Mortgage Payment Protection Insurance

w00519772

I asked a question about income protection and critical illness cover some time ago and I did get some good answers.

I have lived in my house for six months. I have paid £1400 for the mortgage each month instead of £541 (I can pay 10% overpayment each year). If I continue like this then I will pay it off in just over seven years instead of 25 years. However this is a best case scenario.

Is there anyone else who is in the same boat as me. Do you have MPPI? What term did you choose? 25 years?

dimbo61

If you have the mortgage paid off after 7 years you can always Cancel the MPPI.
We have Level term life assurance which covers us until I am 65 but we have nearly cleared the whole mortgage in 8 years ( Untill we took out another mortgage)
The monthly premium does not increase over the whole term and the amount does not decrease ( Level term)

w00519772

dimbo61 wrote: »

If you have the mortgage paid off after 7 years you can always Cancel the MPPI.
We have Level term life assurance which covers us until I am 65 but we have nearly cleared the whole mortgage in 8 years ( Untill we took out another mortgage)
The monthly premium does not increase over the whole term and the amount does not decrease ( Level term)

Does Life Insurance include Critical Illness and Income Protection?

amnblog

Not as standard, but some products offer the other forms of protection as add ons.