Mortgate protection policies

Emma_P_6

I am just about to take an extended period of leave, and whilst it's illegal to make me redundant because I am absent, I feel a little invisible and want to make some provision for my mortgage, should the worse happen.

There has been lots in the press about mortgate protection insurance costs going through the roof - are they worth it now, or is it better to save as much as you can?

Also, are the policies means-tested, so that if you have savings and other investments, does it mean that you need to use these before the policies will pay out?

dunstonh

There has been lots in the press about mortgate protection insurance costs going through the roof

I tend not to read the printed press as its usually full of rubbish or written with an agenda.

Costs have increased as you would expect during a recession. We are still not back to the cost level that was in place during the last recession though. Putting the increases in context, we were around £6.50 per hundred in the last recession. They fell to under a pound per hundred in the good times. So, an increase was likely and that has happened.

Also, are the policies means-tested

no.