We are in the process of buying a house. We are a young married couple with no kids. Do I have to take out both Mortgage Protection and Life Assurance, or are they optional?
Any opinions on where to get Mortgage Protection from? Cost etc...
Mortgage protection is optional, life assurance and home/building insurance is mandatory.
Just to confuse things the life insurance (which pays off the balance of the loan in the event of death) is often referred to as Mortgage Protection. It's mandatory.
Mortgage Repayment Protection, which covers your repayments if you're made redundant or are sick, is optional.
If I have Salary Protection could that be used as the same thing as Mortgage protection?
Salary protection generally doesn't include any protection on death, so it doesn't exempt you from the requirement for Mortgage Protection life insurance.
It might be a replacement for the optional Mortgage Repayment Protection. Check the terms and conditions of your Salary Protection - MRP usually covers redundancy; typically Salary Protection doesn't. On the other hand Salary Protection will typically pay a claim for years if necessary; MRP typically will only pay a claim for a year.
No blanket answer to that question as individual policis are different - you need to sit down and examine both to compare like with like.
Thanks folks, great help much appreciated.