Contents Insurance and Mortgage Insurance

united4ever

I am moving into a new build flat in March with my wife (1st floor/shared ownershiop/generally a safe area).

Buildings Insurance is included in the service charge. I guess this leaves me to arrange contents insurance - any recommendations on good deals? Also mortgage insurance, is this strongly advisable do you think? and again anyone know any good deals out there?

Thanks

jasonking

By Mortgage insurance I assume you mean life insurance. Its simple...if either of you die can the survivor afford to take on the mortgage repayments and all other living expenses by yourself?

united4ever

Actually no, I mean an insurance which will cover my mortgage repayments if I become redundant/get sick. Does this insurance exist?

lisyloo

Yes this insurance exists.
I would advise that you take a look at what your employer provides first before paying for additional policies.
Your redundancy package will be dependent on length of service.
Some employers have a scheme to cover sickness until retirement (mine does).

Check out (both) your employers first.

jasonking

Similar question...if either of you are sick what income will come into the household, from where and for how long. Once you know this decide if you need to buy more cover. If you do then the products to look at are Income Protection (PHI) and MPPI (ASU)...dont get the two confused though as many MPPI policies are also incorectly referred to as Income Protection.