Health, life or mortgage protection insurance?

PerkP

Hello,
My partner & I are 50/50 on a new mortgage and not married, no children. I want to get some type of insurance but unsure what is the best for our situation. I'd like cover for whether one of us gets ill for a long period of time and can't work and of course the mortgage is the main bill to cover. Would health insurance be better than mortgage protection insurance? 
Many thanks in advance,
PerkP

Richard1212

PerkP said:

Hello,
My partner & I are 50/50 on a new mortgage and not married, no children. I want to get some type of insurance but unsure what is the best for our situation. I'd like cover for whether one of us gets ill for a long period of time and can't work and of course the mortgage is the main bill to cover. Would health insurance be better than mortgage protection insurance? 
Many thanks in advance,
PerkP

You are quite right to think of insurance----essential to us all at every age. In your own case, all depends on a lot of things we don't know from your post. Young/Old ? Income/Partners Income?/ Size and duration of mortgage? ETC.

If you can only afford one type of insurance out of the three types that you mention :  Private health insurance is great and I would not do without it; but at what I suspect is your age bracket, you cannot really consider it compared to the other 2 types of insurance.

As for the mortgage vs life insurance, it is not a simple question and answer. The following link should tell you exactly which is best for you and your partner : 

https://www.moneysupermarket.com/life-insurance/life-insurance-vs-mortgage-life-insurance/#:~:text=Therefore, mortgage life insurance might,insurance may be more appropriate.

DullGreyGuy

PerkP said:

Hello,
My partner & I are 50/50 on a new mortgage and not married, no children. I want to get some type of insurance but unsure what is the best for our situation. I'd like cover for whether one of us gets ill for a long period of time and can't work and of course the mortgage is the main bill to cover. Would health insurance be better than mortgage protection insurance? 
Many thanks in advance,
PerkP

Health - do you mean private medical insurance (eg Bupa) that covers private doctors etc or permanent health which is the full fat version of income protection?

Personally I have income protection at the level to pay our mortgage, living expenses etc but notably below my full income. I also have PMI because I'd rather be back at work earning my full wage than being ill at home even if I am still getting an income. 

You'll also get people talking of critical illness which pays out a lump sum if you get one of the specified illnesses. Personally don't have this for a couple of reasons but mainly because there are illnesses that could mean you'll never work again but aren't on the CI list so you'd get nothing, hence why PHI is more important to me. 

Richard1212

DullGreyGuy said:

PerkP said:

Hello,
My partner & I are 50/50 on a new mortgage and not married, no children. I want to get some type of insurance but unsure what is the best for our situation. I'd like cover for whether one of us gets ill for a long period of time and can't work and of course the mortgage is the main bill to cover. Would health insurance be better than mortgage protection insurance? 
Many thanks in advance,
PerkP

Health - do you mean private medical insurance (eg Bupa) that covers private doctors etc or permanent health which is the full fat version of income protection?

Personally I have income protection at the level to pay our mortgage, living expenses etc but notably below my full income. I also have PMI because I'd rather be back at work earning my full wage than being ill at home even if I am still getting an income. 

You'll also get people talking of critical illness which pays out a lump sum if you get one of the specified illnesses. Personally don't have this for a couple of reasons but mainly because there are illnesses that could mean you'll never work again but aren't on the CI list so you'd get nothing, hence why PHI is more important to me. 

I have no idea how having Private Health Insurance gets me "at work earning my full wage rather than being ill at home". If you are ill , you are ill and are not able to go to work, whether you are being privately treated or not.

I am a great believer in Private Medical Insurance, and have always had a full BUPA premier benefits cover. But, O/P asks for advice on which type of insurance should be taken out if only one was available to them. It is obvious that the only choice is between Life insurance and mortgage insurance.  Private healthcare is not for anybody who can only have one type of insurance and this PHI is not a contender in this particular thread.

Nearlyold

Richard1212 said:

DullGreyGuy said:

PerkP said:

Hello,
My partner & I are 50/50 on a new mortgage and not married, no children. I want to get some type of insurance but unsure what is the best for our situation. I'd like cover for whether one of us gets ill for a long period of time and can't work and of course the mortgage is the main bill to cover. Would health insurance be better than mortgage protection insurance? 
Many thanks in advance,
PerkP

Health - do you mean private medical insurance (eg Bupa) that covers private doctors etc or permanent health which is the full fat version of income protection?

