Mortgage protection insurance

SamanthaD85

We are in the process of buying our first home and was wondering if we should get the mortgage protection insurance? If so which ones are the best? We are both in our twenties and have been told about the MPP by Halifax who we will have our mortgage with and they have made an appointment for us to talk to there MPP person and discuss if we need it or not, they said it isnt compulsory but maybe something worth thinking about.

Does everyone take the MPP out and how much roughly a month should it cost?

I have been looking online but not sure what im looking for as its all very confusing!

Thank you. (Sorry if this is in the wrong section)

dimbo61

this is a complex issue and you should have a look on the "which" website or read Martin,s article on the subject.
Will you get sick pay from your employer
Have you got LEVEL TERM LIFE ASSURANCE
Are you both fit and healthy ? or do you smoke,drink and watch TV all day ?
Do you have savings and could you manage on one wage?

dunstonh

Be wary, Martins article only covers PPI and not PHI. Often a PHI policy will be better.

All products are not the same. If its miles cheaper than everyone else then there is probably a reason for that.

allsmiles

Mortgage protection is not for everyone, but it could give you breathing space if you lost your income through redundancy or illness. The one most talked about is payment protection, which gives you 12 months(watch out! the cheaper policies on Moneysupermarket etc are normally only for 6 months!) to either find a job/recover or adapt to your new financial situation.
Check out independent providers (just type in "unemployment insurance in Google). The applications are quite easy as with payment protection you normally do not need to fill out a medical questionnaire, but make sure you read the eligibility and can confirm the statements.

Crinz

Halifax no longer offer Mortgage Protection Insurance in the traditional sense. They offer a range of products through Scottish Widows including Life Cover, Critical Illness cover and Income Protection (which is adaptable to your needs and can pay out for as long as you have the policy if you are sick)

If you want a PPI policy you will have to look externally