PPI cover and ownership - what did you go for?

Boro22

Hi,

Now that the mortgage product has been chosen, I now have some other questons I would like to pose:

1) I know it all depends on your attitude to risk, but how many people here would recommend: a) Life cover. b) Critiical illness cover

2) Ownership with partner: Do most people here go for joint ownership (ie both own 100%), or the other one where you own a set percentage each ie 50/50)

I think I know the benefits and drawbacks of each query, but feel I maybe missing something....

Feedback/advice welcome

I was hoping to have a pot of money for contingency, hence negate the need for criticial illness cover, but I guess it is not always as simple as that?

Boro22

can anyone provide any experience/feedback on above

Annisele

When you say PPI, do you mean PHI (Permanent Health Insurance)? I ask because I think PPI, life cover and CIC are an odd combo to be considering, but PHI, life cover and CIC are more likely to go together with a house purchase.

Insurance isn't just about your attitude to risk; it's also about your needs.

So, say you're single, no dependants, and you're happy for the bank to sell off your property if you die before you've paid off the mortgage. In that case, you might not be too keen on life cover, but very interested in PHI (which would pay you a monthly income if you were unable to work due to sickness or disability - subject to a long list of conditions).

On the other hand, if you're married with four children under ten, your spouse doesn't work, you've no savings, and you have joint debts coming out of your ears - then you might consider life cover extremely important.

Personally I care more about PHI than anything else. My partner and I are financially independant of each other (so no need to protect the other's income against death), and we've no children. The thing that would mess up our finances most is if one had to give up work to care for the other, so our insurance is based around that. However, that's me - and your situation will be different.

As to the joint tenants/tenants in common thing - get advice from your solicitor.