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Mortgage protection and Sickness cover
chocolatewine123
Posts: 2 Newbie
HI My husband left me 7 yrs ago and I took on the mortgage which was £50,000 at the time. I took out a mortgage protection cover and sickness,accident and redundancy cover with Aviva to safeguard me. I am still paying £21.43 pm, which doesn't sound much but does add up when I am on part time salary and no maintenance now as my kids have grown up.
I moved into another house with my new partner and all four of our kids, we both sold our old homes and now have joint names on the new mortgage,(£88,300) which he pays by DD from his personal account, in the event of his death his death in service would cover payment of the mortgage.
Do I continue paying the sickness cover and transfer the mortgage protection across, or cancel the policy? Any thoughts.
I moved into another house with my new partner and all four of our kids, we both sold our old homes and now have joint names on the new mortgage,(£88,300) which he pays by DD from his personal account, in the event of his death his death in service would cover payment of the mortgage.
Do I continue paying the sickness cover and transfer the mortgage protection across, or cancel the policy? Any thoughts.
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Comments
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DIS for your partner covers him passing away.
ASU (accident, sickness and unemployment) covers you being unable to work for one of those reasons.
The 2 policies cover very different things.
As for whether you need the ASU policy, what would you do if you could not work? You say £20 a month adds up, where would you be if you could not work/were made redundant and you did not have this policy?
Also, with brexit on the cards and nobody having a clue what will happen. Unless you work in a recession proof industry (GPs receptionist/Bailiff for example) I think I would be keeping hold of that policy just in case. You might not be able to get a new policy if it all hits the fan.I am a Mortgage AdviserYou 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.0 -
OK thank you for the advice.0
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Yeah sods law says a week after you cancel the insurance you will need it!
The thing with all insurance is that everybody hates paying it, but if you need it, then it can be a lifesaver
I know this first hand, my parents place had a fire and their home was a total loss. If was knocked down, rebuilt and everything replaced. All paid for by insurance. I am convinced that if my parents didn't have home insurance (as many don't), and lost everything, my mum would of topped herself0
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