Confused by policys.

dreaddan

Hi, I'm looking at saving some money on our various insurance policies.

I have the following:

Mortgage repayment Plan, Mortgage Protection Plan with Critical illness and a Income Protection plan.

Now, my understanding is that the Mortgage Payment Plan covers the mortgage payments for up to a year.
The Income Protection plan, provides a income until I return to work. This has a 52 week deferred period.
The Mortgage Protection Plan with Critical illness basically pays off the mortgage if I die or have a Critical illness..

Have I got these rights or am I, as I suspect way off?

If I am right then, surely it's probably better to have just Mortgage Protection Plan with Critical illness and a Income Protection plan with a low deferred period?

Thanks

Dan

payless

Your are not 2 far off...

Mortgage Payments Protection (aka MPPI) can also be used to cover unemployment.
But if that element is not required ...

Depending on personal circumstances (age, occupation, gender, health, employer based sickness cover, savings)

MPPI with a longer deferred Income Protection (aka PHI) can sometimes ( but not in all cases) work out cheaper than a shorter deferred PHI policy ---- its a individual thing that needs careful research.