Mortgage Protection Payment Insurance?

aussie_in_wales

Hi MSE, 
Given these uncertain times I've been considering if purchasing mortgage protection payment insurance may be a good idea. I've never really thought about purchasing it before.
In way of a background, I work in the private sector and the sick pay given by the company I work for is quite limited, 5 days per rolling 12 months full pay. I am the sole mortgage payer.
I've been reading some articles on it but I was wondering if there are any loopholes which people know of which I should look out for when deciding on a policy?

dimbo61

What level of life assurance, critical illness and mortgage payment protection is up to you.
Each has a cost !
What I would recommend ( Martin also agrees ) Is Level Term Life Assurance to cover the outstanding mortgage amount.
Shop around and get this as cheaply as possible.
There are online brokers such as Cavendish online who make a one off charge !
If you go into the bank/ building society read any illustration about life, mortgage protection, critical illness cover Very Very carefully.
Some huge commission payments for the staff giving advice.

dunstonh

Its funny that after all these years of PPI reclaiming you could now find a lot of people who would be better off by having MPPI.

BTW, never buy insurances from a bank. Expensive and generally lower quality than alternative options via IFAs, whole of market insurance advisers etc.

davidmcn

Bear in mind that new policies are unlikely to provide cover for the "uncertain times" caused by the current coronavirus outbreak.

aussie_in_wales

I did wonder if they would be excluding the COVID 19 as many travel insurance policies have started to do.
I'll definitely not be purchasing from my bank so thank you for that vey good advice.
I'll get researching some more.

Gonna-be-debt-free

davidmcn said:

Bear in mind that new policies are unlikely to provide cover for the "uncertain times" caused by the current coronavirus outbreak.

Any idea how they would exclude it?  I am looking to take out redundancy insurance, and wondered if there would be exclusions exactly what they would exclude.