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Mortgage payment protection

  • 31-01-2011 7:37pm
    #1
    JB81
    Registered Users, Registered Users 2 Posts: 587 ✭✭✭


    Hi all
    Not sure if this is in the correct place, but here goes.

    Am one year into a 35 year mortgage with my fiancee from EBS, and are paying so much per month for payment protection.

    We have a plan that will pay half our mortgage if one of us is out of work, or all the mortgage if we both are out of work. Now as far as i know this will pay out for 12 months.

    My question is if say for instance we are both out of work from tomorrow and we start taking the mortgage protection payments, what happens after 12 months if we are both still out of work? If we continue to pay mortgage protection will we still be able to avail of it? or does it just last for 12 months and that is it?

    I know the answer to this question is to check with EBS but i want to know what i am talking about before approaching them, as there is a possibility we may need to look at this in the near future due to work issues, anyone with similar experiences out there i would love to hear from you.

    Any advice / information would be fantastic,

    Thanks in advance
    JB


Comments

  • #2
    ferga_com
    Closed Accounts Posts: 159 ✭✭ferga_com


    If you receive a claim for twelve months, that's the end of the claim in respect of that redundancy.

    (Some insurers will continue your cover so if you get another job and are made redundant from it, you can claim another twelve months in respect of that redundancy.)

    By the way - don't mix up your Mortgage Protection life assurance with your Mortgage Repayment Protection, which are two completely different policies.
    progress.gif


  • #3
    JB81
    Registered Users, Registered Users 2 Posts: 587 ✭✭✭JB81


    Thanks for the reply,
    We have life insurance taken out with a separate company, so this is purely payment protection that we can claim if one or both of us is out of work,

    I suppose my question is, if we are both out of work for 12 months ( we will be able to avail of the payment protection ) however if in the 13th month we are still not working do we then have to start re-paying the mortgage payments as per usual.

    I'm sorry if these are stupid questions but having some tough times at the moment and just trying to get my head around it

    Thanks
    JB


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