Income protection - mortgage

klloyd89

Hi
Looking for some advice, will shortly be buying our first house(shared ownership)
Do we need life cover and also income protection? Our mortgage advisor had told us we should get it but didn't know if that was down to commission etc.
 The rent on the property is twice the price of mortgage, would rent be covered too or only mortgage payments on the income support.

The cover is costing us 19% of our mortgage payments and wanted to see if its advised or not.

dunstonh

Do we need life cover and also income protection?

You say "we".  So, that indicates a couple.  In which case you almost certainly have a financial need for those.

Our mortgage advisor had told us we should get it but didn't know if that was down to commission etc.

Go fee basis if you feel there is a bias involved.   However, make sure your adviser is independent or whole of market (not just on mortgages but also insurances - some whole of market mortgage brokers are tied to one insurer).

 The rent on the property is twice the price of mortgage, would rent be covered too or only mortgage payments on the income support.

You take out the protection to cover your shortfalls.   We cannot comment on what your potential shortfalls are as we know nothing about your situation.  However, a very easy way to work out if you have a shortfall is to remove the income from one of you and work out if the other can survive on their income (and vice versa).