Do I really need it?

kiki*_2

Thank you dozergirl, I'll have a look at theirs.

Doozergirl

kiki* wrote: »

if anything else happens it will be a case of selling the house and moving back with parents

The question is 'do you need it' and I think you'd know the answer if you have proper 'what if' conversations with your partner. You may not have any idea of the impact of serious illness, which is to be appreciated. A proper appointment with a proper life insurance advisor will ask the right questions and let you talk it through together. It really shouldn't be about a mortgage advisor trying to tick a sales box. It's much more important than that and it does allow you to have an incredibly important conversation with your partner. They'll also talk about the level of cover. It might not be that you need to the full mortgage paid off etc. A lot of people don't use the money to pay off the mortgage, but supplement the income that does come in or indeed, provide care.

I'm glad you asked the question. For me, the only people that don't need it are the people that genuinely don't need that money.

kiki*_2

GM the 2 I ones I have looked at have all covered the same, but none of them cover you for much which backs up my original thought of your not covered for many eventualities. Can you suggest a good company to go for that is more comprehensive or are you just here to pick fault?

Doozergirl

kiki* wrote: »

Can you suggest a good company to go for that is more comprehensive or are you just here to pick fault?

I don't think he was. You might not like the fact that he laughed at your question, but I choked on it too, not laughing though. And he has offered advice.

Seriously, I don't think this is something that you should be looking at online initially, I think you need to speak with someone who knows what they're talking about. It isn't an considerable sum of money, you're right there.

I don't know who you bank with, but even if you don't buy through them, they have properly trained staff who will help you assess need and the quality of the product should be high through a high street bank. They are sales people but they are properly FSA regulated and cannot mis-sell you a product although they might be limited in the products they can provide. eg. Scottish Widows through Lloyds TSB.

kiki*_2

Thank you, I didn't know there was anywhere other than online to look. Will ask my bank about it this week. Anyone know any good companies off top of their head? The ones I've looked at so far seem to all offer the same?

On a side note if you find my question hilarious please don't comment.

G_M

kiki* wrote: »

GM the 2 I ones I have looked at have all covered the same, but none of them cover you for much which backs up my original thought of your not covered for many eventualities. Can you suggest a good company to go for that is more comprehensive or are you just here to pick fault?[/QUOTE]

Not at all. Trying to point out the pros and cons, and be thought-provoking.

I can't recommend any companies for CI because I don't have it. I made a decision not to bother, just as I don't have Life insurance. But just because (I believe) that is the right decision for me does not mean it is right for you. You (and partner) need to decide for yourselves which cover you need, and at what level.

But saying that your relative youth means you don't need it IS EXACTLY like saying that because of my excellent driving skills I don't need car insurance.

kiki*_2

Yes I understand age my not be an important factor now, just seems that as soon as you get a house everyone tries to get you to sign up for different things. Was getting a bit stressful and I was trying to determine what was 'essential' and what could maybe wait a year or so. I'm very new to all this and my parents bought over 25 years ago so they don't know common practise these days either.

joerugby

http://www.iii.co.uk/articles/articledisplay.jsp?article_id=1584678&section=LifeInsurance

You might find this interesting

kiki*_2

Thank you Joerugby that was very helpful, sickness accident and unemployment was my next job!

sonastin

Have you checked if you have any similar cover through your employer? I know when I was young and starting at a new company, the key questions for me were "what is my salary" and "do they pay into a pension". Those other benefits were a sort of "yeah whatever" extra. It was only when I started looking into life insurance and so on that I figured I'm already covered through my pension for life insurance and also have PHI. The levels wouldn't be sufficient if we had kids but its enough for my partner and I for now so I chose not to take out a separate policy. Its worth checking what is availabe to you and whether it is anything like what you need - at least for the first year.