Callainach
Registered User
- Messages
- 2
Of course, only the bank benefits, because there's no benefit for the surviving spouse when one dies...you are in reality paying for protection for the bank rather than yourself
Fair point, but the bank is still the primary beneficiary, kicking out grieving widow(er)s is never a good commerical lookOf course, only the bank benefits, because there's no benefit for the surviving spouse when one dies...
Convertible makes sense in general but not with a reducing MPP as in the end there is nothing to convert. Overpaying mortgage makes no difference to reducing MPP as it just operates on a stated sliding scale. If you overpay and you have a claim against the policy you'll get the balance once the mortgage is cleared.But would a convertible MPP make more sense to avoid future medical underwriting? Also, how would a basic MPP be affected by overpaying the mortgage?
Thanks for all the replies, looks like there's no right/wrong answer to this one! Leaning towards just getting basic dual life mortgage protection only. Worst case scenario we both die early in which case kids get a fully paid-off home and lump sum which reduces the closer they are to their twenties. We would have other assets to leave in that case anyway (e.g. death in service benefit, pension). More realistic scenario is we both outlive the mortgage since we will be overpaying aggressively so prob not worth paying an insurance company any more than we need to.
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