Maximus152
Registered User
- Messages
- 173
Hi all,
I have a mortgage. I have Mortgage insurance. I pay for critical illness and two other ones I am not even sure what they are (I basically just agreed 7 years ago to pay when getting mortgage). My question is this. I work with some people and they have only critical illness, which to me makes sense. For one it is next to impossible to get insurance company to pay out if you loose your job. So I pay out in total approx 170 per month. I am just wondering am I being had here
Maximus
If you have an all in one package, which is what I assume you have, then if you are diagnosed with critical illness, the insurer will cover the mortgage and your family will not receive anything on depth.
If you have critical illness life cover separate from mortgage protection (life cover also), then you will get a pay out on diagnoses and the mortgage will be paid off on depth.
This is getting a bit confused. The purpose of mortgage protection is to pay off the mortgage in the event of death or illness if you choose that option.
If you want to be paid out on both illness and death you'll be charged more, but this is a separate type of contract.
I do not believe that any mortgage provider will accept a policy that pays out on either critical illness or death, as once the critical illness part kicks in, there is no longer a life insurance policy in place.
do I need life cover if its on an investment property? I am paying for mortgage protection on the mortagage on 2 rented houses?Is this mandatory or can I drop it? I am 53 years old..as far as i know this mortgage protection policy is life cover only..
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