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When you take out a mortgage, there area number of products such as life insurance, home insurance and MPPI that you have to arrange. So you should always make sure you have included the cost of cover when calculating how much you can afford to borrow.
Compulsory & recommended insurance
Life insurance
Mortgage payment protection insurance (MPPI)
Building insurance
Insurance pros and cons
Some insurances are compulsory, and others recommended. When it comes to home insurance, (also known as buildings and contents insurance), the buildings element is compulsory, but you do not have to take out contents insurance.
Contrary to many people's understanding, life insurance is not a compulsory insurance, but you would be foolish not to arrange this cover, particularly if you have a partner or children or other dependants.
MPPI stands for Mortgage Payment Protection Insurance. It is not compulsory, but can be invaluable if you lose your job, fall ill or have an accident, and lose your income. As well as MPPI, you could consider Income Protection or Critical Illness insurance for added protection.
When you buy a freehold property funded by a mortgage, you are obliged to take out building insurance. This cover pays for the cost of rebuild, should your property be burnt to the ground or need shoring up if it suffers subsidence, for example. It is also advisable to insure the contents of your home.
Having the right insurance gives you peace of mind.
Competition means you can shop around for the most competitive prices.
If you do need to claim, insurance is invaluable.
Insurance does add to your monthly costs.
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