Hi guys
Currently my wife and I have a joint mortgage repayment insurance (ASU). It's a 50-50 policy, so if one of us make a claim we get 50% of the mortgage cover. I am thinking, is it worth while getting separate solo policies that cover the entire mortgage.
What benefits are they to having a joint policy?
Thank you.
Presumably your payments are lower as you're only covering half the mortgage.
Might still be worth getting new quotes, especially if the cover was sold by your mortgage provider. I saved a hefty proportion of my monthly premium when I moved from the Abbey to a third-party provider.
You'll have the whole of your payments met if either of you make a claim. It'll cost about double, though. Are you both contributing more or less equally to the costs of the mortgage, or to put it another, but subtly different way, are you both earning more or less the same?
Rob Graham
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