Life Insurance required for new mortgage - what to consider?

QfanatiQ

As apart of a new mortgage (and purchase) we are required to get Life Insurance.

I am certainly not opposed to this, but I am not sure what to cover ie Do i get a massive one policy covering all eventualties? Ultimatly Death, but what about long term sickness, or a separate Cancer cover, loss of job.

I wonder the sickness thing, as some health cover policies also give lump sums in conjunction with certain illness's

I am keen not to go for the first thing presented, but feel a little lost and not sure what to separate out if everything or nothing.

Struggling to be informed on this matter

Cheers......Q

InsideInsurance

Speak to an Independent Financial Advisor or a specialist Protection insurance broker. They'll be able to discuss your circumstances and talk you through the options that are suitable for you.

You may want to consider Life, Critical Illness, Permanent Health Insurance and/ or ASU. Some of these can be bundled and are typically cheaper than separate coverages but it all depends on your circumstances and priorities etc

QfanatiQ

Thank you.

We are with a broker at present so will talk over options.

Q

stephenni1971

QfanatiQ wrote: »

As apart of a new mortgage (and purchase) we are required to get Life Insurance.

Very very rare these days for a lender to insist on mortgage cover... who told you this Is it in writing or did your mortgage adviser tell you?

InsideInsurance

QfanatiQ wrote: »

Thank you.

We are with a broker at present so will talk over options.

Q

Just make sure it is a broker that specialises in Protection, particularly if you have any pre-existing conditions, as it is not the simpliest products in the world