Decreasing Life Insurance

Dandytf

Thankfully I have found I can be offered Decreasing Life Insurance with L+G considering I have M.S.
Before I sign, is this product different from Mortgage Protection.
I'de like to protect monthly mortgage payments if possible.
thanks

dunstonh

Before I sign, is this product different from Mortgage Protection.

Mortgage protection is not an actual product.  It is a marketing name that some providers use for different insurances that could be used with a mortgage.    Some providers call their decreasing term assurance "mortgage protection".  However, some PPI providers also call their product mortgage protection.

However, you cannot really mix up decreasing term assurance with out other products as they are very different even if they have the same marketing name.

Weighty1

Decreasing life insurance  doesn't really protect the mortgage payments.  It protects the debt meaning it can be paid off if you die (or are terminally ill).  As Dunstonh mentions, mortgage protection CAN be decreasing life cover, but could also be level life cover (for interest only mortgages for example) or it can be Accident, Sickness & Unemployment (ASU) cover, a form of PPI.

Dandytf

Thanks mser's
It seems I could make use of this as I'll no longer have Employers Life Cover soon.
In addition to this, are there any decent Loss of job or Redundancy Cover, what are they called.
Only in terms if what is about to happen should re occur in future.

dunstonh

In addition to this, are there any decent Loss of job or Redundancy Cover, what are they called.

Ironically, they are called mortgage protection by some providers!    Generically they are known as PPI - payment protection insurance.   However, most providers have pulled out due to CV. So, the choice is not strong.

Dandytf

Found it thanks mser's;
Seems No online App option.

Income Protection Benefit

Make sure you're ready

How would you pay your bills if you couldn't work?

Sandtree

Dandytf said:

In addition to this, are there any decent Loss of job or Redundancy Cover, what are they called.
Only in terms if what is about to happen should re occur in future.

The "U" in ASU is for unemployment. It can be bought together with Accident & Sickness or standalone.

Many providers arent selling any new business at the moment and those with policies are seeing them lapse or big price increases as unlike Life or PHI etc its a short term policy and so no guarantees that cover will be offered in the future.

Dandytf

Thanks mser's
Mortgage payment protection+Critical Illness are No from L+G with m.s. as just advised by Tel.

Weighty1

Dandytf said:

Thanks mser's
Mortgage payment protection+Critical Illness are No from L+G with m.s. as just advised by Tel.

No insurer provides a medically underwritten policy for critical illness cover if you have been diagnosed with MS, unfortunately.  Would L&G offer the life insurance on its own?

In regards to redundancy cover, there are no providers to my knowledge currently taking on new customers.  Many have even started declining to renew existing clients cover at the annual renewal point.

Dandytf

@Weighty1
LG are offering Decreasing Life Insurance with knowledge of M.S. at an Increased cost as I chose from 25 pounds per month, their revised quote returned 62 per month though that was +300k cover.
I'm not sure how much my quote and cover can be decreased though I reselected 50 pounds per month, which quotes 250k approx cover.
So Redundancy I continue as I am and Panic about finding work soon.
Thanks

Dandytf

Final post on this requirement.

Agreed to almost 250k decreasing life insurance via lg.
Due to start soon.

Only as I have m.s.

thanks mser's responses.