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How long should you insure for?
For mortgage protection purposes you should also insure yourself for the same number of years that are remaining on your mortgage. The initial sum insured should always equal the capital sum outstanding on your mortgage.
Hot Topics
- Life Insurance - why do you need it?
- You may want Life Insurance to provide some financial protection for the family or to cover the payment of an Interest Only Mortgage.
- What do you need to know about Life Insurance?
- Life Insurance pays out a tax-free lump sum if you die; there is no investment value.
- Should you consider Critical Illness cover instead?
- If you have no dependants or already have Life Insurance, you should consider Critical Illness Insurance instead of Life Insurance.
- Should you have a “Guaranteed” or a “Reviewable” policy?
- With a Guaranteed policy your insurance company Guarantees never to increase the premium at any time during the policy’s term.
- Should you include Terminal Illness Insurance?
- You probably won’t need to - most policies include Terminal Illness cover free of charge on all Life and Critical Illness policies.
IMPORTANT:
If you want insurance cover to pay your monthly mortgage payments if you were off work through sickness, accident or unemployment, then you need Mortgage Payment Protection Insurance.
If you want insurance cover to repay all your outstanding mortgage capital if you became critically ill, you need Critical Illness Insurance.
Frequently Asked Questions related to the above topic.
Click below if you wish to read them: -
- What happens if you need cover quickly in order to complete a house purchase?
- What do you need to know about life insurance
- You have a Repayment Mortgage. What sort of Life Insurance do you need?
- You have an Interest Only Mortgage. What sort of Life Insurance do you need?
- Should you include Critical Illness Insurance on your policy?
- What are the most common optional extras you can have with a Life Insurance policy?
- What is the difference between life insurance and life assurance ?
- How quickly will your application be processed?
- Do you have to buy your Life Insurance through your mortgage lender or mortgage broker?
- Go to menu of Frequently asked Questions about Mortgage Life Insurance
- Go to menu of Frequently asked Questions about Critical Illness Insurance