The K M Links Game - November 2024 Week...
Quizzes & Puzzles4 mins ago
No best answer has yet been selected by LizB99. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.The answer to the first bit is that they are an insurance policy so really only you and your husband can weigh-up the likelihood of needing to claim and the peace of mind it gives you.
The answer to the second bit is to check the clauses of the policy to see what medical conditions are covered. Normally a condition that is diagnosed after you started the protection policy is covered. Otherwise its a bit of a win-lose in favour of the insurer.
Most mortgage companies aren't in the game of wanting to foreclose on customers who have a temporary problem in paying the interest for reasons that the company has been advised of. They will roll-up the interest so the capital sum goes back up a bit whilst nothing is being paid in.
A agree that it's vital to have insurance but it doesn't need to be just Mortgage Protection Insurance or taken out with your Mortgage Lenders.
A few years ago my husband was laid off and we had protection against our mortgage but until he lost his job we didn't think about protecting our other outgoings (Council Tax, Water, Gas etc). After he'd found employment again (after 3 months) I began to shop around for something better. We now have Income Protection which will pay you a percentage of your income to cover all household related bills. This includes Mortgage and all the others I've listed. You choose the amount of cover you require but I believe it cannot exceed something like 80% of your nett income.
We have cover for �1200 (this would cover mortgage, endowment policy, council tax, utilities etc) and we're paying under �30 per month for this.
Search for Income Protection on the web - you'll be surprised!