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  • FIRST POST
    • FIRSTTIMER
    • By FIRSTTIMER 7th May 18, 10:56 PM
    • 380Posts
    • 61Thanks
    FIRSTTIMER
    Am I protected enough?
    • #1
    • 7th May 18, 10:56 PM
    Am I protected enough? 7th May 18 at 10:56 PM
    Whilst I am youngish and now single with mortgage, Iíve tried to make sure I am protected as much as possible with fixed premiums that are cheap whilst age is good - is this too much or just right?

    L&G Life Insurance with CIC - Level Term fixed premiums that covers mtg amount to age 70.
    L&G Income Protection - £2.5k per month. Fixed Premiums until age 65.
    LISA and S&S ISA with regular smallish monthly payments into.

    Employer Life Insurance and Pension as normal - retiring at 60-65 for defo !!!128556;

    Emergency fund of approx 6 months expenses.
Page 1
    • Weighty1
    • By Weighty1 8th May 18, 12:20 PM
    • 351 Posts
    • 144 Thanks
    Weighty1
    • #2
    • 8th May 18, 12:20 PM
    • #2
    • 8th May 18, 12:20 PM
    We don't know your income levels or expenditure amounts so that alone makes it almost impossible to say whether you've got enough cover or not. The fact that you've got both CIC and (presumably long term) IP is certainly a good starting point though.

    Is the income protection index-linked? That's a necessity in most cases I see as £2,500/month in 20-odd/30+ years probably wouldn't provide enough protection.

    Plus, if you fell ill tomorrow would the benefit amount on the IP still enable you to retire at age 60-65 or would it affect your ability to contribute to pension plans and therefore mean you'd have to defer drawing on your pension?
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