new mortgage NHS redundancy and insurance

lobbyludd

hi,
just finalised divorce this week, and have taken on the mortgage for our family home.

I want to get life insurance and income protection for the mortgage if I am unable to work through illness or injury as I am the only provider for the children (ex appears to have given up working), so I worry about having some sort of safety net, and the benefit to these seems clear. Many of the policies seem to be wrapped up with redundancy cover too (although these are more expensive).

I have no reason to think my job is more at risk of redundancy than I have to think I'll be run over or too sick to work, but is the general "public sector cuts" publicity enough to invalidate a redundancy part of a policy?

Also would they take into account any redundancy pay out (which would be comparitively very generous)? before income protection kicked in?

Also the maximum I seem to be able to cover would be half my take-home - which works out as less than JSA + mortgage interest payments (from the figures I've put into entitledto.com).

I'm trying to save like crazy following the divorce to try and get a good amount of savings underneath us, so I don't want to pay for an expensive part of an insurance policy that won't pay out if I could put this towards savings (and more than anything I want to be employed and supporting the three of us)

any help greatly appreciated!