Silly question maybe but...
We are in the process of buying our first property (jointly).
I already have income protection up to £700 per month with Paymentshield (illness and redundancy).
My other half has just done 6 months in a new job, and, having now passed probation, he is planning to take out income protection as well.
My question is, can you have income protection and mortgage protection at the same time, with different providers? Could one refuse to pay out because you've got the other, or is it fine to cover yourself on two counts (one for mortgage, one for other expenditure).
Also, with joint mortgage protection, does each half of the couple take out half the value of the mortgage, and then the insurance pays that half if they are made redundant, or is it that if either party gets made redundant the entirely of the mortgage is paid until both parties are in work again? Or can you choose either option on setting up the policy?
We are in the process of buying our first property (jointly).
I already have income protection up to £700 per month with Paymentshield (illness and redundancy).
My other half has just done 6 months in a new job, and, having now passed probation, he is planning to take out income protection as well.
My question is, can you have income protection and mortgage protection at the same time, with different providers? Could one refuse to pay out because you've got the other, or is it fine to cover yourself on two counts (one for mortgage, one for other expenditure).
Also, with joint mortgage protection, does each half of the couple take out half the value of the mortgage, and then the insurance pays that half if they are made redundant, or is it that if either party gets made redundant the entirely of the mortgage is paid until both parties are in work again? Or can you choose either option on setting up the policy?