Other Thinking of cancelling income protection policy

D

Dr.Phil

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Hi would like some opinions from people in the know.

We have a 35 year mortgage since 2008 costing us E1116 per month and on top of that we have house insurance policy of E23, mortgage protection of E53 and also income protection of E63.50 with Genworth. Our insurances are costing us in the region of E150 per month. We are meeting our mortgage payments but I am trying to cut down our spending this year.

I was thinking of cancelling our Genworth income protection policy. Am I mad to be thinking of this? Just to say both my partner and i work in v. small companies in the private sector.

Any opinions appreciated!
 
I would think the product you have with Genworth is mortgage repayment protection cover (MRPP). You will find a number of threads on the subject on this site. Like any policy there are pro's & con's to the cover. You will need to do a little research before making a final decison.


www.powerinsurances.ie
 
It may be worth checking the policy to see if you have redundancy cover as you both work for very small companies. This cover could prove valuable.
 
I had income protection and unfortunately had the need to use it and will be using it for the next 20 years so think carefully before cancelling
 
Income protection is a different product though, mortgage repayment protection usually only pays out for 12 months. As already said there are pros and cons to it.
 
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