Not got a clue what we'll need!!!!!

bigmouse

Hi all

Me and my wife are buying our first house together and we haven't got a clue what insurances and assurances etc we will need.

I am currently a civil servant (until it all goes private) and get 6 months full pay and 6 months half pay if I'm off sick etc.

My wife has no cover at all.

I haven't approached an IFA yet as I need to get my head around the terminology and types of products first.

Any help in this matter would be great.

ACG

There are a few different products available...
Income Protection (also known as PHI) - this covers a percentage of your pre tax income (around 60%) your income until the end of the policy term or your chosen retirement date.
Critical Illness - Provides a lump sum on diagnoses of one of the defined illnesses - cancer, heart attack, stroke etc.
Life Insurance - Can be take out as either a lump sum or a monthly payment.

All of these have different options within them - such as level, decreasing or increasing cover, Guaranteed or reviewable premiums etc. I wont throw too much at you because there is a bit to get your head around before you need to go more in depth.