MPPI Questions

Tozom

Just looking to buy our first home and have some questions

The recommended companies to look at on this site seem to only ask for single person details, does that mean myself and my wife have to do separate policies or is there anywhere that does joint?

Also, if I have to do a single policy, should the mortgage repayment amount I put into the quoting tool, be half of the mortgage repayment as it is split with my wife?

ACG

You can do this in a number of ways - depending on what companies offer and what you want.

You can have joint cover typically for 125% of the mortgage amount. You can split this as to any percentage you see fit. eg you can do 50/50 or if someone earns 60% of the income in the relationship then you can split it 60/40.

Is there any reason why your looking at PHI?
Long term income protection means you can both cover upto 60%(ish) of your PRE tax income. This money can be used for whatever you like and it will pay out long term in the event of ill health/sickness (rather than just 12-24 months).

Tozom

We're just buying our first house and looking at the appropriate cover. On Cavendish online the Life & Critical illness cover says that after whichever is first, the claim is ceased. But should an illness to either of us happen, then I would want to still have the life assurance running to be paid out upon death. So was looking into 2 separate policies. Is this not the best way to go?