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is mortgage insurance compulsory

i am self employed,i was working for an agency for a year and am now laid off,i have unemployment insurance,i can claim but it takes a while to actually receive any sort of payment,i hopefully will get work soon even if its temporary,so my question is is it worth having this insurance or should i scrap it and save the £18 every month,my partner has it too she is empoyed directly by the council could she cancel hers

Comments

  • betmunch
    betmunch Posts: 3,126 Forumite
    No-one on here can answer that for you. Insurance and what is worth it is a personal thing.
    Do you think its worth it? If not you cancel it, if it is then you keep it.

    Very simple, however every single person will have a different view on what price it becomes not worth it.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • bigadaj
    bigadaj Posts: 11,531 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper
    If you're self employed and take on agency work you might have problems claiming, if you do then complain about a mis sale and you should at least get your premiums back.

    Your girlfriend sounds as though she is in secure employment, so might not be worth it, in many situations it would be better to save the money into a rainy day emergency fund and draw on that when times are hard.
  • ACG
    ACG Posts: 24,012 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    I agree with bigadaj.

    Im not sure you will able to make a claim - but i could be wrong.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • bricktop_2
    bricktop_2 Posts: 14 Forumite
    thanks for replies,i may well cancel it i wont be able to save the money but its one less payment going out
This discussion has been closed.
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