Mortgage Protection Cover

hulahoop09

Hiya

We have had a mortgage with halifax since 2008 on a 5 year fixed rate. We also pay about £65 a month mortgage protection cover, I was just checking this is a normal thing for everyone with a mortgage to have and that we arent being ripped off. Lol.

It was our first mortgage so we just accepted pretty much what the advisor advised us

Thanks!

kingstreet

Lender insurance products tend to be more expensive than those available from more competitive distribution channels and aren't of equal quality in my opinion.

Unless you tell us what protection you have, we're going to struggle to give you anything other than the above generalisation.

ACG

Mortgage protection can mean unemployment cover, sickness cover or life cover.

As kingstreet says we need to know a llittle more about the cover.

What it covers you for, how long the term is, how much cover and also a little about you...your age, male/female, smoker, we can atleast give you a rough idea then.

But it is usually more expensive if you take cover out through a bank rather than an advisor.

dunstonh

It was our first mortgage so we just accepted pretty much what the advisor advised us

Was that an independent adviser or the bank sales rep? The latter is the most expensive distribution channel (actually St James Place is but they are owned by a bank so close enough). Getting ripped off is unlikely. Paying more for the cover is more likely. Paying more does not mean you are getting ripped off.

hulahoop09

Thanks for the replies. I believe it covers us for some many months of unemployment also long term sickness and I believe if one of us passes.

I am 28 my husband is 26, both non smokers. I am on maternity leave at the moment but normally work as a medical records clerk. Hubby works in a small warehouse picking and packing.

I will have to find out the paperwork.

Thanks again!