Who benefits from Mortgage protection insurance 29 February 2008 at 11:26AM in Mortgage-free wannabe

kenny_john_b

I became unwell and was made redundent on grounds of ill health; I had gradually been making extra payments to reduce my mortgage: I now found myself in a possition where I could pay off the rest (saving serious money) for myself and familly , but realising that to do so would remove a significant proportion of my life insurance which would be unrealistically expensive/impossible to replace (because of my health). The only benefit of this type of insurance is to the mortgage lender, it removes the risk of you not paying if you die, get life insurance and decide yourself or for your familly what to spend your money on.