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Is Mortgage Protection Insurance Worth It?

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

Question asked by Joanne Hillary

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, but it’s important to assess this risk before it’s too late.

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.

However, the unfortunate reality is that most people would only be able to survive for one or two months maximum.

The risk of needing to claim on Mortgage Payment Protection 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.

As the average claim length for ill health with LV’s long-term Income Protection plan is 7 years, it’s worth considering a long-term Mortgage Protection plan.

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.

Yet the risk of passing away is very real and is often much higher than people think. For instance, in a recent Drewberry survey we found that people underestimated their risk of passing away considerably – the average healthy adult is SIX TIMES more likely to pass away than they believed.

I had the pleasure of dealing with Jake Mills in organising my insurance. Jake was fantastic to deal with — his patience and understanding really helped.

Brendan Kelly
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