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Compulsory & recommended insurance

Some insurances are compulsory like buildings insurance, and others recommended. Most lenders will let you shop around to find the best insurance policy to meet your needs.

Life insurance

Contrary to many people's belief, life insurance is not a compulsory insurance, but you would be foolish not to arrange this cover, particularly if you have a partner or children or other dependants.

Mortgage payment protection insurance

MPPI stands for Mortgage Payment Protection Income Protection or Critical Illness insurance for added protection.

Building insurance

When you buy a freehold property funded by a mortgage, you are obliged to take out building insurance. This cover pays for the cost of rebuild, should your property be burnt to the ground or need shoring up if it suffers subsidence, for example. It is also advisable to insure the contents of your home.

Insurance Pros and Cons

Having the right insurance gives you peace of mind.
Competition means you can shop around for the most competitive prices.
If you do need to claim, insurance is invaluable.
Insurance does add to your monthly costs.

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