to cancel my mortgage payment protectiin insurance?

[bejeezus]

Trying to slash my budget. I can't afford to live. I'm not extravagent, so there ain't much to slash! I pay £45 for MPPI and 25 for house and content insurance. And £10 for cat insurance an' all.

I know its sensible to have insurance. But the reality is, I've never claimed on any of them and chances are I never will huh?

Tell me I am not BU and I can cancel them and save my money...

Thanks all-not so savvy afterall. Will cancel the insurance and have a few extra treats this month with the proceeds! I'm clearly a sucker for a good sales pitch and need to be more careful!

Not sure, although there are ads nearly every evening on tv.

Perhaps post in legal - there seem to be people claiming thousands, though that makes me think they must have been paying hundreds a month in premiums.

If you google ppi mis-selling, that should come up with some info, not just ambulance-chasing solicitors.

There was a post in Chat, I think it was, urging people to claim before the dealine.

Just found this - hth

here you are

we have life insurance to cover the remainder of our mortgage but nothing more. Too many loopholes to getting anything more but then our risk is low compared to some - 2 equal salaries when one would cover living costs

the buildings cover (home insurance) is compulsory when you have a mortgage it will be written into your contract. (the contents part is optional for your own possessions). if you cancel this cover and your mortgage company finds out (they can because the policies are often schemed in their names too, and they can ask you periodically to provide your current certificate) they will write to you asking you to provide up to date insurance. if you fail to do so they can actually take out a policy on your behalf and bill you for it or add the premium to your outstanding mortgage balance. If you repeatedly fail to keep your house insured they can actually in theory take you to court for breach of contract with a view to repossession of your property (very extreme and never gets to that length as most people just pay the insurance)

the MPPI is not normally compulsory. its to cover you for 12 mths for accident sickness or unemployment. as others have said only cancel if you think you could cope if anything happened to your health or your job. if you do cancel it is unlikely that you will ever be able to buy this cover again as it is not widely sold anymore and the premiums are now much higher.

you could get a life cover decreasing for prob around a tenner per mth.
i have no experience of pet insurance...i guess it depends on if you would be happy to have kitty put down if you couldn't afford vet bills :(

"...if you do cancel it is unlikely that you will ever be able to buy this cover again as it is not widely sold anymore and the premiums are now much higher."

I'm not sure that's true, to be honest. Moneysupermarket still do online quotes and it doesn't seem that expensive to me - I just did a test quote against an £800 mortgage and it came out at about £20 so that's a lot less than the £45/mth OP is paying, anyway. Or have I got something wrong?

have a good look at what is covered by the policy. Ask yourself what would happen in each case, and how you would cope financially.
I was fit and healthy until I was diagnosed with fibromyalgia. I have now been off work for a year.
Luckily I have income protection (slightly different policy) and potentially this could pay out until I am 65, giving me a monthly income without the stress of disability benefits.
Be very careful about cancelling one policy before you replace it too.

My MPPI is £130 per month on a mortgage which is £870, so £45 sounds cheap to me. Mine covers unemployment as well as sickness and would give me an income of £1200 per month for 12 months, if necessary. The unemployment cover is what makes it so expensive, but my dh used to work for a company that went into administration, and although we never claimed, I now know how easy it is for the shit to hit the fan.

Also, remember if you change your insurance company, many will not pay out for the first 3 -6 months, leaving you potentially uninsured, as you will be unable to leave the first policy in place until the new one kicks in (dual MPP insurance is not allowed ).

I didn't take mppi out because I though I won't need it - secure job and always can find a bother one. 2 months ago I lost my job and while I have some savings I'm now kicking myself for not getting mppi. Jobs are harder than ever to get and the stress is doing me in. I know I'll be ok without it butit will mean taking the 1 st job offered rather than something that really suits me. So think long and hard. Also after 10 years of no vet fees something is wrong with my dog and thank god I didn't cancel that insurance when I thought about it a month ago! Remember, when it rains it pours.

I would personally never cancel pet insurance because I wouldn't want to be in the position of having my pet put down because I couldn't afford the vet bills.

I think having an animal is a big responsibility and unless you have the savings in place to cover the cat in the event of an accident, I just don't think it's right to take the risk.

Thanks everyone

Rest easy, I won't cancel the cat insurance! I was a vet nurse for many years, so its an insurance that I have seen the value of having many times over

I can tell you about my experience bejeezus. I'd been paying MPPI for 8 years at £47.70 per month (A total of almost £4,600 for neatness). I had mulled about cancelling it to save money but thankfully didn't.

Last year, out of the blue, I was made redundant. I've now had 9 payments of £947.70 per month from the MPPI company with another 3 payments to go before the insurance runs out. That's £11,400 in total back.

AND the payment did not reduce when I came off a fixed rate deal onto the base rate which means I pay my mortgage and have £200 cash in hand!

Don't cancel your MPPI.

The government will pay out benefits to cover interest in the event of you actually being made redundant/falling ill OP, and your insurance provider will probably help out also by being flexible on terms.

If you arent going to be made redundant anytime soon, cancel your MPPI. Its money down the drain that would be better saved in an ISA or some other place where you will resist the temptation to spend it, but can be used on a rainy day. If the rainy day doesn't come (and for most it doesn't) then the money is still yours :)

Consider shopping around for the cat insurance tho, as someone mentioned further up thread, you could get a better deal on it.

I'd personally cancel the MPPI but that's just my own situation speaking.

cheap pet insurance is often a false economy. The cheaper ones are often not 'for life' policies, which mean they will only pay out for any condition for a year. Then, it is excluded as a pre-existing condition in following years. You are then stumped if you want to change company, because it is normal practice to exclude pre-existing conditions. If you have a 'for life' policy- it is just that; they pay out for a condition every year for the duration of the pets life (usually with an annual limit-but is quite generous).

So the cheaper policies are good for treating a cat which has broken its pelvis in an RTA for example (but wont cover any ongoing complications). But if your pet becomes diabetic/ hyper thyroid etc- it will not cover on going treatment. And really, it is the on going treatment of health problems that can be really crippling, and which often lead people to decide to put their pet to sleep. Plus, all the blood tests which are involved