Mortage payment protection (halifax)

talliedebtbuster

Hi everyone, i hope you can help.

I have had a quote today for a mortgage with the halifax. it was better than i hoped but there was this mortgage payment protection which the lady said i should have too, just in case and that it really was worth it. It would cover critcal illness unemployment and life cover. But im not sure that this is worth it. I mean, its about 60 pounds extra a month, and i think that what if there were exceptions, and it only covers for 12months anyway. Im not sure. What are peoples experience of this. Any ideas or advice id be so greatful

Thanks

Tallie

merlinthehappypig

Personally I think that you would be better off putting the £60 a month away in a regular savings account.

I had similar when I fell ill and it didn't pay out, even though the illness resulted in my having to take medical retirement at the age of 40. This was because the illness was 'an existing problem' even though it hadn't actually been diagnosed - I just had it without being aware.

There are so many other stories about this type of insurance not paying out that there is no way I would ever contemplate it again. Luckily no-one would give it me now anyway so it's not an issue.

I have to stress, though, that this is a personal opinion (which is what you will get on here) and only you know your own circumstances.

pinkshoes

If there's 2 of you buying, I would recommend the insurance that pays out if one of you dies (unless you already have a life insurance policy), but the critical illness one is a waste of money, because they often don't pay out as their criteria is so tight! (btw, a quadruple heart by-pass and another failed heart operation don't count as critical illness...!).

Does your work pay you when you're off sick?

talliedebtbuster

HI you two, sorry to hear you were unwell, but thanks for the reply. It seems then that it isnt that good. i could get some life cover for prob 10 pounds a month with work, and if my i die my work pensions pays something like 50k. i am buying on my own see. so the money would go to my sisters and bro. if i dont have this insurence then i oculd have a mortage of about 630 instead of 690, to me that sounds right. I need to check with work about sick pay and things. I cant beileve they dont pay out for things! Almost makes you think putting the money aside instead would be better