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what do i need

miaoww
miaoww Posts: 421 Forumite
Part of the Furniture 100 Posts Combo Breaker
in Insurance & life assurance
Hi guys - can anyone help all this insurance / assurance stuff is confusing me
im looking for cover to pay my mortage / secured loan in the event of me / my partner (god forbid) dying or getting seriously ill that the other has to give up work to look after the kids
mortage left if 89,000
secured loan 79,000 So would need this covered by something
2 kids
house value approx 140,000
earnings annual mine 14,400
hubbys 12,000

ive got life ins with tescos just taken out
hubby got no life ins at the mo
we did have mort protection? but not anymore

any advise gratefully recived
thanks
:o
BR as of 14/1/2009
Discharged Oct 2009
BC 24

Comments

  • miaoww
    miaoww Posts: 421 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Hi,
    does anybody out there have any advise or are you all just as confused as me?:confused:
    BR as of 14/1/2009
    Discharged Oct 2009
    BC 24
  • daveonline
    daveonline Posts: 175 Forumite
    Your post suggests that your looking for 2 types of policy - Life insurance for a payment if either of you die, this is fairly cheap compareed to income protection that would cover you for illness or accident.
    I have always used moneysupermarket to get quotes then decide what i wanted.

    The link is here for their insurance section (Try both Life and income sections) -

    http://www.moneysupermarket.com/insurance/?Source=MS
  • dunstonh
    dunstonh Posts: 121,263 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    It is worth noting that moneysupermarket do not quote full income protection known as permanent health insurance (PHI). They only quote the budget, more limited version of income protection.

    PHI should be considered prior to income protection every time.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • miaoww
    miaoww Posts: 421 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    what was the mortgage protection stuff we had before for then? :confused:
    BR as of 14/1/2009
    Discharged Oct 2009
    BC 24
  • mintymoneysaver
    mintymoneysaver Posts: 3,527 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Home Insurance Hacker!
    mortgagae protection pays your mortgagae/ bills in the event of unemployment etc.... see here
    http://www.moneysavingexpert.com/mortgages/payment-protection-insurance
  • dunstonh
    dunstonh Posts: 121,263 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    mortgage protection as payment protection for your mortgage. I dont rate it much at all. Did you know that in 2006, 85% of all payment protection claims, including mortgage payment protection, were rejected?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • miaoww
    miaoww Posts: 421 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Can I just get life ins for more than we need then the balance would cover secured loan?
    BR as of 14/1/2009
    Discharged Oct 2009
    BC 24
  • dunstonh
    dunstonh Posts: 121,263 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    You can take out what you like providing there is an insurable interest and a need. Having the secured loan covered is a valid need.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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