Personally I have income protection at the level to pay our mortgage, living expenses etc but notably below my full income. I also have PMI because I'd rather be back at work earning my full wage than being ill at home even if I am still getting an income. 

You'll also get people talking of critical illness which pays out a lump sum if you get one of the specified illnesses. Personally don't have this for a couple of reasons but mainly because there are illnesses that could mean you'll never work again but aren't on the CI list so you'd get nothing, hence why PHI is more important to me. 

I have no idea how having Private Health Insurance gets me "at work earning my full wage rother than being ill at home". If you are ill , you are ill and are not able to go to work, whether you are being privately or not.

I am a great believer in Private Medical Insurance, and have always had a full BUPA premier benefits cover. But, O/P asks for advice on which type of insurance should be taken out if only one was available to them. It is obvious that the only choice is between Life insurance and mortgage insurance.  Private healthcare is not for anybody who can only have one type of insurance and this PHI is not a contender in this particular thread.

By PHI DullGreyGuy means "Permanent Health Insurance" which would provide exactly the cover the OP says he's looking for in his initial post. PHI provides a long term income should you be unable to work due to illness or injury. Not be confused with PMI (Private Medical Insurance) ie Bupa type cover. Ideally PHI should run alongside Life Cover for the mortgage, if its a repayment mortgage then a Decreasing Term policy would suit.

With regard to how PMI can get you back to work rather than being at home not earning, PMI could provide prompt treatment for an otherwise debilitating condition which if you're stuck on a NHS waiting list stops you from working.

Richard1212

I doubt how, in many cases, PMI can get someone better more quickly than NHS. Yes, the patient may get quicker treatment and avoid NHS waiting lists for some sorts of elective surgery, but for serious conditions the advantages of PMI are all about having the surgeon you want ( rather than a registrar etc) anywhere in the country ( my wife was treated in a hospital 200 miles away because the best surgeon for her needs was there);  for first class hotel accommodation,including en suite room rather than a ward where the the temperature is always 100 degrees ( why so hot in NHS hospitals compared to air-conditioned adjustable temp in private hospitals ??); fine food ; visiting hours at virtually any time and with no time limit). And nowhere has Perk mentioned PHI-----and remember that PHI is different in certain ways to income protection insurance. 

And, yet again, I draw attention to the fact that PerkP stated quite clearly that only ONE type of insurance is needed/affordable. 
And that is why  I provided the following link in an earlier post because the whole topic is not as simple as you suggest :  

https://www.moneysupermarket.com/life-insurance/life-insurance-vs-mortgage-life-insurance/#:~:text=Therefore, mortgage life insurance might,insurance may be more appropriate

Nearlyold

Richard1212 said:

I doubt how, in many cases, PMI can get someone better more quickly than NHS. Yes, the patient may get quicker treatment and avoid NHS waiting lists for some sorts of elective surgery, but for serious conditions the advantages of PMI are all about having the surgeon you want ( rather than a registrar etc) anywhere in the country ( my wife was treated in a hospital 200 miles away because the best surgeon for her needs was there);  for first class hotel accommodation,including en suite room rather than a ward where the the temperature is always 100 degrees ( why so hot in NHS hospitals compared to air-conditioned adjustable temp in private hospitals ??); fine food ; visiting hours at virtually any time and with no time limit). And nowhere has Perk mentioned PHI-----and remember that PHI is different in certain ways to income protection insurance. 

And, yet again, I draw attention to the fact that PerkP stated quite clearly that only ONE type of insurance is needed/affordable. 
And that is why  I provided the following link in an earlier post because the whole topic is not as simple as you suggest :  

https://www.moneysupermarket.com/life-insurance/life-insurance-vs-mortgage-life-insurance/#:~:text=Therefore, mortgage life insurance might,insurance may be more appropriate

Actually I can't see where the OP clearly states that he only wants one policy or can only one afford policy.

He does indeed only mention one specific cover requirement and that's for Income Protection cover not Life Cover. PHI happens to be by far the best form of income protection cover as it can provide an income for the whole of the rest of your working life. 

Obviously the OP's Occupation and choice of deferred period will affect the PHI premium for a given monthly benefit.

Why do you say PHI would not be a contender given the OP says:-

"I'd like cover for whether one of us gets ill for a long period of time and can't work and of course the mortgage is the main bill to cover."

