Mortgage insurances

zeroms

Hi Guys,

I am a first time buyer who has just had an offer accepted for a house, i also have a mortgage in principal.

I am now being told i need payment protection, life insurance, home and contents insurance.

anyone got any tips on where to go or these cheaply as possible.

and even if they are needed!

Thanks

Craig

dunstonh

and even if they are needed!

buildings insurance - lender will insist on it
contents insurance - common sense to have it as how would you replace your contents in the event of burglary or fire etc
life assurance - if your partner/spouse/family would be unable to afford to pay the mortgage in the event of your death (and vice versa with spouse/partner) then life cover is common sense
permanent health insurance - this is income protection in the event of accident or sickness. Its not a requirement but how is your sick pay from work?
accident, sickness and unemployment - slight overlap with PHI but not as comprehensive and only pays out for 12 months (some go to 24). Self employed are usually better off with PHI rather than this as well as those in secure employment as its only unemployment where it has an advantage over PHI.
critical illness - often used as a bolt on to the life cover. Its a nice to have however, you would prioritise it lower than PHI. Claims potential is not that different from life cover (1 in 6 before suffering a CI claimable event before retirement compared with 1 in 5 for life cover).

zeroms

Does anyone know where i can get these insurances at a competitive rate?

Many Thanks

Craig

olly300

House and contents insurance look at confused.com etc

Other insurances check your work benefits to see what you need as lots of workplaces give PHI as standard to permanent employees, and then use an IFA giving them as much information as possible.

Clive_Woody

zeroms wrote: »

Hi Guys,

I am a first time buyer who has just had an offer accepted for a house, i also have a mortgage in principal.

I am now being told i need payment protection, life insurance, home and contents insurance.

anyone got any tips on where to go or these cheaply as possible.

and even if they are needed!

Thanks

Craig

The only insurance you need is buildings insurance as the mortgage lender will insist on this. The other ones are for you to decide upon.

There will be plenty of people more than happy to sell you countless different insurance policies. Contents insurance makes sense, but the others depend on your circumstances (i.e. savings, partner, children, job security, attitude to risk, etc...)