Mortgage protection and life insurance

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brendanyumo

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I'm 46 and my wife is 38.We have an offer of an affordable apartment.What is the best deal in mortgage protection and life insurance for us.We're very confused by all the jargon and different offers.Please help us.
 
Have a look at this thread.

Mortgage protection is the cheapest and most basic cover.

Don't go on price alone-make sure the policy addresses your specific risks.
 
Mortgage protection is life assurance and there are different types as explained in that thread. Decreasing term mortgage protection life assurance is usually the cheapest form but you need to shop around and not just buy it automatically from your lender. Don't let them pressurise you into buying things in addition to the loan from them! If you need general life assurance then perhaps deal with this separately from the mortgage and its mortgage protection life assurance.
 
you can also get mortgage protection that covers you if your sick or become unemployed for more than 30 days!! This may only cover you for 12 mths at a time though and pre existing conditions are normally not covered.
life assurance is cover that will pay off the loan if one of you die.
best of luck with the hunt for the cheapest quote
 
poppy1 said:
you can also get mortgage protection that covers you if your sick or become unemployed for more than 30 days!! This may only cover you for 12 mths at a time though and pre existing conditions are normally not covered.
life assurance is cover that will pay off the loan if one of you die.
best of luck with the hunt for the cheapest quote
Click to expand...
This is not mortgage protection life assurance but mortgage repayment protection insurance. Check for previous discussions on this issue but many such policies are not great value for money, charge high commissions and only pay out in very restricted circumstances and for restricted (cumulative) periods of time. If you need this sort of cover then more general permanent health insurance or salary protection insurance may be a better deal.
 
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