Due to his limited budget Mark may wish to take out protection only for the basic mortgage payments ...
Due to his limited budget Mark may wish to take out protection only for the basic mortgage payments at the moment.
However, using Scottish Equitable's Mortgage Protection Menu he could increase the amount of cover in the future when funds are less tight. This would be relevant if he amassed other financial commitments such as loans. IP would be a good option. As the airline industry remains uncertain, Mark may wish to take out unemployment cover to protect his mortgage payments, should he be made redundant.
Despite Mark having had cancer, based on the information to hand, cover should be available across life, CI and IP products. Life policies are likely to attract a loading. The extent and duration of this will vary with the type and staging of the cancer.
A loading may also apply to IP policies using the same criteria. As regards CI and any TPD or waiver of premium, cancer will be excluded.
Mark's foreign holidays would not be an issue as long as they were taken as part of established holiday. In addition, snowboarding and surfing could also be accepted at standard rates for CI. This could also be extended to own occupation TPD, if required, as long as the sports were carried out on an amateur basis. Given Mark's restricted budget, the five-year reviewable rates option for CI should make cover more affordable for him.
Looking to the future, should Mark and Samantha get married, the flexibility of the Mortgage Protection Menu would enable him to add her to his policy with benefits included such as joint life cover, CI and IP.
