Paretns NO Life Issurance/Mortgage Payment protection

S

shinners

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My parents & brother took out a mortgage about 5/6 years ago to buy council house. My father is now terminally ill (@64) he has been unable to work for almost a year. My mother is now retired on contributory OAP. My mother told me that they have neither payment protection nor life assurance to cover either of my parents but that my brother has life insurance & payment protection. Bank have said to mam that no payment protection in place. I am going to revew their mortgage documents at the weekend to check what I have been told is correct. Does anyone know what min requirements of insurance/payment protection should have been required?
 
Considering your parents age when they took out the mortgage, this is not uncommon. Most banks accept a waiver for life cover when the applicants are over 50, they could of course have taken out cover had they wanted to but it would have been more expensive at their age and for that reason a lot of people dont. The main earner in the equation was probably your brother, hence why he was on the mortgage in the first place and is the one covered with insurance. Your father would have been approx 59 when that mortgage was taken out so payment protection, if memory serves me correctly, is normally only available to age 60 so it would have been pointless.
 
thanks for that MF1 & wbbs, makes more sense now why no insurance/protection in place. at least its not too large of a mortgage compared to some.
 
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