Do You Have Any Protection?

anotheruser

Do you have any protection with your mortgage?
If you, or your partner are really ill or lose your job?

I sort of feel it's an insurance that I don't really need, but like breakdown cover, is fairly handy to have just in case.

amnblog

Fairly Handy???

How are you going to keep your home if you cannot work?

David_White

anotheruser wrote: »

I sort of feel it's an insurance that I don't really need

What is your reasoning for thinking you don't need it?

Paully232000

anotheruser wrote: »

Do you have any protection with your mortgage?
If you, or your partner are really ill or lose your job?

I sort of feel it's an insurance that I don't really need, but like breakdown cover, is fairly handy to have just in case.

Like most insurances, you may never use it after paying out for years. However, it is good to have if you need it. You pay it in the hope that you never need to use it as insurance is used mostly in negative situations.

chelseablue

I have insurance through my employer.


If I die my partner will receive 8 x my salary which would be enough to pay off the mortgage on our house


If I was unable to work due to illness/injury I would receive 50% of my monthly salary every month until I am retirement age, or I go back to work

nkkingston

Life assurance meant myself, my sister and my mother didn't end up homeless when my dad died four years after taking on a mortgage. It's no longer a legal requirement, but it's something you only want to consider not having if you have a really solid contingency plan (like Chelseablue's insurance, or a very large pot of savings).

We've gone for a policy that gets cheaper the less mortgage you have left for now, though we might change that in future. Have a look at all your options.

marsman802

I've got critical illness and life insurance cover. Costs circa £150pm for the wife and I on a £400k mortgage. Does pay out twice should we both have something happen - just gives some protection for the family which I feel is worth it.

We're with Vitality which actually does give some very good discounts. e.g. Virgin Gym membership is suddenly 50% off...on London prices that saves a lot! Depending on how fit you get (they have activity trackers to measure) you can save money on the premiums and even get 40% off BA flights. Pretty sure its the largest reward scheme in the world.

I don't need unemployment cover as I'm confident I'll get another job and can live off savings in the interim.

My job does offer death in service but it wouldn't pay off my whole mortgage

chelseablue

Sorry to add a question to the OP's thread but is unemployment cover worth having?


I've heard some policies don't pay out until you've been out of work for x number of months

Tigsteroonie

I don't have critical illness cover, my employer gives six month of sick leave at full pay. But I have taken out a term assurance, despite a decent pension scheme that would pay death-in-service of 4x salary; I'd like to think that no only is the house paid for, but that Marley wouldn't have to go to work for a couple of years once littl'un is older.

HappyMJ

chelseablue wrote: »

Sorry to add a question to the OP's thread but is unemployment cover worth having?


I've heard some policies don't pay out until you've been out of work for x number of months

You can choose the waiting period.

A 6 month waiting period would usually suffice during which time you would claim contributions based JSA and at the end of the 6 months if you've got over £16,000 in assets apart from your house and pension you would get nothing but if you've got insurance you can claim on the insurance to make the mortgage repayments without being forced to sell one of your assets.

I've got a BTL property which disqualifies me from most benefits so to me an insurance policy paying 50% of my take home pay for an extra 12 months is a good idea and due to the 6 month waiting period is quite cheap. If I didn't have the insurance I would have to consider selling the house which is something I refuse to do.

kingstreet

I have mortgage life cover, mortgage critical illness cover and family income benefit which pays £10k a year until our daughter is 18 if either of us die before then.

I didn't do PHI at the time and had a TIA in 2012 preventing me from doing so since.

I'm now in deep trouble if I get an illness which prevents me working but isn't serious enough to be able to claim on the critical illness cover.