Is it possible to buy Joint MPPI?

tonylord

Hi there, I'd appreciate some advice on buying joint MPPI.
My partner and I are buying our first flat in Brighton this summer and are looking to protect our payments. We've decided not to buy life assurance now, as we have no kids (we're gay, so that's not on the cards for a while either!). However, we are going to buy MPPI. We've read Martin's artcile on the subject, which is really helpful, but we're still confused.

Our mortgage payments will be about £1111 a month and we're going to contribute equally. So how do we go about buying MPPI? I haven't found a policy that provides joint cover, so if this doesn't exist, should we both take out separate cover for our halves (£555 each) or what?

This can't make sense - surely there are plenty of people who want joint cover?

Any ideas?

Thanks

Tony

herbiesjp

There are indeed joint polices for MPPI - they can also be set up on a 50/50 if each contributes equally to the mortgage, or on a different basis to cover the appropriate need. Where have you looked for the MPPI cover.

Just a point on the life cover - being gay does not necessarily mean there is no need for life cover, and it is not needeed only when children are around. It makes sure that if either partner were to die, the remaining partner would not be burdened with a mortgage to pay on their own, or force a rushed property sales at an already stressful time.

Hope this helps

tonylord

Thanks to both of you for your advice!
We haven't asked our bank yet (we're going with the co-op - money saving and ethical!) because we wanted to see (in true money saving style) if any of Martin's recomendations provided joint cover first - Martin - do you have any ideas?

herbiejp - thanks for your advice. You're right that we should consider life assurance too, but we're trying to reduce costs as much as possible at the moment, and it's probably not that necessary at the moment.

Any other Money Savers got cheap joint MPPI?

Thanks

Tony

May

I'm confused about MPPI's. I want to protect my mortgage should I become unemployed or worse happen.
However, I have read every where that MPPI's should not be bought from your mortgage lender as they charge the highest rates. The latest that I have read, is that Market Harborough BS based in Leicestershire offers on a £500 a month mortgage, a premium of £150 a year - the Halifax charges up to nearly £300 for the same policy.
Can anyone advise what kinds of policies there are and what do's and don'ts there are for buying MPPI?