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Will the Mortgage Payment Protection Insurance pay your interest and capital?: You decide how much you want the insurance to pay out each month if you’re off work. So make sure your cover is sufficient to meet your full monthly repayment to your mortgage provider.
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.
What is Mortgage Life Insurance?: Mortgage Life Insurance is sometimes called Mortgage Protection Insurance.
You have an Interest Only Mortgage. What sort of Life Insurance do you need?: You need normal, level cover, Life 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.

Should you have a “Guaranteed” or a “Reviewable” policy?

A Guaranteed policy is usually better value overall but a Reviewable policy will be cheaper at the outset.

With a Guaranteed policy the premium you pay will remain fixed for the duration of the policy.

If you have a Reviewable policy, the premium will be reviewed and increased at regular intervals (for example, every 2 or 5 years).

You’ll find that Reviewable policies initially have lower premiums but, over time, Reviewable policies usually work out more expensive than guaranteed policies.

We’ve found that many Insurance Companies have now stopped offering Guaranteed rates for combined Life Insurance and Critical Illness policies. However it is still worth looking for such policies. If you can find a Guaranteed Mortgage Life Insurance and Critical Illness policy for you at a price you can afford, it would definitely be worth thinking about.

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