-
Yes I have it.....never had to use it thankfully, like many policies though its a personal choice relating to your attitude to risk
I have a wife who does not work, 2 kids (school fees) and a large mortgage....for me it was a no brainer to take it out coupled with the critical illness. Yes it costs, but i am fairly risk averse when it comes to my dependents (less myself)
-
Depends if you have any other safety net - savings, earning partner, relatives you could fall back on - and if you have dependents.
I chose not to because I have a reasonably secure employment (only part-time though) and a pension through work that would payout in case of death (so my partner wouldn't be lumbered with the debt) and we both have relatives that we could call on in hard times and the plan would be to sell the house ASAP if needed. Of course if we were in negative equity or the market bad, that would be a problem. -
The insurance that would pay your mortgage off if diagnosed with cancer is probably critical illness cover, and I would consider it an essential addition to normal decreasing term life insurance.
My mortgage got paid off when my wife died. If she had had critical illness cover then it would have been paid off 4 years earlier, and would have taken a huge amount of stress away from us both during that time. I would have been able to concentrate less on keeping the roof over our heads and more on enjoying our remaining time together.
You are reading a single comment by @cjr and its replies.
Click here to read the full conversation.
Cornish_Bike
hoefla
bq
@cjr
Question to the masses - do any of you have Mortgage protection insurance / Employment protection insurance. Especially those who are freelance. What are your thoughts/experiences of it?
I've always thought of it as an additional waste of money, but I do know someone who had their mortgage paid off in full when they were diagnosed with cancer. Now they have had the all clear, it seems like the insurance was a shrewd investment.