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Original poster

how much insurance do you have for mortgage?

13 replies

southeastastra · 02/03/2014 11:48

we are going through our finances and seem to be paying 260 on five lots of insurance, seems really alot and dp doesn't seem to know what they are for ;/

We have an endowment mortgage

OP posts:

Rockchick1984 · 02/03/2014 12:07

Most of that will be the endowment policy.

Ring up and get statements for any policies you have, ask for projection forecasts for them, and you can check if you would be better off switching to a repayment mortgage.

Original poster

southeastastra · 02/03/2014 14:23

thanks

OP posts:

peggyundercrackers · 02/03/2014 14:24

We don't have any insurance on our mortgage.

Christelle2207 · 02/03/2014 14:25

Neither do we! We have life insurance separately tho.

NoArmaniNoPunani · 02/03/2014 14:29

We have buildings and contents and life insurance but not insurance on our mortgage.

Mandy21 · 02/03/2014 20:12

Do you mean mortgage protection (i.e. it pays out if you can't pay your mortgage?)

reup · 02/03/2014 20:18

We have none nor life insurance nor mortgage protection.

Original poster

southeastastra · 02/03/2014 20:44

yes mandy, except we seem to have lots of different insurances. seeing a financial advisor to sort out this week. it's really annoying but hard to find out what they all are (dp not the most financially savvy). we seem to be over insured! god knows how much the companies have made out of us over the past 20 years!

OP posts:

Mum2Fergus · 02/03/2014 21:02

I've house and contents insurance and a life policy that will pay balance of mortgage in my demise

Mandy21 · 02/03/2014 22:18

You need to find the policy documents themselves too - we looked at claiming under a critical illness policy but couldnt find the document. The insurer was really unhelpful. If you can get the FA to review them so you keep the most relevant. Good luck!

Facebaffle · 02/03/2014 22:28

Are they all to the same company? If they are all set up to pay off the mortgage at the end of the term then they will have a maturity value and should be worth something. It does seem a lot to be paying but I suppose it depends on the amount and term if your mortgage. Why did you opt for endowment rather than repayment?

peggyundercrackers · 02/03/2014 23:48

We don't have life insurance or ppi.

TalkinPeace · 03/03/2014 15:07

I have my (crap) endowment that was meant to cover the mortgage in the event of our deaths
the life insurance part of it would do

we have privately arranged life insurance : nothing to do with the mortgage
we have house and contents insurance (compulsory if your property is mortgaged)

not sure what other mortgage related insurance you'd have

a quick call to each of the providers with the reference number from the DDR will tell you what they are

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