Mortgage Protection

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minestrone replied

16 January 2009, 09:16
A lot of these things only pay out when you are down to your last bean anyway.

Getting my warchest up to cover housing for a year was my first priority when I started contracting.
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BlasterBates replied

16 January 2009, 09:08
It'll be expensive, it is much cheaper to store up your own war chest, paying the insurance will hinder this process.
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BrilloPad replied

16 January 2009, 07:34
Originally posted by Ardesco View Post

I don't bother with any of these payment protection things, they will just wriggle out of them because I can't really lose my job unless I fire myself (which will probably not meet the criteria for a payout). It's just free money for them so they give you the hard sell but completely pointless IMHO.

WHS

Insurance is often great until it comes to pay out.
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Ardesco replied

15 January 2009, 23:11
I don't bother with any of these payment protection things, they will just wriggle out of them because I can't really lose my job unless I fire myself (which will probably not meet the criteria for a payout). It's just free money for them so they give you the hard sell but completely pointless IMHO.

When I bought my car I had a phone call from the car loan company telling me that I may have a shortfall if my car was written off in the first year because the interest would make the value of the loan worth more than the car and that I should get insurance to protect "me" against the possible shortfall. I laughed at her and said, "Let me get this straight, you want me to pay you money so that if worst happens I can pay you money?? you have got to be joking!!" The conversation sort of went downhill from there...
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Netraider replied

15 January 2009, 22:48
The only protection I could get was my mortgage paid for a year if I am unable to work due to long term illness.
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moorfield replied

15 January 2009, 22:43
Originally posted by kaiser78 View Post

Is it possible to take out Mortgage Protection cover as an IT contractor, especially given the current state of the job market ?

If so what are the issues and are there any recommendations ?

Thanks

Yes it is, but you will pay a stupidly extortionate credit-crunching premium for the pleasure.

Insurance salesmen (spit) will always give you whatever you want - for a price.

Probably more cost effective to heat your home with burning £50 notes once the Russian gas gets switched off.
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kaiser78 started a topic Mortgage Protection

15 January 2009, 22:24
Mortgage Protection

Is it possible to take out Mortgage Protection cover as an IT contractor, especially given the current state of the job market ?

If so what are the issues and are there any recommendations ?

Thanks
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