Written on: 21/02/2011 by Samantha Barnes (2 reviews written)
When me and my long term partner split up i realised that if anything happened to me (like getting really ill or having a car accident) i wouldn't be able to pay the mortgage on my own. Up until then we had relied on each other, but now i began to worry.
A freind suggested Paymentshield because she had it and had already made a claim, and got paid, when she broke her arm falling off her horse.
So took it out and it was a good job i did, because at the end of that year i was made redundant. What a shock, but at the same time, how fortunate that i was insured.
In between writing for jobs and going for interviews i also hurt my hand when i fell of my bicycle. I was now aiting for the 3rd thing to happen (it always comes in threes, they say).
Anyway, although Paymentshield wanted lots of forms filled out, and wrote to my ex employer, while confirming i was registered at the job centre in Basingstoke, they did make the payments i was entitled to, so all in all, it makes me wonder what the other people on here did wrong.
Mt new boyfreind is an insurance broker and he says that this type of insurance is one of the most difficult for the underwiters to design, as they have to draw the line somewhere, or they would be paying out for evry little thing that could go wrong.
He says that if a perosn knows they are going to be made redundant, has an already existing illness, or a medical condition that the doctor is aware of, then it would be pointless taking out this iinsurance as they would not be covered. Its not like life insurance, where you're eihter dead or alive! its much harder to pidgeon hole, and if the insurers didnt lay down very strict guidelines, they would be apying out more than they get in, so the cost would sky rocket.