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Life Insurance with property purchase
Comments
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Some people don't get critical illness, some get PHI, and some get both. It depends what you think you need. Not many mortgage companies requite you to get any insurance other than buildings insurance but you need to check your lender's requirements.
I would look seriously at PHI/income protection rather than critical illness. Critical illness polices have too many exclusions. However, you need to make sure that the PHI policy provides own occupation cover:
http://www.telegraph.co.uk/finance/personalfinance/insurance/incomeprotection/9166885/800000-waste-money-on-worthless-income-insurance.html0 -
getmore4less wrote: »I thought life cover as a condition of lending was abolished.
Do you need the cover is the first question.
There are other options if one of you dies.
Worst case is one of you becomes incapacitated and the other becomes carer and can't work. Life insurance is no good for that.
You need to think of all eventualities.
My personal experience tells me that critical illness cover is definitely needed, we didn't bother and should have as my husband developed an illness which, although he survived it, would have been covered had we taken out the insurance. The stress his illness caused meant I as unable to work the hours needed to cover his loss of income and the financial pressure was very great. We really SHOULD have taken out that insurance cover!
Having recovered enough to be able to work again my husband pushed himself to the limits in order to get the finances back on track, this, coupled with the stress, caused him to die of a heart attack. Thankfully we HAD taken out life cover and I could pay off the mortgage.
The last thing you need to be worrying about if one of you is critically ill, or dies suddenly, is money! Yes,there are other options if one of you dies, as in selling the house or whatever, but would you really want to be in that position? until it has happened to you, you cannot begin to understand how it affects you.0
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