MPPI, life assurance, critical illness cover... argh!

smellymel74

hi folks. bit of advice needed please as i'm terribly confused.

i'm a 38 year old first time buyer in a professional job with no dependents, healthy and a non smoker. i've just had an ofer on a house accepted and it seems to all be going through fine (touch wood!). as per martin's advice, i used a mortgage broker (L+C) who were brilliant and have had my mortgage accepted with ING.

now though the mortgage broker is asking if i want life assurance and/or critical illness cover. i've had a look at the guides on MSE and am thoroughly confused as to what kind of insurance product i need; there's so many - MPPI, life assurance, critical illness cover, life insurance, permanent health insurance????

the broker is quoting me £47/month for life assurance and critical illness cover combined, but i've no idea if this is a) the type of insurance product i need or b) a good price.

given that i have no dependents, i'm most bothered about having some kind of product that'll cover my mortgage payments if i get sick or lose my job but i don't know which product to do a price comparison check for as it's all so confusing!

any advice??

sonastin

1) find out if your employer offers any of these as part of your benefits package.

2) get professional advice - not just a sales pitch from a mortgage broker but proper advice from an IFA specialising in this field.

G_M

If you have no dependants why do you need Life cover? Who will receive it?
Critical illness (if not supplied va employer) may be wise but read the small print. Cheaper providers may exclude many 'critical' diseases.

Or just take a chance You may never get ill. Depends on your attitude o risk. Got a cat? and pet insurance?

Are you happy with the NHS? Or want private health care?
Worried about redundancy and paying the mortgage?

Basically life is full of risks and unexpected crises - some of these are worth protecting yourself against, some may not be. It's up to you!

smellymel74

thanks folks! i don't really think i need life cover and my job covers me for six months on full pay and 6 months on half pay if i have an accident/sickness. so i suppose i'm most bothered about getting cover for if i lose my job - would this be MPPI or something else??