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How Much Should You Insure For?
For mortgage protection purposes the initial sum insured must always equal the capital sum outstanding on your mortgage. You should also insure yourself for the same number of years that are remaining on your mortgage.
Hot Topics
- What is Mortgage Payment Protection Insurance?
- Mortgage Payment Protection Insurance pays your monthly mortgage repayment if you were off work due to sickness, accident, or unemployment. (Don’t forget that your home is at risk if you fail to keep up the repayment of loans secured against it.)
- For how long will the policy continue to pay your mortgage?
- The Mortgage Payment Protection Insurance will pay your mortgage for up to 12 months or up to when you return to work, whichever is the sooner.
- Are There Any Situations That Would Result In My Claim Being Refused?
- Yes there are the usual exclusions. These are summarised below but you should carefully read the paperwork that comes with your insurance documents.
- 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.
- Will you have to pay a fee to your mortgage lender if you don’t buy your Life Insurance through them?
- No! By law mortgage lenders are not allowed to charge a fee if you choose to shop elsewhere.
IMPORTANT:
If you need insurance that would pay your monthly mortgage payments if you were off work through sickness, accident or unemployment, then you need Mortgage Payment Protection Insurance.
If you need insurance that repays 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?
- Is there any investment value ?
- 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?
- 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 ?
- 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