What Insurance do I need?

mentat72

Hi all, looking for some advice and guidance from fellow MSE'rs.

My wife and I have our first child on the way and the only insurance we have at present is Home & Contents.

We pay a quite hefty mortgage each month and both of us work.

I am considering (life products):
2 x single Level Term Assurance policies (paying out £200k on each of us).
1 x Decreasing Term Assurance policy (To cover paying off mortgage).

Do we also need MPPI and critical illness too?

Thanks in advance. :beer:

_Andy_

You would best off speaking to an IFA.

mentat72

An IFA advised us to get:
2 x single Level Term Assurance policies (paying out £200k on each of us).
1 x Decreasing Term Assurance policy (To cover paying off mortgage).

And a critical illness too - what I'm really not sure on is if I'd need that and MPPI too?

Wutang_2

mentat72 wrote: »

An IFA advised us to get:
2 x single Level Term Assurance policies (paying out £200k on each of us).
1 x Decreasing Term Assurance policy (To cover paying off mortgage).

And a critical illness too - what I'm really not sure on is if I'd need that and MPPI too?

Have you come away from an adviser not knowing what you want??

mentat72

The advice was a recommendation as opposed to sitting down with an IFA and talking it through. Our friends works for an advisor, she took a few details and we received a letter of recommendation - more of an opening letter than IFA advice.

I believe I'll go with the policy recommendations and then 2 x individual MPPI for half the mortgage payment amount instead of critical illness.

This will cover death of each us covering mortgage and income for our child until 21. Also will cover each of us for meeting the monthly payment of the mortgage if we cannot make the payment due to illness/unemployment.

dacouch

You need to sit down with an IFA and get them to fill out a full Fact Find so they can work out exactly what you need.

mentat72

Okay, thanks - it sounds like the best idea.