So very confused - Life Assurance only...

spursberry

Hello there

I currently have PPI and have found out its not exactly what I want or need - and is also very expensive!

I shall be cancelling it

So instead I'm looking to get something to cover my family should I die. Reading through MSE I've got in quotes for Life Assurance. This is for an amount in six figures that will cover all debts etc

However is this all I need.To clarify: do I need to get Mortgage payment protection incase I die as well?

I'm not interested in redundancy cover and at a later date I might look into illness cover etc but to cover my family should I die what is the minimum I should have. Does Life Assurance cover it all or do I have to (legally? Sensibly?) need to have a separate one just for my mortgage?

Many thanks in advance

InsideInsurance

No legal requirement for you to have ASU at all, be that badged as mortgage protection, PPI or anything else.

Its up to you if you want one life policy, either level or decreasing, or to possibly have more than one, a decreasing one for the mortgage and a level for other debts/ family living costs etc.

For me the sensible other consideration is PHI which replaces your wage if you are too ill/injured to work. You may well get this from your job anyway

The third option often taken but I am not a fan of would be critical illness which is a lump sum if you get one of a specified list of illnesses to the necessary severity. Can be useful to clear debts/mortgage, make adaptions to the house etc if you become wheelchair bound but generally isnt a salary replacement. This can often be built in with life

Speak to an IFA or Protection broker and they can discuss your requirements, generate some indicative quotes etc

spursberry

Thank you very much

I'm after something so if I pass away my family don't have to worry about loosing the house

So my reckoning is that Life Assurance, Level Term, Guaranteed should do it...

Very confused but getting through - thank you for your detailed response.

kingstreet

How long would your employer continue to pay your salary if you were unable to work due to illness or disability?

What happens when it stops?

How would you pay your mortgage and your bills?

How much does the State pay you when you're unable to work due to illness or disability?

What would you have to give up?

How would your children feel?

Why is making sure your dependents are okay when you're dead more important than making sure they're okay when you're alive.

Permanent Health Insurance.

Own Occupation definition.

You're welcome.

weighty1_2

kingstreet wrote: »

How long would your employer continue to pay your salary if you were unable to work due to illness or disability?

What happens when it stops?

How would you pay your mortgage and your bills?

How much does the State pay you when you're unable to work due to illness or disability?

What would you have to give up?

How would your children feel?

Why is making sure your dependents are okay when you're dead more important than making sure they're okay when you're alive.

Permanent Health Insurance.

Own Occupation definition.

You're welcome.

Brilliant!!! :rotfl: