Insurance nightmare

sazzyb

Hi

I know there are loads of linked threads out there but nothing that really answers my queries comprehensively.

My OH and I are purchasing first property - mortgage provider has been quoting us on all these different insurances - life cover, income cover in case of accident/illness, critical illness cover (though no unemployment cover).

We're now thoroughly confused and feel like we may be paying hundreds a month (of our rather tight budget) on insurance that may never come to anything.

I know that's the risk with all insurance, but just wondered if anyone could suggest what we may benefit most from taking on - is it worth taking them all on and taking the just in case attitude or would it be more beneficial to pick and choose???

Any advice appreciated, Saz.

dollarjon

Think about the risks to yourself for example do you have a steady job? is your health good? do you have any savings?
For me and my OH we have secure jobs and are in good health i opted for mortgage cover (unemployment etc) from best insurance as recommended by martin (£15) a month and £190k of life cover (£12) we also have 4 months mortgage saved for a rainy day. Shop around for insurances it really does pay to.

dunstonh

We cannot tell you what is best as that is a personal opinion of which only time will tell whether you were right or wrong.
The pecking order for consideration should be Life cover then Permanent Health Insurance, then Critical illness cover, then accident sickness and unemployment. Thats based partly on likelihood of claiming but also the worst consequences should a claimable event occur.