mortgage repayment protection

[elchanco1]

Hi every1...

When I got my mortgage two years ago I took out mortgage repayment protection (as advised by the bank).
My two year fixed term is nearly over so im looking at my options! The reason I took out this type of protection is because im in an unstable enviroment (electronic manufacturing) and the risk of my company out sourcing is possible in the future....

The protection only covers half my mortgage. Im thinking.... should
I carry on paying the protection?
If I stop the protection will i lose what i payed already?
Would my life assurance cover any aspect of been made redundent?

Cheers

 

[ClubMan]

Hi every1...

When I got my mortgage two years ago I took out mortgage repayment protection (as advised by the bank).

Never expect independent, professional advice in your best interests from a tied agent. Such policies are often poor value for money, loaded with commissions and only pay out in restricted circumstances and for restricted periods of time (cumulatively).

If you are worried about what you would do if you lost your job and did not have the income that you currently have for some period of time then assess your situation and ability to tide yourself over for some period of time (remember that you may be entitled to welfare payments and/or can probable get some work if stuck) and, if necessary, maybe look whether or not something like permanent health insurance or salary protection insurance might not be a better option. You may need to get professional advice but do so with a good multi-agency intermediary or authorised advisor and not a tied agent.

Would my life assurance cover any aspect of been made redundent?

No - only if you die.

 

[elchanco1]

"No - only if you die."

lets hope not......