mortgage - life insurance cover

M

michaelp1976

Guest
Sorry in advance If this sounds a little silly..
Am I stipulated to get Life insurance cover is mortgage cover not enough? If I have to get both who provides the best deals on a mortgage of 270,000 over 30years. thanks
 
If you are an owner occupier then (other than in certain exceptional circumstances) you are obliged to have mortgage protection life assurance in place. There are different types which can vary in cost. See for more info. In many cases a cheap and cheerful decreasing term policy is sufficient. You are not obliged to have any other life assurance cover but if you deem that this is desirable/necessary (e.g. particularly if you have dependents) then you might want (a) determine what type and level of cover you need (b) shop around for it either and (c) decide whether you want to keep your mortgage protection and general life assurance separate or combine them (there are pros and cons for each strategy). Does this answer your question?
 
Thanks for the prompt reply, Yes I will be an owner occupier. Also I’m working as a contractor so I guess its pointless getting mortgage protection as I believe self employed are covered, correct me if I’m wrong. If I choose to go back and become a PAYE worker in the future I assume I can get mortgage protection without penalty. Regarding Life assurance, do you recommended anybody I got some quotes on primafinance, Is it true that tesco are now offering this on the market?.
 
Sorry..

its pointless getting mortgage protection as I believe self employed are NOT covered
 
Also I’m working as a contractor so I guess its pointless getting mortgage protection as I believe self employed are covered, correct me if I’m wrong.

I suspect that you are confusing mortgage protection life assurance (which is normally mandatory for all owner occupier borrowers) and mortgage repayment protection which is optional (and arguably often poor value for money - at least in my view anyway) and may not pay out in all circustances. The link above explains the differences.

Regarding Life assurance, do you recommended anybody I got some quotes on primafinance

Nobody is best value in all cases - you should shop around. Also try the likes of 123.ie, LAbrokers, Liam D Ferguson and as many other brokers/companies, whether online or by phone, that you can find and then compare quotes and policies.
 
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