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First Time Buyer - Emergency Fund/Insurance?
FIRSTTIMER
Posts: 637 Forumite
Hi All,
Just wanted to gauge what people have as an emergency fund and how much they keep in case of loss of job etc.
I am single and was also wondering what's best insurance to take out? Everyone is telling me mortgage protection is rubbish as by the time you can claim and jump through hoops, you'd be back in a job.....
Is permanent health insurance a better option?
Thanks
Just wanted to gauge what people have as an emergency fund and how much they keep in case of loss of job etc.
I am single and was also wondering what's best insurance to take out? Everyone is telling me mortgage protection is rubbish as by the time you can claim and jump through hoops, you'd be back in a job.....
Is permanent health insurance a better option?
Thanks
0
Comments
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Critical illness insurance can be beneficial. Personally I keep about 4-5 months of mortgage payments, bills etc in an account. Might be excessive.0
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yeh I have cic and life for level lump sum....but was thinking around bills/mtg payments. 6 months bills etc seems wise0
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FIRSTTIMER wrote: »yeh I have cic and life for level lump sum....but was thinking around bills/mtg payments. 6 months bills etc seems wise
Income protection (previously permanent health insurance) sounds best for your situation.I am an Independent Financial Adviser (IFA). Any posts on here are for information and discussion purposes only and should not be seen as financial advice.0 -
I have about £30k in savings which I would fall back on.
Not sure how much I would keep back were I to use a good deal of that on a house deposit for instance.
Loss of job is not too huge an issue due to better paid agency type work readily available in my field, ill health on the other hand I'm not covered for.0 -
FIRSTTIMER wrote: »I am single and was also wondering what's best insurance to take out?
Try none.
On the assumption all your limbs work why would you?0
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