Insurance Cost Comparison

Main types include mortgage payment protection insurance (MPPI), life insurance, critical illness cover, and income protection. Each covers different scenarios like unemployment, illness, or death.

Not necessarily. Lender insurance is often more expensive than standalone policies. Shop around for better rates and coverage. Independent policies may offer more flexibility and better value.

Compare coverage amounts, exclusions, waiting periods, benefit periods, premium costs, and whether premiums are guaranteed or can increase. Also consider the insurer's financial strength and claims handling reputation.

Coverage should typically match your outstanding mortgage balance for life insurance, or your monthly mortgage payment for payment protection. Consider your other financial obligations and existing coverage when determining amounts.

Yes, mortgage insurance is usually voluntary and can be cancelled, though some products have minimum terms. Check your policy terms and consider whether you need alternative protection before cancelling.