FTB needing to buy life assurance - help!

cooldudecol

I'm a first time buyer and need life assurance to cover my mortgage payments, but not sure what should I take out.

Should I take out all three - Life Assurance, Critical Illness Cover and Income Protection?

£51 for all 3 to cover me and my missus for £88,825

£42 for life cover and critical illness

£11 for life cover only.

Any help would be gratefully appreciated!!

mercurystar999

I wouldn't bother with the critical illness cover. I think its very expensive and i've only ever heard of people not being able to claim because "it aint covered"! Who is the life insurance with? I went with life policies direct and they search for the cheapest for you.

stanmoresaver

mercurystar999 wrote:

I wouldn't bother with the critical illness cover. I think its very expensive and i've only ever heard of people not being able to claim because "it aint covered"! Who is the life insurance with? I went with life policies direct and they search for the cheapest for you.

I know everyone is entitled to an opinion but i genuinely feel this is a crass over simplification. More and more people don't quite "die" and have serious financial problems as a result-

In my opinion CI cover is a vital part of family protection!!!!!!

AndrewSmith

I have posted a factual reply to a statement like this before so I am not going to waste my breath again. However:

In the last 12 years I have lost count of the hundreds of life and critial illness poilices clients have taken.

I have only ever seen one Life Policy claimed on, but many critical illness polices have been sucessfully paid out. I have never known a valid claim for CI be declined. If you are not sure what is covered read the terms and conditions first. You are 5 times more likely to need critical illness cover during your mortgage than you are to die!!.

People whinge and moan about paying £50 per month to protect a mortgage of say £100,000 and their home.
However those same people will happily throw £50 a night down the toilet in a pub pushing them ever nearer to needing the cover, or are happy to insure a £6000 car for £50 per month because the law says they have to.

Get it in perspective guys.

Also, cheapest cover is not necessarily the best. The cheapest policies will usually have the premiums reviewed every 5 years with an inevitable increase in monthly payments at this time. The slightly more expensive policies will have the premiums guaranteed not to change throughout the life of the plan.

Take professional advice from people who actually deal in this area.

After all, I wouldnt give advice on plumbing or electrics as I am not qualified and would just make myself look rather silly when a qualified professional proved my amateur advice completely wrong.

Andy