mortgage protection or Life Assurance

[molliesassy]

We are organising a top-up mortgage on our PPR ad we need to attach some Life assurance or mortgage protection to it.
I would appreciate any opinions as to whether we should just opt for the cheaper mortgage protection or invest in the more expensive life assurance. (We do already have life assurance attached to other investments.)

 

[KalEl]

We are organising a top-up mortgage on our PPR ad we need to attach some Life assurance or mortgage protection to it.
I would appreciate any opinions as to whether we should just opt for the cheaper mortgage protection or invest in the more expensive life assurance. (We do already have life assurance attached to other investments.)

Without knowing your own circumstances it's hard to advise. Personally I always go for the absolute minimum. If I wanted anything over and above this I would assess it separately.

 

[PM1234]

It depends on your personal circumstances. You need to review how much life assurance you have against how much you need (taking into account dependents etc).

When you do the figures and if you have enough then just go for basic mortgage protection.

If you think you don't have enough, then use this opportunity to review your total assurance cover. You may find it more cost effective to increase an existing policy than take out a separate policy.

Also remember that some benefits attached to your existing policies may be covered by work policies/private health insurance etc.