EBS changing the terms of Mortgage Prot Cover

mobpd

EBS are writing to all policyholders to say that due to large increase of redundancy claims in last year that all remaining mortgage protection policyholders have to stump up huge increases in monthly premiums

This is the 2nd time in 2 years

This time they also change the wait period for redundancy cover from 30 days to 90 days....

Has anyone here had the misfortune to make a claim under EBS policy with Glenworth? Do they "readily" pay up of find some delays / loopholes?

mendo

I've got the same letter, yesterday!

My premium will increase from 47 euro a month (564 euro a year) to 66 euro a month (792 euro a year) for a cover of 1000 euro a month for 12 months (for unemployment only).

Claims can be submitted only after 3 months of unemployment (the pay will be backdated by a month).

The time limit for submitting a claim is 6 months from the start of unemployment.

When I took the cover five years ago I was paying aprox 450 euro a year.

The 1000 euro will only be enough to pay for my interest for a month.

I am tempted to cancel the policy next year, but I think that is better to have it, if I can afford it, but it is not very good value for money.

My biggest concern is the fact that Genworth might not pay me when the time comes and I need to make a claim.

The Financial Regulator has warned homeowners to think hard before taking out this insurance as they may not be able to get a payout.


http://www.independent.ie/business/irish/mortgage-payment-insurance-bills-soar-40pc-as-redundancies-rocket-1644996.html

egan007

Change to a different company for protection...?

Lizzykins

I got one of those letters yesterday too. My premium is increasing from 28 euro to nearly 40. I'm pretty sure I'll cancel it. We owe about 30k and repayments are about 350 pm so I'll take my chances. Our employers will pay us for 6 months if we're ill and thank God the jobs are more or less secure.

Daysofyore

My husband and I received letter from EBS last week to let us know our monthly premium for mortgage protection was increasing. I read the booklet accompanying the letter and only then realised my husband and I had cover in case one of us became unemployed. Guess what??? My husband was let go (involuntarily) from his job in January this year. Have struggled, but managed, to pay mortgage ever since. Now discover we could have claimed on our policy but...... the company want to be informed within 180 days of the start date of the unemployment!!!! Really really kicking ourselves. We're well past the deadline now. Anyone any ideas on what our next step should be??? Is there any chance we are eligible to claim? Have been paying the mortgage protection for five years.

alphapa

genworth are a complete nightmare to deal with! i paid payment protection with them on a loan for 4 yrs and when i was let go they came up with every excuse in the book not to pay out! which means i paid 4 yrs for something that i could never have used!

kaiser sauze

egan007 wrote: »

Change to a different company for protection...?

Not ideal...there will likely be a lead time before any claim will be entertained.

In the current climate this is a big risk.

musiknonstop

What other companies offer a similar product?