Hi,
I was wondering if someone could advise about mortgage protection/life cover, as we're switching mortgage at the moment and reviewing what we have. The outstanding balance on the mortgage is about 140k with 14 yrs remaining. We currently have a joint policy with serious illness cover, decreasing with the mortgage. Both in our mid forties, 2 dependents in early teens. My husband's income is approx 75k and has income protection. I am not currently working, and most likely won't be for the next 3-4 years (one of the children has some learning difficulties, and we decided I would stay home to help him with his school work).
We're wondering do we need to keep the serious illness cover on the mortgage protection policy, as the income protection is already in place? Or are we better off keeping both? Looking at new quotes, most seem to be dual policies instead of joint, which I understand is better. But to keep a similar policy to what we have now, taken out as a new policy, the monthly premium is increasing from about 65 a month to 80 a month. Obviously I know that's due to us being older now than when we took out the original policy, so if we should look at keeping the illness cover, should we stick with the current joint life plan? Or pay the extra for a new dual plan with illness cover? Any advice would be appreciated, thank you.
I was wondering if someone could advise about mortgage protection/life cover, as we're switching mortgage at the moment and reviewing what we have. The outstanding balance on the mortgage is about 140k with 14 yrs remaining. We currently have a joint policy with serious illness cover, decreasing with the mortgage. Both in our mid forties, 2 dependents in early teens. My husband's income is approx 75k and has income protection. I am not currently working, and most likely won't be for the next 3-4 years (one of the children has some learning difficulties, and we decided I would stay home to help him with his school work).
We're wondering do we need to keep the serious illness cover on the mortgage protection policy, as the income protection is already in place? Or are we better off keeping both? Looking at new quotes, most seem to be dual policies instead of joint, which I understand is better. But to keep a similar policy to what we have now, taken out as a new policy, the monthly premium is increasing from about 65 a month to 80 a month. Obviously I know that's due to us being older now than when we took out the original policy, so if we should look at keeping the illness cover, should we stick with the current joint life plan? Or pay the extra for a new dual plan with illness cover? Any advice would be appreciated, thank you.