Richard1212

PHI can mean private health insurance---and O/P has not specified. But regardless of that, at every stage of life , he is going to need life insurance which is most important and should be taken out long before pre-existing conditions make it impossible to obtain at all or make costs prohibitive. It is the single most important type of insurance to look after loved ones in case of death or terminal illness.
Once again, i emphasise that all is not so simple in this field and that is why I have drawn attention to the link I have posted.

DullGreyGuy

Richard1212 said:

I doubt how, in many cases, PMI can get someone better more quickly than NHS. Yes, the patient may get quicker treatment and avoid NHS waiting lists for some sorts of elective surgery, but for serious conditions the advantages of PMI are all about having the surgeon you want ( rather than a registrar etc) anywhere in the country ( my wife was treated in a hospital 200 miles away because the best surgeon for her needs was there);  for first class hotel accommodation,including en suite room rather than a ward 

I've been unable to use my right hand for a few weeks now, in my line of work that's an annoyance not a showstopper but there are plenty of people who wouldn't be able to work if their hand aint able to grip anything etc. 

GP made a referral, NHS is offering an appointment in February. First private appointment was in 6 days, MRI and bloods the next day, followup appointment after 8 days and now US injection booked for tomorrow and is believed will fix the problem so had I a job that needed that hand it's about a months lost pay rather than 5 months to the first appointment and I doubt the NHS would have moved as quickly for the tests/followup etc. 

Sure there are some things the NHS are just as quick for but plenty of things that can make some unfit for work that the NHS will take months over (a friend who "doesn't believe in PMI" has been having every other day off work with gastro issues since March and the NHS haven't even finished running the tests yet... without doubt private would have jumped straight to the most comprehensive tests and done them in parallel not waiting a month or more between them)

wjr4

You need to be looking at Income Protection as a priority. 

Richard1212

DullGreyGuy said:

Richard1212 said:

I doubt how, in many cases, PMI can get someone better more quickly than NHS. Yes, the patient may get quicker treatment and avoid NHS waiting lists for some sorts of elective surgery, but for serious conditions the advantages of PMI are all about having the surgeon you want ( rather than a registrar etc) anywhere in the country ( my wife was treated in a hospital 200 miles away because the best surgeon for her needs was there);  for first class hotel accommodation,including en suite room rather than a ward 

I've been unable to use my right hand for a few weeks now, in my line of work that's an annoyance not a showstopper but there are plenty of people who wouldn't be able to work if their hand aint able to grip anything etc. 

GP made a referral, NHS is offering an appointment in February. First private appointment was in 6 days, MRI and bloods the next day, followup appointment after 8 days and now US injection booked for tomorrow and is believed will fix the problem so had I a job that needed that hand it's about a months lost pay rather than 5 months to the first appointment and I doubt the NHS would have moved as quickly for the tests/followup etc. 

Sure there are some things the NHS are just as quick for but plenty of things that can make some unfit for work that the NHS will take months over (a friend who "doesn't believe in PMI" has been having every other day off work with gastro issues since March and the NHS haven't even finished running the tests yet... without doubt private would have jumped straight to the most comprehensive tests and done them in parallel not waiting a month or more between them)

As a long-time user of my BUPA policy, I couldn't  agree with you more, DullGrey. What a state our NHS is in !  There is no doubt that Private Health Insurance , or simply paying ( for those who can afford it) is now something that is becoming more and more of a "must" instead of the "luxury" it used to be just for the lucky minority. It's a subject we could talk about at length, just as much as the 7.5 patients who are on NHS waiting lists, but it's probably not allowed to chat in detail about the whole NHS malaise on this forum. 

My reference to " I doubt how, in many cases, PMI can get someone better more quickly than NHS " was a pretty clumsy dog's dinner of making a point relevant to this thread. My comment said in "many cases" and it's not "many", it's more like "a minority". And as for the speed , my comment took no account of the time people must have  to wait for NHS treatment in the first place---what I meant is that, once diagnosis and treatment have been completed, it usually takes as much time to heal and be ready for work again whether you are a private or NHS patient ( and I can already think of exceptions to that broad statement !!). So thx for quite rightly drawing attention to the main fault with my comment ie the sheer length of time to get an NHS out-patient appt and even longer wait to get treatment on NHS. 

I do hope that your hand problem will be resolved as soon as possible and thanks for saying what I strongly agree with you about and which came out all wrong when I wrote that particular part of my previous post. Thx.