Any insurance gurus here (not car related)

Goochie · 27-04-2006, 14:05

Having previously worked for a high tech company that showed no signs at all of going bump, I dont' feel so secure at my current place of work. We do a lot of automotive work and it wouldnt tak emuch for the company to get into difficulties. the soaring price of copper and the refusal of car firms to pay extra isnt really helping as we have to absorb the material cost increase ourselves.

Therefore I'm thinking of getting something more than the basic mortgage payment protection insurance.

Is it possible to insure 100% of your monthly income in the event of redundancy? The products touted by the mortgage companies generally cover just their payment (surprise, surprise).

thegavsters · 27-04-2006, 14:15

Quote:

Originally Posted by Goochie

Having previously worked for a high tech company that showed no signs at all of going bump, I dont' feel so secure at my current place of work. We do a lot of automotive work and it wouldnt tak emuch for the company to get into difficulties. the soaring price of copper and the refusal of car firms to pay extra isnt really helping as we have to absorb the material cost increase ourselves.

Therefore I'm thinking of getting something more than the basic mortgage payment protection insurance.

Is it possible to insure 100% of your monthly income in the event of redundancy? The products touted by the mortgage companies generally cover just their payment (surprise, surprise).

When we took out our mortgage the advisor went through redundancy cover with us. He basically said to us that we could get a monthly payout that would cover the bills. Basically we worked out what we pay out each month and both of our policies were set up to cover half the bills. I guess this is what your on about. it was seperate from our mortgage protection though.

Goochie · 27-04-2006, 14:41

Norwich Union will insure 60% of my gross income....... dumb question - is my gross income before or after tax and NI ?

**TaviaRS** · 27-04-2006, 14:54

Before

KentStu · 27-04-2006, 14:55

Gross income is before tax & NI.

Payment protection policies are almost always limited to approximately 50 to 65% of your gross income as anything more adds to the moral hazard of the insurer (i.e. gives the policyholder an incentive to get made redundant / unemployed). Also be very careful what you buy & read the policy very carefully as this type of policy is very risky for an insurer and it is likely that the wording will be very tight (i.e. exclude a lot of different things

)

27-04-2006, 14:05	#1
Goochie Briskodian Join Date: Jan 2004 Location: Up a tree. Posts: 12,363 Members Car: Thanks: 7 Thanked 27 Times in 25 Posts	Any insurance gurus here (not car related) Having previously worked for a high tech company that showed no signs at all of going bump, I dont' feel so secure at my current place of work. We do a lot of automotive work and it wouldnt tak emuch for the company to get into difficulties. the soaring price of copper and the refusal of car firms to pay extra isnt really helping as we have to absorb the material cost increase ourselves. Therefore I'm thinking of getting something more than the basic mortgage payment protection insurance. Is it possible to insure 100% of your monthly income in the event of redundancy? The products touted by the mortgage companies generally cover just their payment (surprise, surprise).

27-04-2006, 14:41	#3
Goochie Briskodian Join Date: Jan 2004 Location: Up a tree. Posts: 12,363 Members Car: Thanks: 7 Thanked 27 Times in 25 Posts	Re: Any insurance gurus here (not car related) Norwich Union will insure 60% of my gross income....... dumb question - is my gross income before or after tax and NI ?

27-04-2006, 14:54	#4
TaviaRS Dinosaur Join Date: Oct 2002 Location: North of the Watford Gap Posts: 14,942 Members Car: Merc E class & SLK Thanks: 19 Thanked 42 Times in 38 Posts	Re: Any insurance gurus here (not car related) Before __________________ A jolly sensible Mercedes E class saloon in a rather fetching bluey grey colour. No it isn't fast, no it isn't modded, and yes, it will still eat your Fabia for breakfast. Official mobile chicane for Briskoda trackdays

27-04-2006, 14:55	#5
KentStu Briskodian Join Date: Jan 2003 Location: Canterbury, Kent Posts: 1,906 Members Car: Yellow Octy RS Thanks: 4 Thanked 1 Time in 1 Post	Re: Any insurance gurus here (not car related) Gross income is before tax & NI. Payment protection policies are almost always limited to approximately 50 to 65% of your gross income as anything more adds to the moral hazard of the insurer (i.e. gives the policyholder an incentive to get made redundant / unemployed). Also be very careful what you buy & read the policy very carefully as this type of policy is very risky for an insurer and it is likely that the wording will be very tight (i.e. exclude a lot of different things ) __________________ Stu Yellow Octy RS & '58 Morris Minor Tourer Owner .......... not a hairdresser

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