is mortgage protection and life insurance the same thi

veryhopeful77

we are awaiting a moving date and have the mortgage offer, the mortgage advisor said we must have both of the above. does it mean if one of us loses a job, or gets injured or cannot work or dies all the bills and mortgage would be paid off? do i really need both? said i need buildings and contents too all on top of monthly mortgage payments is this right? she is also saying we must have a will too! all sounds expensive

josievg

Big topic. Very basic answers below.

First of all the only thing on that list that is compulsory (ie the lender will insist on it) is buildings insurance to insure the building itself.

Contents Insurance - to insure all your possessions and fittings inside your house. Sensible and normal to have this.

You can get a combined buildings and contents insurance policy.

Life Assurance
Have a read of the article on this site
http://www.moneysavingexpert.com/mortgages/cheaper-life-insurance

It's optional and will depend on your circumstances whether you think it's worthwhile. Basically if there is someone (dependent, partner, kids) who would struggle to pay the mortgage on their own should you die then it's worth having.

Mortgage Protection
Another article on this site covers this
http://www.moneysavingexpert.com/mortgages/payment-protection-insurance

Read the pros and cons of mortgage protection carefully to decide whether you think it's worth it or not.

Finally, bear in mind you do not have to purchase any of these products via your mortgage advisor. You can arrange any of them yourself or through another IFA.

BargainGalore

Life Insurance Advice
:spam: cant advertise you company on here


Very unprofessional of a company to spam forums especially when they dont bother to read the rules on here

MF2015

Life_Insurance_Advice wrote: »

Kind regards,

Barry Spammer Spammerson of Spamville
Insurance Adviser - Spamme somemore

SMAM, and reported.

dimbo61

Most solictors have november as wills month and offer the service at a cheaper rate.
Please have a will done for both of you
Use comparision websites to get the best deals on combined buildings and content insurance each year very MSE !
Life assurance is vital if you have kids or wife/husband could not afford mortgage on own.
Its bad enough to lose ones partner through sudden death without having to sell home as well.

luckyfool

Depending on your age and health, life insurance is peanuts, if you have kids or a spouse/partner then it is criminal not to make sure you have it. A 30 yr old non smoking couple can protect a £400k mortgage for around £20-25 a month.