MPPI or live assurance and critical illness?

boogan

Hello all,

I'm very confused and need some help on the following:
We are first time buyers and have never insured for anything that wasn't a holiday or the car. Now we are going to have a house and a baby is on the way we need to start thinking a bit more about the future.
The mortgage brokers we are using have quoted us for live assurance and critical illness for £117, steep but we could manage. However, we are not convinced we need the critical illness part of it, which if taken out would reduce the quote to £29.
I guess my question is, do you think we really need critical illness and is MPPI not the same, since it covers you if you can't pay for whatever reason?
Or, do I really need MPPI (although it's cheaper than critical illness) if my husband, for instance, has a one year notice if he's made redundant?
Is live assurance and MPPI sufficient?
Don't really know what's standard or if indeed we should be taking all three! Any help is really appreciated.

Thanks,
B

ACG

Theyre all to cover different things.
Personally my clients tend to not be able to afford all life, critical illness and income protection (a far superior policy to mppi...just without the unemployment cover).

I tend to stick to the same type of mix of policies for my clients as they generally have a budget below £200 to work with. I usually do a mix of life, critical illness and income protection - as far superior policy to mppi, just without the unemployment cover).

This means you are covered in th vast majority of instances. Critcal illness cover and income protection are sometimes seen as expensive. I disagree, there are ways to reduce the price (cover will drop obviously) to fit in with most budgets.

I know i have said i seen income protection as a far superior policy - dont see that as advice, it may not be best for you - there isnt enough info for me to make that judgement.

These are things your advisor should be discussing with you, its not a case of all or nothing, on premiums of that amount they will be earning a substantial amount of commission get them working for it.