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.

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Will Mortgage Payment Protection Insurance pay out immediately you make a claim?
As long as you are off work for 30 days - you can then make your claim.
How long should I insure for?
It makes sense to keep the insurance in place for as long as you have a mortgage.
Do you have to buy your Mortgage Payment Protection Insurance through your mortgage lender or mortgage broker?
No, you don’t have to buy through your mortgage lender or mortgage broker and it will almost certainly be cheaper here online.
You want to ensure that your monthly mortgage repayments are paid on your behalf if you were off work due to sickness, accident or unemployment. What sort of insurance do you need?
You need Mortgage Payment Protection Insurance. This type of insurance is also know as Accident, Sickness and unemployment (ASU) Insurance.
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.
All proceeds from insurance policies are tax-free.

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.
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