Do I really need life and critical illness cover?

lisyloo

Zero_Sum wrote: »

One of the other reasons i forgot to add was that i have a decent amount of equity. So worst case, I can always sell up & buy an ex council house 10 miles down the road without a mortgage. This was a point that the mortgage advisor in Halifax couldnt (or perhaps wouldnt) get her head around when spending most of the process trying to flog me insurance (even though at start they stated they wouldnt do this)

I am certainly not taking the advisors/sellers position on this, but one should bear in mind that property is not a liquid asset.

I sold a flat recently which received an offer straight away, but as it was in a chain it took 5 months to completion.
You’re very unlikely to see any money in less than 4 months best case.

It can take several years to sell property if you don’t want to sell at a big discount.

Weigh up the pros and cons but a property cannot help short term unless you have very supportive family who’d bridge that period for you with a loan.

SonOf

missile wrote: »

Financial Advisors will always tell you about wonderful products you cannot do without. Remember PPI?

You need to weigh up the risk and reward.

PPI is not really seen as a financial adviser issue as the only PPI they would have dealt with is MPPI and income related PPI. Those two types are the only two types of PPI you can still buy today as they were not the bad types that you can no longer buy.

Advisers account for under 0.5% of PPI complaints and the uphold rate on PPI is tiny.

Its best not to mistake bank clerks with advisers.