jjones

With the faltering economy I am considering some redundancy insurance to cover the cost of the mortgage payments.

We have a fairly small outstanding amount (3 years remaining) and are looking to cover about £750. Looking around at online quotes such as Payment Protection Insurance to cover a mortgage, loan or income from British Insurance are showing about £15 a month for unemployment cover only.

any good/bad experiences with these kind of companies/policies? anyone recommend a policy?

jonc

Read the small print carefully on any policy you decide. Many won't allow you to claim until at least 3 months after the end of the redundancy consultation period; the day you officially end employment. I had this on my policy on my previous mortgage and couldn't claim as I found employment within the three months. I wasn't entitled to any claim because of this. Depending on what industry you work in its a waste of money IMO.

PaulC72

TBH waste of money IMO unless you are a lazy sod who won't do anything to pay the mortgage