First time buyer, life & income protection insurance advice.

Runningmad

Good evening.
Confused first time buyer here. We are buying a new build and obviously will have life insurance to cover the mortgage incase of death. And compulsory buildings insurance of course. 
We are also looking at income protection (need to research in more detail) are there any other insurances to recommend? I know about critical illness cover and contents. We've had quotes but no proper advice as you can imagine all rather overwhelming. Just wondering if there are others in the same journey or more experienced home owners to give advice.
Thanks in advance 

Sandtree

Buildings and Contents are mass market products and almost always sold on a non-advised basis so do a bit of homework about the range of covers on offer and decide for yourself if, for example, matching set cover is important based on the type of things you own or how your home will be decorated etc.

Income Protection is a bit of a minefield because the phrase is used to cover two very different products - ASU/PPI a short term claim/ annual policy and PHI a long term policy in both respects. The latter is almost exclusively sold via agents/brokers.

Life insurance is about more than just the mortgage and people often have more than one policy (or one policy with multiple segments) to reflect their differing needs... eg a decreasing one that  is aligned to the mortgage and a fixed one to give 10 years net income to their partner before planned retirement age

Be conscious that a whole of market mortgage broker may be a tied agent on the insurance side... they will offer their services to help with insurance but make sure you understand what they are, tied agents often have more expensive products and rely on the cross sell to make sales.

Insurance is about offsetting the risk of a big loss with the certainty of a small loss (ie the premium) and so anything else depends on what risks/events you are worried about... as someone who's not an employee I dont get paid if I dont work and so for me PMI is really important so I'm not off sick for 2 months sat on an NHS waiting list but for others this may be more of a luxury (as far as insurance can be described as such). 

Runningmad

Thank you so much for the reply. Yes you are right it's a minefield. I shall work through your points and do some more research. Thank you

csgohan4

get a broker for your income protection, MSE does an article on life assurance, who's providers also do income protection