Information about life insurance

milliebear00001

Hi there

I am wondering what to do about life and unemployent insurance. My situation is that I am the sole breadwinner in our family. My OH has MS and receives state benefits. I am about to go back to work after an absence of 5 years. When we were both working, we took out cheap term insurance so that we could pay off our mortgage if one of us died. Eight years on, these policies have about 17 years left to run.

I need to insure myself so that my OH could buy a house and support our children if I were to die (we currently rent). I have no idea what sort of figure I should be looking at insuring for, or where to go though. Ideally, this insurance would also pay off any outstanding mortgage on the house we eventually plan to buy! I also need unemployment insurance, to cover me against sickness - how does this work? And finally, is it worth insuring a non-earning spouse? His cover would cost considerably more due to his condition, and he does have some cover presently.

Thanks!

_Andy_

You really need to be speaking to an IFA.

lisyloo

As your situation is a bit complex then I think the advice to see an IFA is good advice

As regards sickness, you should be looking at a PHI policy.
Your employer probably pays sick pay short term, so you want a policy that kicks in after that, which pays an income until retirement if you can't work.
I think PHI is much better than CI, because if pays an income rather than a lump sum and pays out if you can't work rather than jsut on certain illnesses, so make sure you understand the coverage given by the policy.
If your employer pays you for 6 months sick pay then it's most economical to get your PHI policy to start after 6 months, this will keep the cost down.

You might also want to consider redundancy, although at the moment these policies have risen in price due to the increased risk of people losing their jobs.

If your spouses benefits contribute to the household then you might need to consider insurance on the other hand they might not be significant.
Remember this all costs money and whilst it would be nice to cover absolutely everything, for most people this is not possible or reasonable.
So you need to identify the priorities in terms of risk.
As you are working then it's probably far more important to cover your income.
If you try to cover everything you'll be paying out many hundreds each month, so you need to prioritise.

An IFA should be able to help you through this process.
If you have time, then see two in case one isn't very good.

ronniehamilton

Yes...you are really in a situation to think of future.

You must go for IFA for suggestions but along with this I highly reccomond you to visit Usa-healthinsurance.com once. This site offers free suggestions for their customer where they can review, compare and buy insurance online. Here you can ask any question that you want.

Hope this will help you...

lisyloo

Apart from this being blatant spam the problem here is

Here you can ask any question that you want.

You would have to klnow what questions to ask

New people don't know what the issues are or how these policies work, so need it explaining by someone that knows.