Which insurance do i need ?

anokayperson

Can someone please explain what insurance do I need. my hubby has been diagnosed with a disease and do not know if it is life threatening - awaiting results. Problem is we have home insurance for contents but only last year stopped and forgot to restart, the life insurance (our mistake).
what sort of insurance is needed to be able to pay the mortgage off in the event of something happening to hubby - is it a life insurance or a mortgage protection? would anyone take us on - and any recommendations please?

please excuse the ramblings but all this news has come out of the blue. hubby is worried about finances especially the mortage of approx 160k that will be left payable. thanks!!

InsideInsurance

There are several different types of product out there that can cover the mortgage depending on if you want cover simply for death or also cover if the insured becomes unable to worth through the illness.

The problem you are going to face is that the majority of insurers will exclude pre-existing conditions which include conditions which are currently under investigation but not yet diagnosed. Therefore you could have cover but if the worst happens and your hubby's current illness turns out to be life threatening then it wouldnt be covered.

anokayperson

InsideInsurance wrote: »

There are several different types of product out there that can cover the mortgage depending on if you want cover simply for death or also cover if the insured becomes unable to worth through the illness.

The problem you are going to face is that the majority of insurers will exclude pre-existing conditions which include conditions which are currently under investigation but not yet diagnosed. Therefore you could have cover but if the worst happens and your hubby's current illness turns out to be life threatening then it wouldnt be covered.

thank you for your time!!!

ACG

There are a few different insurances you could/should consider. However as has been said anything pre existing will be excluded.
Life Insurance - will pay out a lump sum.
Income Protection - If your husband is unable to work it will pay a monthly income.
Critical Illness - if you get one of the defined critical illnesses it will pay a lump sum.

Your best bet is to wait for the results, then speak to an advisor (mortgage or financial) they will be able to look for a company who may be more lenient to your husbands condition.

Jacob_Roberts

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