What protection should my wife and I get?

Lungboy

We're getting close to exchanging on our first mortgage now (I hope) so I'm starting to look into insurances for us both. I'm currently the main income, wife on maternity leave for another 8 months. When she goes back to work I'll still be main income in the short-term but she has far more opportunity to increase her wage than me. I have a health issue which is currently stable and doesn't impact too much, but it means life insurance for me is impossible. What would be the best set of policies to best protect us both?

Lungboy

Would this be better posted in the House Buying forum?

e: or the insurance forum?

libf

Do you have a broker? Can they offer you advice on insurance or refer you to an advisor?

A lot will depend on the life insurance and sickness provision at your company...

Lungboy

I do have a broker, but i'd also read (in the MSE guide and elsewhere) that they aren't the right people to speak to necessarily as they are mortgage specialists, not insurance specialists. I can certainly give him a ring.

GoldenShadow

Guy who did our application etc is a Financial Advisor. He said Life Insurance, Income Protection and Critical Illness cover or a combination. We have gone for Life Insurance and Income Protection, separate policies for Life Ins and IP was separate anyway.

Ruby_Hepburn

I agree with Golden Shadow. Whilst I wasn't recommended to us, we wanted peace of mind in getting Sickness insurance, life insurance and income protection. Well worth the money to not have to worry about losing the roof over your head IMO

dano17439

My and my wife also have 2 x life insurance each (1 paid and 1 through our employers), critical illness, and income protection. I also have separate family cover that would also give my wife a yearly income if I popped my clogs

Ive had people say before that we are over covered, but I don't care, we can happily afford the premiums and I sleep well at night knowing my family would be financially secure if I were to go

Lungboy

Thanks all. I can't get life insurance, or any form of MPPI by the looks of it. Luckily I have good long-term sick pay and my job is fairly secure, so unemployment and sickness aren't needed (hopefully). I'm looking in to critical cover now. I think my wife will probably get Life cover, and I'll have to check what her sick pay is like.

JPB123

Lungboy wrote: »

Thanks all. I can't get life insurance, or any form of MPPI by the looks of it. Luckily I have good long-term sick pay and my job is fairly secure, so unemployment and sickness aren't needed (hopefully). I'm looking in to critical cover now. I think my wife will probably get Life cover, and I'll have to check what her sick pay is like.

If you can't get life cover, you've got no chance with Critical illness

Lungboy

I thought that that might be the case.

Lungboy

The brokers that I spoke to last week got back to me. No mainstream insurers will touch me, as expected, but apparently ESMI will give life insurance. Does anyone know anything about them? They specialise in preexisting conditions. I'm just worried they could say that whatever killed me was linked to my CF and refuse to payout. Obviously that would be hard if I'm hit by a bus, but possible if I had a medical condition. They charge ~£9.50 per month for life insurance of £50k, or £23 for £100k.

Another company that look like they might offer cover is Pulse. I don't know what their premiums will be. Has anyone any experience of them?