Need to cover Mortgage (and Income P Cover)

FishFace99

Hello,
We have a new mortgage of £110,000 but only have existing level term cover for £75,000 (husband) and £100,000 (wife). We pay £28 for both for this.
We want to cover ourselves for the new amount. On this site it says level term is best and get income protection cover (in case anything happens). Husband is main earner. Has anyone got any suggestions? We have been recommended a decreasing term insurance which includes critical illness for £69 (both) which is reviewed in 3 years and income protection for £20 for husband only (which starts after a year of sickness but is continous). Total cost is therefore virtually £90!
Any advice would be greatly appreciated.
Thank you in advance.

dunstonh

On this site it says level term is best

Where does it say that? If you have a decreasing need (like a repayment mortgage) then a level term assurance is a waste of money. I have seen level term assurance sales for a decreasing need been classed as mis-sales. So, I doubt Martin is making any such recommendation.

We have been recommended a decreasing term insurance which includes critical illness for £69 (both) which is reviewed in 3 years and income protection for £20 for husband only (which starts after a year of sickness but is continous).

The income protection is permanent health insurance, which is the best form of income protection. So, it sounds like a pretty comprehensive packages, albeit being handicapped a bit by affordability.

If £90 is not affordable then you are going to have to give up more cover.