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Why should you have Mortgage Payment Protection Insurance?: Your home is at risk if you fail to keep up the repayment of loans secured against it.
Will a claim under a Mortgage Payment Protection policy affect any State benefits to which you may be entitled?: No. Whilst you are using Mortgage Payment Protection Insurance to replace your income and meet your monthly mortgage repayments, insurance payouts do not qualify as income in the eyes of the Benefits Agency or the Inland Revenue.
When would normal Life Insurance be used in connection with a mortgage?: Term Insurance is another name for Life Insurance. Normal Life Insurance is used if you have an interest only mortgage.
You want to ensure that your mortgage is paid off if you were to die or become seriously ill and could not work again. What sort of life insurance do you need?: You need either Life Insurance if you have an interest only mortgage, or Mortgage Life Insurance if you have a repayment mortgage. Then you need to add Critical Illness Insurance. You can do this all in one policy.
Should I include Terminal Illness Insurance?: Terminal Illness Insurance is generally included at no extra cost on all Mortgage Life, Life and Critical Illness policies.

Can you keep your Life policy on if you pay your mortgage off early?

Yes, you can.

As far as the insurance company is concerned, until your policy reaches the end of its term and you continue to pay the premiums, you remain insured.

Whilst many people decide to remain insured through a normal Life Insurance policy, fewer decide to keep their Mortgage Life Insurance policy on. This is because with a Mortgage Life Insurance policy, the sum insured is steadily decreasing and, towards the end of the policy’s term, the sum insured may be very low and hardly worth keeping.

All payments from insurance policies are tax-free.

Frequently Asked Questions related to the above topic.
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Hot Topics

Can you keep your Life policy on if you pay your mortgage off early?

Yes, you can.

Frequently Asked Questions related to the above topic. Click below if you wish to read them: -

Frequently Asked Questions related to the above topic.
Click below if you wish to read them: -