Is mortgage protection insurance worth it?

I’m thinking of getting covered but I’m not sure if mortgage protection is worthwhile or not. What are the chances of something happening to me?

Question asked by Joanne Hillary
Compare Top 10 UK
 Protection
Insurers
 
Takes approx. 60 seconds
Type of Policy
Level of Cover
per
month
Date of Birth
Loading your options...
Thank you for using our Quote Tool
If you need some help, just call us!
T: 02084327333
Our in-house Experts are here to provide Whole of Market Advice!
Our Experts can answer all your questions
Our Experts can send you more appropriate options based on your personal circumstances

Very important if you are either Self-Employed or a Company Director.

Our online quote tool is good but our Experts are better

Oue Experts have access to far more insurers and can often find a better deal offline.

Saves you time, let our Experts do what they are best at

Answered by Tom Conner

This is a very common question. It is really important to work out what the consequences would be if you didn’t have any mortgage protection and something did happen. It may the case that you don’t need the cover because you and your family would cope just fine.

Is mortgage payment protection worth it?

Realistically, how long would you be able to continue paying your mortgage if your income ceased right now? It may be the case that you’ve got savings or your partner may be able to continue paying the bills for a while meaning that cover might not be needed. Unfortunately, the reality is that most people would only be able to survive for one or two months.

The risk of needing to claim on mortgage payment insurance is also very real. Recent research from MetLife has shown that 20% of workers have been made redundant and 21% have been off work for over 4 weeks due to accident or sickness.

Top Tip: As the average claim length for ill health with LV’s long-term income protection plan is 7 years (for all claims up until January 2012) it is worth considering a long-term mortgage protection plan such as this.

Is mortgage life insurance worth it?

Most people take out mortgage life cover to pay off the loan so their family are not left struggling to keep up with the mortgage repayments should they die. If you do not have a family or your partner would cope just fine with the repayments on their own then life insurance may not be needed.

Is it worth having given the chances of passing away? This would depend of your risk appetite but the chances of dying during your working life are 1 in 7 for men and 1 in 11 for women (1), so the risk is very real and often underestimated.

(1) Based on ONS data estimates for the years 2008-2010.

mortgage protection
 
mortgage life insurance
 
life insurance
 
mortgage payment protection
 
This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
Compare Top 10 UK Insurers
  Takes approx. 60 seconds
 - 
Need help? 
Call us on 

Frequently Asked Mortgage Protection Insurance Questions

 
I have a joint mortgage with my wife but I earn considerably more than her so I only really need mortgage...
 
I want to take out critical illness insurance to cover my mortgage but is there decreasing term critical...
 
What is the maximum period of payment with mortgage payment insurance? I have seen that most plans can...
 
I’m looking to take out a mortgage, but can I get one without getting Mortgage Protection Insurance?...
Need Help? Live chat now and get an instant answer from our Experts...

Neil
Pensions

Victoria
Insurance
Our Latest Reviews
Mark France
02/01/2018

Josh at Drewberry was extremely helpful and friendly in answering my many questions about the policy before I went ahead.

Mark Walters
06/01/2019

Drewberry was the only website I could find that would give me an indicative Relevant Life cover quote. Victoria at Drewberry was very helpful throughout the whole application process.

Paula Cummings
24/12/2018

They gave me good advice and weren’t pushy! I felt that I was getting what I asked for and I’m happy with the final product that I bought.

We are rated 4.9/5 based on 1966 independent client reviews.
To read more of our independent client reviews click here →
REVIEWS
EXCELLENT
4.92 / 5 Average
1981 Reviews
M Davidson
Overall Rating
Egle did an excellent job obtaining competitive life cover which did not require GP referral. She communicated well and was positive throughout without being too pushy on the sales front.
J Brearley
Overall Rating
Josh and his colleagues at Drewberry couldn't have been more helpful. I needed a fair level of detail to help me decide which life policy to choose and Josh provided the data I needed and responded professionally and quicky to requests for explanations and advice. The website works well too - especially the price comparison feature - easy to recalculate with different options and good links to core documentation. Arranging the completion of the application form was smooth too - they called me back at a re-arranged time and sorted any issues as they arose. Makes a change to find people who live up to the marketing promises but the people I dealt with at Drewberry certainly did.
A morrison
Overall Rating
Phoned jake at drewbury for advice on policy. He was absolutely brilliant no pushy sales tactics and very patient. A would say he is a credit to dewbury if all their advisors are like jake their doing something correct. Very pleased with service i received thanks.
R Wilson
Overall Rating
Michael and the team were very patient and helpful throughout the process.
O Lyn Rogers
Overall Rating
Samantha Haffenden-Angear was fantastic!! She really persevered over a substantial period of time with quite challenging issues and got us a very good outcome on our health insurance. Her tenacity was very much appreciated, thankyou.