Life insurance. Or mortgage protection still need?

Joy_mate

Hi all.
Thank you for your time, if anyone can help me.
I have life insurance from my employer with sum assured £200,000 also includes accidental cover and critical illness with sum assured £200,000 each. (For the term till I work there)
Recently I bought a new flat, having mortgage of £208,000 from Barclays.
So even though I have above covers from my employer, still I need to get mortgage protection insurance?
Thanks you.

Quentin

What happens if you leave/ redundant/sacked/ employers go bust

Joy_mate

Well in such I will get the new cover for life and mortgage too. But I was thinking until I have this cover its not Worth to pay for mortgage protection. Also there is no chance of redundancy not even for burst and I am not going to leave that job. Thanks

dunstonh

Well in such I will get the new cover for life and mortgage too.

What happens if you cant because your health situation is different?

But I was thinking until I have this cover its not Worth to pay for mortgage protection.

Do you have a financial need for the cover?

Also there is no chance of redundancy not even for burst and I am not going to leave that job.

That would suggest you work for the police as they are the only ones that cannot be made redundant (judges to an extent).

Joy_mate

What do you suggest? Shall I get extra cover for mortgage protection decreasing term?
Thanks

Quentin

Really is your call


If all your death in service benefit went to pay off the mortgage in the event of your early demise would any surviving residents suffer because of this?

Joy_mate

Well I can't predict...

Weighty1

Joy_mate wrote: »

Well I can't predict...

So if you can't predict then how are we supposed to know whether the employer provided cover is sufficient?

Also, what happens if you were to suffer a long term illness that causes you to leave employment. You'd be left with no cover and would potentially be in a situation where it would not be possible to arrange new cover.

Generally I see employer based cover as a nice "bonus" cover but not providing the same degree of certainty as having your own personal cover in place. Whether you want to spend the money that you would need to to arrange personal cover is entirely up to you though.