Mortgage insurance

H

Humpty Dumpty

Registered User
Messages
33
Hi

Just about to buy, and have a question on insurance. I vaguely recall someone say something to the effect of having a life insurance policy that covers both reinstatement and mortgage protection? Am I picking this up wrong? Or do I need both?

Thanks
 
Lender needs you you have house insurance (fire etc.) & mortgage protection (life) insurance.

The reinstatement word/value usually refers to the house insurance.
 
You (@Humpty Dumpty) seem to be mixing to two different things.
  1. Mortgage protection life insurance - pays off the outstanding mortgage balance if a mortgage holder dies before the term is up.
  2. Home (buildings) insurance - pays out if the property is damaged/destroyed.
Your lender will generally require both to be in place and kept up to date.

There's plenty of information about both of these elsewhere on Askaboutmoney and on the wider internet. E.g.:

Types of insurance

An overview of the different types of insurance available and where to get more information.
www.citizensinformation.ie www.citizensinformation.ie
 
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