how many of u have mortgage repayment cover Insurance - poll

We've Moved!

Our wonderful discussion forums have now moved to Facebook...

Click to join us in our HIGM ("Help I'm Getting Married") group!

RoseDawson Posts: 1494
I have mortgage repayment cover and am thinking about canceling it, I am in full time work in a fairly stable job (you never know) and frankly I am sick of shelling out the many €€€€ for this cover for the last 8 years or so. I am very tempted to cancel it, but also a little scared, like the day after I do I'll lose my job or something :o0 Any advice girls??
Ellefun Posts: 1312
I didn't take it out on the main mortgage but did on the top-up. It's €21.67 per month and I'm sending the cancellation letter today. It has so many clauses and ways and means for the bank/lender to [b:3s5ncwfb]not[/b:3s5ncwfb] pay that to me it isn't worth it. I don't even recall asking for or agreeing to have it on the top-up. At least it will be a bit extra in my pocket each month.
missymoomooo Posts: 639
I had one but just requested to cancel it last week. It was about €30 for me and i've decided that i'm happy enough that i haven't lost my job so far and doesn't look likely for me in the near future.
toureg Posts: 392
I never took it out in the first place. I have a public service job so thought i was safe enough for employment. 9 years into the morgage so far so good! ;o)
galwaygirl2010 Posts: 2447
I dont have it and never considered taking it out. There are far to many terms and conditions to it, reasons for the banks not to pay out if you need it etc. Ive heard too many stories of people who had it and the banks refused to honour it when the time came.
Bfp4me2013 Posts: 760
...........
anon29 Posts: 51
Yes I have it too..... Im in a permanent post in public sector (not that that means anything these days) but I was thinking of perhaps cancelling my own cover and keeping my husbands if he was out of work......did anyone do that?
Bigsurprise Posts: 961
[quote="anon29":2qn7cgzv]Yes I have it too..... Im in a permanent post in public sector (not that that means anything these days) but I was thinking of perhaps cancelling my own cover and keeping my husbands if he was out of work......did anyone do that?[/quote:2qn7cgzv] If you are in the public sector then you are paying for it already. Its called income payment protection and automatically comes out of your wages
Ellefun Posts: 1312
I'm actually applying for a refund of the premiums. I feel it was mis-sold. I wasn't even aware I had it up until very recently. I was advised about it when applying for my mortgage initially but me and the bank manager agreed it wasn't as applicable or useful to me so I didn't go with it. However, when I did my mortgage top-up they seem to have just taken the liberty to attach it. We'll see what happens anyway.
seedee Posts: 1017
[quote="Bigsurprise":36s32p8p][quote="anon29":36s32p8p]Yes I have it too..... Im in a permanent post in public sector (not that that means anything these days) but I was thinking of perhaps cancelling my own cover and keeping my husbands if he was out of work......did anyone do that?[/quote:36s32p8p] If you are in the public sector then you are paying for it already. Its called income payment protection and automatically comes out of your wages[/quote:36s32p8p] thats not true.