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so what insurance should i get?
papagray1
Posts: 3 Newbie
hi myself and my wife at present are purchasing our home through a 'Genie scheme' which for no deposit we get to own a percentage each year of the property over 20 years, the costs are high but as we are unable to get together a mortgage my wife is 47 myself I am 58 and retired disabled.
can someone advise please we wish to insure against death and we are seeking advice we are unable of course unable to obtain mortgage protection insurance, so can anyone advise which would be the best insurance to buy to cover my wife if she died I could not maintain the costs if I died she could ! and due to my health I am uninsurable but have enough to bury me! so no advisors offering help just facts please
can someone advise please we wish to insure against death and we are seeking advice we are unable of course unable to obtain mortgage protection insurance, so can anyone advise which would be the best insurance to buy to cover my wife if she died I could not maintain the costs if I died she could ! and due to my health I am uninsurable but have enough to bury me! so no advisors offering help just facts please
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cheers its plain old life insurance had so much confusion nearly bought mortgage protection0
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mortgage protection can be life assurance. It is just a marketing name for different types of insurance.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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yes I understand that but the small print have been warned as its not a regular standard mortgage they could decline to pay out on that technicality not sure if level term might work better?0
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Most decreasing term assurance plans, which is basically what "mortgage protection" is when the meaning is mortgage life cover, are not directly linked to the mortgage and you don't actually have to have a mortgage to have the cover.
You could therefore consider this, or level term assurance with the latter being more expensive as the level of cover remains the same for the term.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
yes I understand that but the small print have been warned as its not a regular standard mortgage they could decline to pay out on that technicality not sure if level term might work better?
I am not aware of any life assurance provider that ties their life assurance into the lending that way. Please can you provide a name and link to show that?
Indeed, decreasing term assurance policies that are marketed as mortgage protection can be used for most financial needs where a decreasing sum assured is required but no mortgage exists.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 -
OP needs to distinguish between mortgage payment protection (afaik, covers the ongoing repayments if fall ill & unable to work), and life assurance (payable on death)..
getting a full length mortgage maybe tricky, at such ages.. best get proper financial advice!breathe in, breathe out- You're alive! Everything else is a bonus, right? RIGHT??0
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