Income / mortgage protection

jlajla

I have an existing mortgage protection insurance policy set up by my mortgage advisor (not through my mortgage provider). I want to change the policy provider as the monthly premium has gone up and am considering going for an income protection policy instead.

Is this wise? Are there any benefits to mortgage protection as opposed to income protection?

With my existing policy it covers my mortgage and a bit extra each month. Ideally with income protection I would like to increase it so it covers other outgoings. Is this possible? Is it my choice how much I set it at?

I would welcome your advice.

jlajla

Hi, I'd appreciate any advice if you can offer some.
Thanks.

benjaminM

Hi,

Without knowing your full circumstances it is difficult to offer any concrete advice. You say you are looking for mortgage protection insurance, I take you mean mortgage payment protection insurance and not decreasing life assurance?

The first thing I would suggest is that the next time you take a MPPI policy out is that you ask about guaranteed premiums. This would stop the premium increasing. Its possible you have a reviewable policy which the means it can increase.

You can get a policies that covers mortgage payments, bills and income. One of the best ones that I have come across is Lifestyle protect with LV. I'm not sure about their prices but they would be worth contacting for a quote and it is a good product. You could also consider payment shield.

jlajla

Hi benjaminM,

Thanks for the reply and info.

I'm looking for a policy that will cover my mortgage and other outgoings - in the event of unemployment. I don't necessarily want sickness/illness cover included with it.

I'll take a look at LV. Thanks.

dunstonh

So, it sounds like you want standalone unemployment cover then. This is available although its not as widespread as it was before the recession.

chihuahuabear

If I were you I would look at some of the price comparison websites which deal with insurance and income payment protection. A good one to look at is http://quoteboffin.co.uk/. This way you can investigate the best policy for you and get a good price at the same time.

Wutang_2

chihuahuabear wrote: »

If I were you I would look at some of the price comparison websites which deal with insurance and income payment protection. A good one to look at is This way you can investigate the best policy for you and get a good price at the same time.

How many time are you going to spam up this awful website??

I will delete it from my quote so no one sees it once spotted...

Whats the crack jack??