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FTB - What Insurance do I Need?
Tantalus86
Posts: 76 Forumite
Hi All,
I've recently exchanged contracts on my first house (:j) and would like to get some insurance to stop it ever having to be repossessed. However there appears to be tons of different types of insurance and I'm a little confused about which particular ones might apply to me:
My understanding is that life insurance will not be needed, nor will level term insurance or mortgage assurance, and critical illness cover is generally frowned upon (from what I've read on here) so that can be ignored as well. But what about the others?
If I were to get income protection, surely that would protect the mortgage and effectively includes MPPI? Would that cover me for unemployment and illness?
What kind of cover have others got on here?
Help needed
I've recently exchanged contracts on my first house (:j) and would like to get some insurance to stop it ever having to be repossessed. However there appears to be tons of different types of insurance and I'm a little confused about which particular ones might apply to me:
- Mortgage Life Assurance?
- Mortgage PPI?
- Level Term Insurance?
- Life Insurance?
- Critical Illness Cover?
- Income Protection?
My understanding is that life insurance will not be needed, nor will level term insurance or mortgage assurance, and critical illness cover is generally frowned upon (from what I've read on here) so that can be ignored as well. But what about the others?
If I were to get income protection, surely that would protect the mortgage and effectively includes MPPI? Would that cover me for unemployment and illness?
What kind of cover have others got on here?
Help needed
0
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