6 months then it kicks in after 30 days and pays out for example.

I sold many of these policies and had many claim on them too, only recommended them in certain circumstances, one particular situation would be if joint borrowers were both working in same factory for example, you never knew the day a company would pull the plug and when both incomes were tied to same employer that caused a big problem!

Problem was they were badly sold and badly explained/understood and you had to be sure the person actually qualified to claim any of the proposed benefits. Either way they became very expensive so were no longer any sort of value for money.
 
The AIB Income Protection insurance does not cover redundancy. It looks like no insurer does from your replies. Thanks
 
FWIW there was a slot about these types of insurances on the Claire Byrne show on RTÉ Radio 1 this morning in case it's worth listening back to.
 
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