Mortgage Protection / Income Protection / Life Insurance Etc

nixxystupot

Good afternoon,

I'm looking at all the avenues of insurance ahead of moving into my new property.

I just want to make sure i'm not being far too careful with it all and am looking at these options:

1x Life Insurance for a set amount (as i have another policy in place through work)
1x Critical Illness cover (again only set for a certain amount)
1x Income Protection (for a set amount as my work have a policy for their staff)

I'm also looking at MPPI for Unemployement only.

Is there any of the above that are not critical and would be a waste of my time and money.

Thanks
Nixxy

InsideInsurance

You mention you have work policies and so it mainly depends on how fully they meet your needs/ how much headroom for PHI it leaves as if it pays 60% of your salary then most others only pay a max of 65% meaning you could only top up the missing 5%.

How secure do you feel in your job? For both the Unemployment cover and also for how to consider the other classes you already get through work?

Do you have kids/ partner whos dependent on you?

Really you need to get yourself to an IFA or advisory Protection Broker, bring your work policy documents and get advice from them.

nixxystupot

apoligies what does PHI stand for?

My Job is ok at the moment but have been hit before with redunancy so want to start looking at getting a policy to cover me.

no kids and my partner is working full time too.

I would rather have separate policies from work for a smaller amount in the event that i left etc.

thanks
nixxy

InsideInsurance

Income Protection comes in two flavours - PHI (permanent health insurance) which is the full fat version that pays out until a set date (normally 65th birthday) or ASU (which is what MPPI is) is the budget version that only pays out for 12 or 24 months even if your too ill to work for 10 years

nixxystupot

Oh right i see. it would be the PHI that would pay me until I retire. I have worked this around my work policy and one would kick in before the other if i was to become sick or in a accident.

ACG

I prefer the idea of having a bit of each of these rather than throwing it all at one, it spreads the risk.

It looks like you have considered the obvious choices and I would not say any of them are a waste of money.

Unemployment cover is one of them where I would consider it for certain people but not everyone. Looking at myself for example, I know quite a few people in my industry if I had to get a job tomorrow im confident I could. So for me unemployment cover would be a waste of money. Someone in a dying industry may be wise to invest in it however.