Mortgage Protection novice

Richard1c23

Hi All,

Just a quick question regarding mortgage protection insurance from a complete novice regarding this situation. Myself and wife have just been through the mortgage application procedure and related mortgage protection quote from Nationwide, who are quoting us £46 (approximate) a month on a joint policy. This is to protect the entirety of our mortgage in case of unemployment and sickness. I need to read through the finer details to understand eveything included.

I was wondering what sort of rates other (more experienced) users would say a respectable amount is to pay per month?! Any guidance would be greatly appreciated.

stephenni1971

You can't get advice here - all i would say is that there are plenty of providers so don't limit yourself to what your lender offers...

ACG

Cost is dependent on many things:
Age,
Occupation,
Amount of cover,
Quality of cover,
Term,
Etc...

If you want a comparison of the market you should speak to a mortgage of financial advisor.

d70cw6

you could just not get any of that !!!!!!!! and overpay by £46 per month

ACG

Interesting point.
What happens if you become too unwell to work?

My step brother spent 9 months in hospital after being diagnosed with leukemia at 30 (hes 31 now) hes been out 12 months and is still not well enough to work.

I also remember at my last place we had a client who said he would take out critical illness next time, next time came and he said the same again - less than a month later he had a heart attack. Too ill to work, not enough income to pay the bills - he went back to work and had another heart attack.

Each to their own, but nobody knows what is around the corner. I certainly do not do the hard sell on protection with my clients but I do think people are crazy for dismissing it outright for £20-30-40 a month. Some cover is better than none.

Rollinghills

I thought PPI was dead, haven't even thought about it. Might look into it, need to check what insurance hubby gets at work anyway and maybe bump that up a bit.

Richard1c23

Thanks for all the help, I'll have a shop around see what I can find out. As for not paying for insurance, I'll be honest I have a child on the way and not a great deal of money to fall back on if a situation does happen to arise, so I'd prefer the sense of security above all else.