What Insurance should i choose??

Sarahcc_3

Hi, My fiance and I have just purchased our 1st home and i am completley puzzled about what type of life/employment/sickness cover we should get. We don't have much money left over at the end of the month to spend on Insurance and would love some advice on what the most important cover would be to get. Both of us are fit, non-smokers. He is 28 i am 21. My FA is trying to get us to get every possible insurance but we really don't want to and can't afford to! Any help would be much appreciated?

Many thanks. Sarah

mattymoo

Life would be the most important of the three. Will pay the mortgage if one of you dies meaning the surviving person does not have to worry about meeting the mortgage repayments on a single wage.

It is normally a mortgage lenders requirement that you have life cover in place.

Linda32

Hi, Yes I suspect you will have to have life cover, as its been said.

Life cover can include critial illness cover as well, so depending on the policy they would pay out if you developed a critial illness but didn't die, sorry that sounds terrible, but thats the way it is.

Next I surpose you might want to cover the contents of your house etc. Thats not all that expensive, assume you havn't got priceless art collections etc. We pay about £80.00 for the year with esure, you can pay monthly.

HTH

Edited to add, your mortgage people will possibly insist on buildings insurance as well. Look at it this way, they have lent you a pot of money against your house, so they want to make sure its insured.

Sarahcc_3

Thanks for your help. People keep saying about unemployment covers and accident cover but i feel that Life Cover does sound like the best for us especially if they include critical illness cover too. We will of course get buildings and contents too.

jasonking

I agree with life cover as it is so cheap and provides protection against the worst. You are more likely to be off work Sick than you are to die though so you should at least think about how you would cope financially if one of you couldnt work for 6 mths...if your employer will still pay you or if you have savings or family that could help out then fine.