Mortgage insurance cover

drewster_2

Hi everyone,

I'm getting a joint mortgage with my partner (woo hoo!) and I'm just wondering about getting cover for it.

Is there such a thing that would cover the mortgage should I get ill, lose my job and/or die?!? :rolleyes:

I know you can get cover should I die, but I'd like the security of cover if I lost my job etc. I have looked around and can't seem to find anything.

Could anybody help please?

maninthestreet

You mean mortgage payments insurance (MPI).
There is also critical illness cover, which will pay a one-off lump sum if you fall in with one of a pre-defined list of illnesses, e.g multiple sclerosis, but won't cover you if you are made redundant.

dunstonh

There are different types of cover depending on your requirements.

House insurance (buildings and contents)
life assurance
permanent health insurance (PHI)
accident,sickness and unemployment (ASU)
critical illness cover.

ASU covers short term unemployment (upto a year typically)

drewster_2

Are there any 'best' providers out there?

dunstonh

drewster wrote: »

Are there any 'best' providers out there?

Some are better than others. Some are certainly worth avoiding but it really depends on what you are looking for.

Personally, I am not a fan of ASU plans. Too many get out clauses, not underwritten to circumstances and oversold when PHI would be better.

There has also been an increase in "new" providers who appear to have shaved off bits of cover here and there to be cheap and if you dont compare like for like, you can end up paying into something that isnt going to cover you.