A Little help with insurances

shell06

Where to start, I am a newbie around these parts and come to you wise people for some advice.

When we took out our mortgage 2years ago we were made to sign up to all kinds of policies due to partener being self employed which he is no longer. Being in a bit of a financial mess of late has made me sit down and look at what we are paying out and per month it comes to £130.32. Now I am not even to sure what most of these polocies are for! But am i right in thinking if we have home and contents life and income protection insurance we should be ok?

Now having had a noesy around i can see i can get polocies much cheaper our renewal date is not until february for all polocies we hold can i cancel them now and start new ones or would I be wise to wait?

regularsaver1

You say your partner is no longer self-employed. when there is a change in circumstances or employment it is always worth reviewing everything from insurances to banking to your mortgage to check it is still matching your needs and also check that things are running smoothly for you

there are some insurances available for self-employed and as he is not, it is worth checking them.

I know one of my insurances state I must inform them if I change my job or my salary ect

The only one you must have is buildings insurance as part of your mortgage conditions. The others are optional but worth looking into and checking depending on your circumstances.

jasonking

What insurances you need is entirely dependant on your circumstances, preferences and of course your budget. However as a general guide you are right that Life, Home and Income Protection would be the most important but you will definately need to review your IP if hubbie has gone from self employed to employed. Get in touch with an IFA who can review the whole lot for you and make sure you get cover within your budget