Some advice

KerryL

Looking for some advice.....

I live on my own in my mortgaged (excuse the spelling!) home, I currently have ASU cover with Pinnacle which has increased from £27 to £35, which has lead me to review what cover I actually need. My job is pretty safe (dare I say it!) and we get good rates of sick pay - so i'm thinking perhaps I should just get unemployment cover "just in case". On the other hand my wage is my only source of income, so would it be more advisable to get income protection insurance, would that also cover my mortgage aswell as my other bills?

You can tell how little I know!
Can anyone recommend any insurance companies?

Thanks,

Kerry

cattie

Income protection covers you in case of unemployment or sickness. You can decide the amount of cover you want, up to a limit, which would cover mortgage & necessary bills should you need to claim on the policy.

Most insurers have recently put up their rates so you'll find that across the board, any type of cover that pays out when unemployed has increased by a fair amount.

In these present times I wouldn't consider any job as secure & no matter how good your sick pay is, there is generally a limit to the amount of time it will be paid, ie 3 months full pay, 3 months half pay.

As you live alone & have nobody to help support the mortgage or you should you not be able to work, it's quite important that you try to ensure you have some cover in place should the worse come to the worse.

TEDDYRUKSPIN

The above is correct but no one can actually recommend you anything here unfortunately. The above things you are asking are all FSA regulated products and must be first carried out by a full financial planning review. Mainly because they need to make sure you can afford it and that you can get maximum affordability for you. With so little information it is just completely ridiculous to go and say get this and that.

Unfortunately, due to the amount of people claiming on unemployment cover many companies have resorted to increasing the price of the premiums.

I do suggest you to shop around or if you really can't be bothered, get a decent IFA to scan the whole of market.