mortgage and income protection

sams3951

does anyone know can you take out more than 1 policy of mortgage protection? most policies have a limit of 2000 pounds per month and if you have a big mortgage 1 policy wont be enough? does anyone know? also can you take out your policy to provide you with income so say your mortgage is 2500 per month and you need 1000 to live on can you take out cover of 3500 to provide you with income over your mortgaeg repayments? any ideas?thanks!

Oscar_The_Grouch

Hi there

I think you probably need to speak to a financial adviser.

In general insurance, policies have a "contribution" clause. The same may be true for income protection.

Essentially, this says that if you have 2 policies to cover the same loss, each will only pay a proportion of the claim so if there are 2 policies both with a limit of £2,000, then they will only pay £1,000 each and you will have spent out twice for nothing.