Prime Time

laurak265

Two years ago, prime time had a show about how the banks were ripping people off by selling them insurances they didn't need. One of these were income protection insurance. They told the public it was a waste of money and the banks were trying to get money out of people!!

Income propection insurance can cover your mortgage repayments for up to a yr on the lose of a job or someone who would be out of work. After the prime show, 90% of people cancelled this insurance thinking they didn't need it and it only cost about 25euro a month.

Where is prime time now?? How many people or couples have lost their jobs and are at sea as to how to pay their mortgage??

Just a thought!

kippy

I thought that the majority of those income protection schemes covered illness only (ie not redundancy)
You can get redundancy protection but you needed to specify it.......
There are differences between the various protections available.
I have salary protection which I recently took out as I have no other form of cover for serious illness cutting short my working life.
Kippy

laurak265

I know a mortgage broker and he said they cover both or can cover both but i think no one saw this coming.

MysticalSoul

I thought it would be common sense to have it. I have payment protection on my credit card, and there were times I was tempted to get rid of it, but I always felt, is a little well spent, even if I never need to use it, same as having VHI is. It is worth paying a little for peace of mind IMHO.

m'lady

Can anyone tell me what sort of income protection can you get that protects in case of redundancy?
I have tried doing a search, but all the types of protection I have got is that it will cover you in the event of an accident etc, but not redundancy.. thanks!

ntlbell

m'lady wrote: »

Can anyone tell me what sort of income protection can you get that protects in case of redundancy?
I have tried doing a search, but all the types of protection I have got is that it will cover you in the event of an accident etc, but not redundancy.. thanks!

Friends first do income protection give them a ring and see what your options are i would say in todays climate trying to get redundancy protection would be hard or very expensive

m'lady

Thanks ntlbell.. ill check it out!

ntlbell

m'lady wrote: »

Thanks ntlbell.. ill check it out!

I think canada life also offer it

godtabh

laurak265 wrote: »

Two years ago, prime time had a show about how the banks were ripping people off by selling them insurances they didn't need. One of these were income protection insurance. They told the public it was a waste of money and the banks were trying to get money out of people!!

Income propection insurance can cover your mortgage repayments for up to a yr on the lose of a job or someone who would be out of work. After the prime show, 90% of people cancelled this insurance thinking they didn't need it and it only cost about 25euro a month.

Where is prime time now?? How many people or couples have lost their jobs and are at sea as to how to pay their mortgage??

Just a thought!

Good luck to you getting money from the policy. Read the fine print

gurramok

I looked this up before. I was illeglible and the reason i think from memory was that i already had health insurance, so look at the terms and conditions before you take the plunge.

Show_me_Safety

Genworth offers Mortgage Repayment Protection, which covers redundancy. they'll cover your half of the Mortgage for 12 months.

the criteria is strict enough and don't cover people are a self-employed iifr
www.genworth.ie/13.html

*i havent a connection with them btw.

godtabh

I read the t&c of one provider. It stated that if you suspect or it is suspected that you face redundancy in the next 6 months your policy is void.

Any in the construction industry, bankers, politicians etc wont be wasting their money if they thought that the policy would pay up