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Life insurance with critical illness cover?
sejdee
Posts: 26 Forumite
Hi
Just buying our next home and our current life insurance will not be adequate for the new mortgage amount.
The property will be in joint names, but I am the only source of income, with no dependants.
We currently have joint life cover only, but am thinking that my partner doesn't actually need any life cover, as financially it would make no difference to me if (god forbid) they were no longer with us.
So we are thinking of arranging life cover with critical illness cover for just myself, and AVIVA seem to offer a pretty good level of cover at a good price.
Appreciate any recommendations or advice on this.
What would you do if you were in a similar position to us?
Just buying our next home and our current life insurance will not be adequate for the new mortgage amount.
The property will be in joint names, but I am the only source of income, with no dependants.
We currently have joint life cover only, but am thinking that my partner doesn't actually need any life cover, as financially it would make no difference to me if (god forbid) they were no longer with us.
So we are thinking of arranging life cover with critical illness cover for just myself, and AVIVA seem to offer a pretty good level of cover at a good price.
Appreciate any recommendations or advice on this.
What would you do if you were in a similar position to us?
0
Comments
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What would happen if you were unable to work but it wasnt due to a critical illness?
As the sole earner you should consider looking at Income Protection (also known as PHI) or see an advisorI am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I work for a blue chip company, so would be entitled to standard sickness benefits, and am fortunate to already receive an income from a pension.
Also have insurance via trade union membership for any work related injuries, including travelling to/from work.
I have never had any income protection insurance, and never perceived it as a priority, but will get some quotes for cover to see if it's affordable for us.
I have seen an independent adviser, and their recommendation was as my original post.0 -
I have seen an independent adviser, and their recommendation was as my original post.
That's interesting as Aviva cover the fewest conditions. Did you ask for the absolute cheapest option available? Likely within a few pence to a £ or so there would be better cover with more conditions and fewer exclusions representing better value for money.
Also, is it a reviewable or guaranteed premium?
Are they whole of market? Ask for a copy of the their research.0
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