What insurances to take out

ACG

jojaca wrote: »

I am even more confused, after reading comments. This is my situation, I have 23 year mortgage (£325 a month Fixed for 5 years) and i still have savings of £5k/6k.
I was planning to save minimum of £400 of month for raining day to cover illness in future. Also my partner wants to go back to work.

£5-6k would cover your mortgage alone for 2 years. With everything else maybe 6-8 months assuming something happened tomorrow or next week.

What happens if your boiler/car breaks? Will you be dipping into that £5-6k?

If you can afford to put away £400 a month, then £30-40 is nothing and you will be extremely thankful that you did if you even need to make a claim.

The brokers on here earn nothing by you taking out insurance to protect yourself and your family... yet we are all saying its worth looking at. Does that tell you something?

Nobody is saying dont put money into a pot, but if you can afford £400, put £360 into the pot and £40 into some protection (life/ip etc) if you made a claim tomorrow you would find you still have your £5k plus you would be getting maybe £600 a month until your good to go back to work, meaning your £5k would last a hell of a lot longer.