Mortgage protection insurance

James187

Hi

I am thinking of cancelling my income protection insurance and replacing it with mortgage protection only - savings will now cover the bills if anything happens and I'm just looking for piece of mind on the mortgage.

As I have a base rate linked mortgage, will I need to amend my policy each time base moves to amend the payout and premium?

Also, I've heard these policies only start to pay out once you've depleted your savings or are claiming Job Seekers Allowance? Is this true?

Thanks in advance!

dunstonh

I am thinking of cancelling my income protection insurance and replacing it with mortgage protection only

Is your existing income protection a Permanent health insurance version or a payment protection version? You may be able to amend the existing policy.

As I have a base rate linked mortgage, will I need to amend my policy each time base moves to amend the payout and premium?

With MPPI, yes.

Also, I've heard these policies only start to pay out once you've depleted your savings or are claiming Job Seekers Allowance? Is this true?

No on savings but under unemployment cover, you have to be signed on to get a payout.