Best option to choose for assurance cover.

Joy_mate

Hi all.
Recently I have taken out mortgage of £200 k for flat for 28 years.
I don't have any mortgage or life insurance.
I was thinking to take out critical illness for 28 years (my age- 37 yo) or mortgage decrease term insurance without critical illness cover. Both for £200k
Which is best option too choose.i don't want both. But one to cover only 28 years of mortgage term.
Anyone plz advice?
Thank you if you can

Annisele

Personally, I give income protection a higher priority than either life cover or critical illness. But your circumstances will be different to mine, and what matters here is the cover that you need.

Will anybody be in financial difficulties if you die? If you're single with no dependents, and no particular desire to leave a lump sum payment to anyone else, you probably don't need life cover.

I see critical illness cover as a 'nice to have', rather than a need - but I know others disagree with me. It pays out only if you get an illness on the insurer's list of specified critical illnesses. If you're unable to work due to illness or disability, it won't necessarily pay out.

ACG

The 2 things you have mentioned are completely different. One will pay out if you are no longer around, the other will pay out if you are diagnosed with one of x conditions which could result in you still being around.

What do you want to protect against?

Personally, as per the above post I agree that Income Protection is one of the better policies to look at but it really does depend on what you are looking to protect against.