Advice on life/illness cover

Bobby_Bouche

I am currently renting and have no insurance for life/illness or medical.
I can navigate the medical just fine, but as I don't (yet) have a mortgage I am unsure how to proceed regarding life insurance/illness insurance.
Another thing I'd like to cover is if I become ill and cannot work.  
Next year I do intend to buy a house, so can any life insurance I buy now be updated?
I live alone but have two teenage boys(I don't wish to insure them). Life insurance or insurance on any significant terminal illness/death is probably ideal.
Do I need a policy for both life/critical illness cover etc.

lisyloo

Not clear on your questions.
why do you need to update life insurance if you get a mortgage, do you mean increase?
life insurance is cheapish, it might be worth getting the higher amount whilst you’re healthy.

each one? Each child or each insurance?

what does your employer cover in terms of sick pay?
be careful you understand the difference between permanent health and critical illness insurance.

fullofcold

Bobby_Bouche said:

I am currently renting and have no insurance for life/illness or medical.
I can navigate the medical just fine, but as I don't (yet) have a mortgage I am unsure how to proceed regarding life insurance/illness insurance.
Another thing I'd like to cover is if I become ill and cannot work.  
Next year I do intend to buy a house, so can any life insurance I buy now be updated?
I live alone but have two teenage boys. Life insurance or insurance on any significant terminal illness/death is probably ideal.
Do I need to do each one on its own policy?
Thanks in advance.

I would suggest speaking with a Protection Adviser if I am honest.  They will go through a full fact find with you and make a recommendation based on your circumstances.  It is one of those things that needs to be done correctly or what you want to happen will not.

lisyloo

fullofcold said:

Bobby_Bouche said:

I am currently renting and have no insurance for life/illness or medical.
I can navigate the medical just fine, but as I don't (yet) have a mortgage I am unsure how to proceed regarding life insurance/illness insurance.
Another thing I'd like to cover is if I become ill and cannot work.  
Next year I do intend to buy a house, so can any life insurance I buy now be updated?
I live alone but have two teenage boys. Life insurance or insurance on any significant terminal illness/death is probably ideal.
Do I need to do each one on its own policy?
Thanks in advance.

I would suggest speaking with a Protection Adviser if I am honest.  They will go through a full fact find with you and make a recommendation based on your circumstances.  It is one of those things that needs to be done correctly or what you want to happen will not.

Make sure they are independent and can advise on the whole of the market not tied to one insurers products.

Bobby_Bouche

lisyloo said:

fullofcold said:

Bobby_Bouche said:

I am currently renting and have no insurance for life/illness or medical.
I can navigate the medical just fine, but as I don't (yet) have a mortgage I am unsure how to proceed regarding life insurance/illness insurance.
Another thing I'd like to cover is if I become ill and cannot work.  
Next year I do intend to buy a house, so can any life insurance I buy now be updated?
I live alone but have two teenage boys. Life insurance or insurance on any significant terminal illness/death is probably ideal.
Do I need to do each one on its own policy?
Thanks in advance.

I would suggest speaking with a Protection Adviser if I am honest.  They will go through a full fact find with you and make a recommendation based on your circumstances.  It is one of those things that needs to be done correctly or what you want to happen will not.

Make sure they are independent and can advise on the whole of the market not tied to one insurers products.

I meant each policy. I do not want insurance for my teenagers. Thank you.

SonOf

So, in summary (to aid where we are on the thread), you are looking for:
1 - Life assurance (for family protection)
2 - Critical illness cover (could be built in with life assurance)
3 - Permanent Health Insurance (the better form of income protection)

Bobby_Bouche

SonOf said:

So, in summary (to aid where we are on the thread), you are looking for:
1 - Life assurance (for family protection)
2 - Critical illness cover (could be built in with life assurance)
3 - Permanent Health Insurance (the better form of income protection)

I only want to cover my own life, not that of my children.
Yes to the other key points. Thank you.

lisyloo

Yes life insurance is to cover your deathbut it’s for the protection of your children.
as an aside do you have a will to state your wishes as to who would care for them?
critical illness can be bought with life insurance but only covers a subset of illnesses.
permanent health is if you can’t work and is standalone.
personally I would get life and permanent health.
critical illness is a luxury (IMO) for treatment, house alterations, bucket list etc. But won’t cover an income for life and you might get something not covered that stops you working

lisyloo

Also do you have a pension fund. Bear in mind this would probably be available should you die before retirement.

Bobby_Bouche

lisyloo said:

Also do you have a pension fund. Bear in mind this would probably be available should you die before retirement.

No pension fund. I am about to start working for the local authority soon so I intend to get that in order best i can.