No mortgage protection

[fredg]

Hi all,
discovered recently that my wife and i have no
mortgage protection.
what can we do??we're 3.5 years into mortgage
with ptsb,they say they cant give us any as mortgage has started,
advice please,job security v good at the moment but who knows round
the corner.cant believe its not essential in getting a mortgage.
we were'nt told to get it at time of getting mortgage.
help appreciated.
Fredg.

 

[ClubMan]

Hi all,
discovered recently that my wife and i have no
mortgage protection.
what can we do??we're 3.5 years into mortgage
with ptsb,they say they cant give us any as mortgage has started,

I presume that you're talking about mortgage repayment protection insurance as opposed to mortgage protection life assurance or something else here?

Mortgage Protection and Mortgage Repayment Protection Policies

Are you sure that you really need repayment protection? A lot of those policies offer really poor value for money and you might be better off using your current comfortable financial position to "self insure" by building a good emergency fund and/or accelerating repayment of the mortgage capital itself.

 

[fredg]

Yes its repayment protection.so am i covered with other
insurance in the unlikely event of losing job??
thanks clubman.
F.

 

[over2u]

I agree with Clubman, set up your own "insurance" fund in the form of about 6 months repayments in savings. Better Valu and good saving habit.

 

[ClubMan]

If you are really concerned about losing your income and want insurance for this then something like income/salary protection insurance or permanent health insurance would probably a better idea than mortgage repayment protection. The previous two are more general and may have less restrictive terms & conditions governing when and for how long they pay out. But get independent, professional advice if looking for this sort of cover and don't just go to your bank or some other tied agent who will just flog you whatever they have.