Mortgage protection

2Clueless

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Hi, buying house and trying to understand Mortgage Protection. I’m 44, single and non smoker. Mortgage is for 170k over 20 years. UB, my mortgage provider quoted 322 (think it’s through Aviva). I went online for a quote but was baffled by options (serious illness cover etc.) I plan to get income protection through Cornmarket so Im wondering do I need to tick serious illness cover. Please help
 
Personally I would take the bare minimum mortgage protection, then if you want additional life cover, serious illness cover etc get them separately. You must have mortgage protection, but all the rest is optional, so keeping them separate allows some flexibility in future if your circumstances change.
 
If you are single (assuming no kids too?) you are really insuring the bank, not your dependents, against your death.

So just get the basic cover, reducing with the balance of the mortgage.


Getting income continuance for serious illness may be important to you, but it is a totally separate question. I would keep the policies separate - more chance of getting better value and being able to adjust if circumstances change.
 
Thanks for replying. Zurich Life is working out cheapest for Death Cover at 14.92 pm. Will get income protection with Cornmarket (affiliated with my teacher union). NOT a fan of them but they have been recommended by 2 colleagues
 
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