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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
- Is Mortgage Payment Protection Insurance the same as a Mortgage Insurance Guarantee?
- No. Mortgage Payment Protection Insurance is totally different to a Mortgage Insurance Guarantee.
- Should you insure for accident and sickness or accident, sickness and unemployment?
- The Mortgage Payment Protection policies we offer gives you the option of insuring yourself for:
- 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.
- 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.
- 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.
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 is mortgage life insurance ?
- What happens if you need cover quickly in order to complete a house purchase?
- 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?
- Should you have a “Guaranteed” or a “Reviewable” policy?
- Is there any investment value ?
- What are the most common optional extras you can have with a Life Insurance policy?
- What is Mortgage Payment Protection Insurance?
- When would normal life insurance be used in connection with a mortgage ?
- How much should you insure for?
- Will you have to pay a fee to your mortgage lender if you don’t buy your Life Insurance through them?
- 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?
- Go to menu of Frequently asked Questions about Mortgage Life Insurance
- Go to menu of Frequently asked Questions about Critical Illness Insurance