Do I need MPI?

Nitramak62

Hi,

After reading the MPI advice on this site :money:

I'm not sure if I really need cover any advice?

Joint mortgage of £1000 a month.

Wife has worked for NHS for nearly 30 years, gets 6 months full sick pay & 12 months half after that. Not sure about redundancy terms but under statutory gets about £10K - but would assume nhs terms betters than that.

I work for Babcock transfered over from MOD with Terms & conditions (25 Years service). I get same sick terms as wife.
I applied for redundancy on complusery terms last year (when company was downsizing due to workload - didn't get it). But offer was equivalent to 3 Years wages + 6 months in leiu of notice. (100K+)

So would cover just be a waste of money given sick pay & likely redundancy payments or is it still worth it?

Any help would be greatly appreciated. :beer:

Peelerfart

And how much is your total outstanding mortgage ?

hwalkerh

I think of insurance as if one of us was unemployed or sick then would the other wage cover the essentials.
Also both of us would work anywhere if it meant to loosing the house.

And also that we have a enough to cover a couple of months until we found new jobs etc.

Nitramak62

Peelerfart wrote: »

And how much is your total outstanding mortgage ?

Have 170K house we rent out with 36K mortgage & 235K house with 180K mortgage that we live in.

Also have some endowments worth about £30K due to pay out 2013.

Peelerfart

Purely,in my opinion, I would say you don't NEED it but should you get it?, I would say,yes.

In the event of redundancy it would buy you time to sort your finances out whilst still leaving your redundancy money untouched.

Others,I accept may have a different view.

PF