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    • Logitec
    • By Logitec 16th Jun 17, 5:28 PM
    • 1 Posts
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    Logitec
    Protection shortfall (amount and years)
    I've neglected our mortgage protection. We extended the term of our mortgage a few years ago and we've recently borrowed more too for an extension. So we have level term protection of £388k to 2031 but the mortgage is £456k to 2038.


    Should we take out a policy just for the extra borrowing for now (and take out a further policy in 2031) or should we take out a new policy for £456 to 2038?


    I hope this isn't too much of "How long is a piece of string?". I will obviously do my research now but wondered if there was an obvious answer...
    • dunstonh
    • By dunstonh 16th Jun 17, 5:36 PM
    • 89,593 Posts
    • 56,067 Thanks
    dunstonh
    Should we take out a policy just for the extra borrowing for now (and take out a further policy in 2031) or should we take out a new policy for £456 to 2038?
    What if you become uninsurable by 2031 (or 38)? Even if not uninsurable, your health could be an issue and result in higher premiums.

    If you are in good health now, then you should change it now.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Vera Stanhope
    • By Vera Stanhope 18th Oct 17, 3:34 PM
    • 1 Posts
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    Vera Stanhope
    We are in the process of claiming on our MPPI policy and the insurer is saying that the deferred period of 60 days goes from start of Jobseeker's Allowance being claimed. Is this normal? We have letter from employer outlining the redundancy so this should be all that is required.
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