We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
mortgage PPI or Life Insurance or BOTH? Help!
CTF
Posts: 7 Forumite
Hi there
I've bought a flat which I'm moving into in just over a week's time. I'm a FTB and absolutely confused about what kind of Insurance/Cover I'm supposed to take out.
I want to be insured so that if I'm ill and can't work my Mortgage payments are covered and I don't really understand the relevance or relatedness of Life Insurance
Can anyone explain the difference and advise me on what I need Insurance-wise?
Many thanks in advance
I've bought a flat which I'm moving into in just over a week's time. I'm a FTB and absolutely confused about what kind of Insurance/Cover I'm supposed to take out.
I want to be insured so that if I'm ill and can't work my Mortgage payments are covered and I don't really understand the relevance or relatedness of Life Insurance
Can anyone explain the difference and advise me on what I need Insurance-wise?
Many thanks in advance
0
Comments
-
Life insurance pays out to your partner, children, beneficiaries of your will etc if you die. If you are single/no kids, do you care what happens to the mortgage if you die?
Critical Illness Insurance pays out if you get a..... critical illness eg cancer - but read the small print for list of illnesses covered, and exclusions
Income Protection Insurance pays you an income (usually a % of your salary) if you lose your income through accident or ill health.
Payment Protection insurance pays your entire debt/mortgage off if you die, become ill or disabled, lose a job, or face other circumstances that may prevent you from earning income to service the debt.
It is up to you which, if any, of these you feel you want/need.
Before taking out any of them though
* shop around - don't just buy it automatically from your mortgage lender
* read the small print. One insurer may be cheaper but have less wide cover and/or more exclusions
See also
http://www.moneysavingexpert.com/insurance/?tab=sect200
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604.1K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards