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Confused about Mortgage Protection
esme_m84
Posts: 2 Newbie
Hi
I am trying to save a bit of money while on mat leave so looking into my mortgage protection. Husband and I spend about £48 pm on MP products. We have Life assurance cover for £23 pm and critical illness for £24 pm. I could really do with that extra money a month so I guess what I'm asking is if I really need both or whether I should temporarily stop the critical illness cover while on mat leave? Alternatively would it be better to look elsewhere for cheaper cover? Or dump both products in favour of a life insurance policy?(I don't really know the difference between life insurance and life assurance???) HELP!:(
TIA
I am trying to save a bit of money while on mat leave so looking into my mortgage protection. Husband and I spend about £48 pm on MP products. We have Life assurance cover for £23 pm and critical illness for £24 pm. I could really do with that extra money a month so I guess what I'm asking is if I really need both or whether I should temporarily stop the critical illness cover while on mat leave? Alternatively would it be better to look elsewhere for cheaper cover? Or dump both products in favour of a life insurance policy?(I don't really know the difference between life insurance and life assurance???) HELP!:(
TIA
0
Comments
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o I guess what I'm asking is if I really need both or whether I should temporarily stop the critical illness cover while on mat leave?
Statistically, you are more likely to claim on the critical illness.I don't really know the difference between life insurance and life assurance???
Assurance is used to cover something that will happen. Insurance is used to cover something that may happen or has restrictions that may lead to it not paying out if that event occurs. Assurance is used in the UK. Insurance is used in the US. Some providers have dumbed down to use insurance when it should be assurance.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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