life insurance/mortage cover

D4nny

im so confused with this and this may come across very stupid but what is the difference in terms of what each will cover?
as in life insurance will cover mortage payments if i was off work ill? or will it not?
same as mortage insurance does the above apply?
im wanting one or the other but dont really understand the full ins and outs of it all.
i want something to cover cover our mortage payments for instance if im ill and unable to work if there is such cover and also if the wortst happened to me would pay of the mortage for my other half.
iv looked on the usual comparison sites but is there a better way off getting the correct cover needed?

dunstonh

im so confused with this and this may come across very stupid but what is the difference in terms of what each will cover?

Life assurance is easy. It will pay out if you die. Mortgage cover is a marketing name used by some providers across a number of products. It could be life assurance. it could be a form of income protection or PPI.

iv looked on the usual comparison sites but is there a better way off getting the correct cover needed?

Use an adviser if you dont know what you need.

D4nny

Is there such a website where you can search for a teusted broker in your area?

dunstonh

D4nny wrote: »

Is there such a website where you can search for a teusted broker in your area?

https://www.unbiased.co.uk They check the adviser is regulated and their qualifications. Plus, they only allow independents and restricted but whole of market advisers to be listed (not restricted tied or restricted panel). They can show the nearest to you by postcode.

amnblog

If you use 'unbiased' watch out for the


' Only show sponsored results '


box at the bottom of the left hand menu on the results page.


You need to un-tick that box to get all local listed advisers up.


If you need some tips on selecting an adviser PM me for a link to a blog we have online on this subject.

D4nny

dunstonh wrote: »

https://www.unbiased.co.uk They check the adviser is regulated and their qualifications. Plus, they only allow independents and restricted but whole of market advisers to be listed (not restricted tied or restricted panel). They can show the nearest to you by postcode.

Brilliant thanks very much mate

D4nny

amnblog wrote: »

If you use 'unbiased' watch out for the


' Only show sponsored results '


box at the bottom of the left hand menu on the results page.


You need to un-tick that box to get all local listed advisers up.


If you need some tips on selecting an adviser PM me for a link to a blog we have online on this subject.

Thanks so much for your advice when i go on the laptop at the weekend il have a proper look and send you a pm then? If thats ok?

D4nny

so beofre i actually ring up to make an appointment with a financial advisor for life assurance ect how many comapnies offer a payment protection plan?
as im a big worrier that if i get injured during my job and cant work for 6months or a year my partners wage does not cover the mortage and bills i havnt read much into it but it seems payment protection does this for you or is there alot more to it than this? as in certain criterier you have to meet ect or if injured at work they wont pay out or whatever?
any help is really appreciated thankyou.

dunstonh

so beofre i actually ring up to make an appointment with a financial advisor for life assurance ect how many comapnies offer a payment protection plan?

You are talking about a permanent health insurance (PHI) policy. These are offered by a range of insurers with varying quality. There is also the budget payment protection (PPI) option. Less desirable but can fit with needs.

D4nny

dunstonh wrote: »

You are talking about a permanent health insurance (PHI) policy. These are offered by a range of insurers with varying quality. There is also the budget payment protection (PPI) option. Less desirable but can fit with needs.

Brilliant thankyou for that,iv never even heard of it but il make a not of it so i can ask about this.
Out of intrest if you dont mind me asking whats the difference with the budget payment protection?

dunstonh

Out of intrest if you dont mind me asking whats the difference with the budget payment protection?

PPI is short term insurance. It is typically underwritten at point of claim and only pays out for upto 12-18 months.

PHI is long term insurance. it can pay out until your selected end age and is underwritten at point of sale (they ask medical details at the start). PHI does come in a range of covers. Some of which are very budget in nature (more restrictions/limits). So, its not something that can be compared on price alone.