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Which policy do i need?

Hi,

Could somebody please lend me some advice on what insurance policy i need.

I live with my partner. I am employed and my partner is self employed. Although thankfully we are both stable in our jobs at the moment it has raised the concern that if we wasn't how would we pay our mortgage.

My partner also plays alot of sport so any serious injury would put him out of work and being self employed he does not get paid if he doesn't work.

So what insurance policy would i need to ensure that in the event of redundancy, shortage of work, illness/injury that our mortgage payments would be covered.

I'm confused between life insurance and MPPI's?? Help please

:o)

Comments

  • cattie
    cattie Posts: 8,844 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    It sounds as if payment protection insurance is what would suit you best. It wil cover you for the reasons stated in your post.

    Mortgage protection insurance is usually for a limited term. I know the mortgage protection policy I had paid out for 12months after I became unable to work, but then luckily because I also had payment protection insurance I was able to claim on that because of the disabilty that forced me to stop working.
    The bigger the bargain, the better I feel.

    I should mention that there's only one of me, don't confuse me with others of the same name.
  • dunstonh
    dunstonh Posts: 120,179 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I would personally consider Permanent health insurance rather than payment protection insurance. Self employed dont get quite as much protection under payment protection plans for unemployment compared to an employee. e.g. the self employed individual actually has to officially cease trading and stop paying class 2 NI. You cant just close the business and claim without good reason as well. So, that would mainly leave the sickness and accident side and a PHI policy does that far more comprehensively than a PPI policy.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • pedro123456
    pedro123456 Posts: 815 Forumite
    Part of the Furniture Combo Breaker
    Tommie.............you need info from a Local Independent Finacial Advisor

    http://www.unbiased.co.uk/

    have a look at this

    Z
    Campaigning to recycle Insurance Policies into Toilet Paper :rotfl:

    Z
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