Mortgage Protection Insurance for an over-50 year old

Trolley1

Hello everyone - I need some advice.  its been a long time coming but ive re-entered the property world and have just got myself a new pad after years of renting.  thing is I am now over 50 and there is that cloud over me - as mortgage protection insurance.  Do I need it?  I tried a broker recently who shal remain nameless but they have been on telly recently and they told me that the "couldnt find anything suitable" So would i mind if they shared my details to a "special broker".  obviously I said NO!!!  so here I am -  with a new mortgage and I need some help please!

poseidon1

Trolley1 said:

Hello everyone - I need some advice.  its been a long time coming but ive re-entered the property world and have just got myself a new pad after years of renting.  thing is I am now over 50 and there is that cloud over me - as mortgage protection insurance.  Do I need it?  I tried a broker recently who shal remain nameless but they have been on telly recently and they told me that the "couldnt find anything suitable" So would i mind if they shared my details to a "special broker".  obviously I said NO!!!  so here I am -  with a new mortgage and I need some help please!

If you are single with no dependants, are you bothered if the mortgage is not paid off in the event of premature death?
That's my status, and at age 67 I have remortgaged on the basis the mortgage will remain outstanding on death as part of an IHT mitigation strategy.

dunstonh

Trolley1 said:

Hello everyone - I need some advice.  its been a long time coming but ive re-entered the property world and have just got myself a new pad after years of renting.  thing is I am now over 50 and there is that cloud over me - as mortgage protection insurance.  Do I need it?  I tried a broker recently who shal remain nameless but they have been on telly recently and they told me that the "couldnt find anything suitable" So would i mind if they shared my details to a "special broker".  obviously I said NO!!!  so here I am -  with a new mortgage and I need some help please!

What are you defining as mortgage protection insurance?

Life assurance, critical illness cover, income protection insurance, payment protection insurance?

Weighty1

If they wanted to refer you to a 'special broker' it sounds like there could be medical disclosures which are outside of their knowledge base.  Ultimately, it's not much harder to find mortgage protection as a 50-55yr old than it is as a 20-25yr old IF you are in good health.

What help is it that you feel that you need?

Trolley1

Hi there everyone -  I think income protection is the one Im going to go for as I have had a "critical illness" and this broker I was lead to said I ws uninsurable -I am fine by the way all clear -  I am just worried that as a single woman of a certain age and if something happened to me - eg I got sacked /redundant  I might need some help.  I am really unsure what to do really - help and guidance greatly appreciated. 

MyRealNameToo

Trolley1 said:

Hi there everyone -  I think income protection is the one Im going to go for as I have had a "critical illness" and this broker I was lead to said I ws uninsurable -I am fine by the way all clear -  I am just worried that as a single woman of a certain age and if something happened to me - eg I got sacked /redundant  I might need some help.  I am really unsure what to do really - help and guidance greatly appreciated. 

So sounds like you are considering ASU (or PPI as some will call it)?

The policies are ok, despite the negativity stirred up by this site and others several years ago, but its an annual policy that isnt underwritten until claims stage which means premiums will change each year, or as in 2020 they may simply not offer a renewal.

The policies also normally only payout for 12 or 24 months which may not be sufficient if you have a major illness.

Note the "U" (unemployment) will cover you for involuntary redundancy but not if you are sacked for gross misconduct. 

There is another form of income protection known as PHI (we like our TLAs) which can have fixed premiums and pays out for as long as you are too ill to work up to your nominated retirement age. It's underwritten up front so you know exactly what conditions are/arent covered. It itself won't cover unemployment though but some sell an ASU unemployment only add on or you can get a standalone unemployment policy but then the costs start adding up.