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Should I bother with Mortgage Protection Insurance?

LisaMac
LisaMac Posts: 12 Forumite
in Mortgages & endowments
Hi,
I have had a mortgage for over 10 years and my existing mortgage is a staff mortgage. My mortgage is under £100,000 and I pay extra on top of my mortgage for MPI. My company has an excellent sickness benefit scheme but separately I have a life insurance policy; I pay an accidental and personal injury insurance policy and I also have a critical illness insurance I pay into.
I'm certainly well insured in case something happens. Should I bother also paying towards Mortgage Protection?
Thanks in advance...

Lisa

Comments

  • maninthestreet
    maninthestreet Posts: 16,127 Forumite
    Part of the Furniture
    What would happen if you lost your job??
    "You were only supposed to blow the bl**dy doors off!!"
  • homer_j_3
    homer_j_3 Posts: 3,266 Forumite
    PHI is normally a better option, although it wont cover redundancy. If you have a good sick pay policy then you can normally tailor this so it kicks in after your sick pay and with a bigger deferred period, the cheaper it gets.

    I would maybe look into that - unless redundancy is something that concerns you
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • dunstonh
    dunstonh Posts: 121,297 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Most employees dont know what their employer pays them and when they guess or make assumptions they usually massively overstate reality.

    I'm certainly well insured in case something happens.

    I bet you are not. What happens when your employer stops paying you?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Dan_Collins_2
    Dan_Collins_2 Posts: 1,377 Forumite
    I hate this question!
    :confused:
This discussion has been closed.
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