Insurance

[DaisyRaine90]

Life, medical and house insurance

What could I pay for all three?
Want to be fully covered for every eventuality

Thanks 😊

If you own a house and it isn't insured that needs sorting yesterday.

If you have dependents who rely on your income or care, then same for life insurance.

I have contents insurance but just bought a house. I don’t have life insurance but do have savings and will. That’s why I’m asking I know it’s of paramount importance 😊

If you have even exchanged you need buildings insurance like yesterday, usually the mortgage company and solicitor won't advance without it in place.

Dependents?
Your life insurance should ideally cover your mortgage and any debts and then anything you want to leave for dependents.
Otherwise the people you leave behind will have to sell the property to pay off the mortgage.
Buildings insurance - get a couple of quotes
It covers rebuilding costs- if it burns down e.g.
Medical insurance isn't really necessary if you live in the U.K.
But would cost approx £100-£200 Monthly

Nobody on here can tell you what you're likely to pay for all three. Too many variables. You need to get some quotes.

Get buildings insurance asap and then sort life insurance to cover the mortgage with a bit extra if you can afford it. It really depends who you'd be leaving behind.

I would recommend speaking to a financial adviser.

Do you have a mortgage?

It will be a condition of the mortgage that you have buildings insurance so that needs sorting now.

The rest you can do online calculators for.

I’ve appointed a legal guardian in my will and we are mortgage free x

Need medical insurance as have 10 different health diagnoses and likely to have 3 more in the coming months x

So I know I won’t be covered for pre existing and would have to pay a premium but as I keep getting more things due to my multi systemic degenerative condition I think it may be worth it for any new diagnoses x

I don't think the medical insurance will help you then as all pre-existing conditions tend to be excluded, and usually anything the doctors are in the process of investigating, or if symptoms started before your insurance.

So if you've already told your GP, or are about to tell your GP, that you've had a sore back for the last 2 months, then even without a diagnosis it's likely the insurers will exclude that.

Chronic conditions are usually excluded even if they start after your insurance started.

PMI is good for quick diagnosis, e.g. quick private referral, MRI, operation, physio for a specific short-term injury. For emergencies and chronic they won't cover you and so you're left with the NHS.

If it's no longer looking so attractive, consider putting your monthly premiums into a savings account or isa or something instead, and then you can pay for an investigation or physio if needed. Consultants do pay as you go too.

You'd have to research then (having just seen your last post) but if new conditions are directly related to your systemic problem, then the latter is probably classed as chronic and you may well find that any related conditions are excluded.

Insurance companies aren't there to help you, they're there to make money out of you, so they won't take on a loss-maker. I have had PMI for 15 years or so but I can't get treatment for my main conditions and have to pay myself for treatment when NHS isn't possible.

Home insurance probably £20-50 per month, depending on the house size and location. More if it's extremely expensive and you have a lot of expensive possessions to insure.

Life and medical, nobody here can tell you, as your health is a key factor in that and if you have health issues then the cover available to you may be very limited.

I’m thinking it would be about £400 all in but don’t know if the quotes too small 😊

dont forget to think about whether you need income protection insurance

What is income protection insurance? Thanks x

Insurance that pays out if you cant work because of ill health. Vastly underused in the UK - most people dont realise how very little govt support there is if you cant work because of ill health.

It would exclude pre-existing though. But if you’re employed now worth checking to see if you can get it through your employer as a benefit (group policies dont exclude pre-existing).

That would have been so helpful when I had my repetitive strain injury and couldn’t work a few years ago x

Yep. It’s not normally not very expensive and pays out in about 90% of cases. Frankly almost everyone should have it but it is amazing how few do, and also how many people when I suggest it are really negative about it (I dont randomly bring it up - i used to work in insurance so i have more insurance related conversations than your average jo...).

You also need to get house insurance literally now! Go online like moneysupermarket find what seems the best - make sure there is a cooling off period - ie you can cancel it within 14 days. Then you’re covered in case it burns down tonight and you’ve got 14 days to work out the best

Apparently we do have house insurance and DP has income protection insurance 😂

Should ask shouldn’t I?? Lol

It’s just me who’s a douche

Thanks Ermm
I know so many people who have no insurance at all of any kind, or a will etc.

People say I’m pessimistic or morbid but I like to plan and it helps with my anxiety to know there’s a back up x

Insurance is hardly pessimistic or anxiety minimisation! (And I know that’s not the point your making) its good and sensible planning.

Want me to start in about saving for retirement....

Don’t worry - I control myself at dinner parties on these topics...

*Ermm
*
I wish more people planned. I’m worried Inwill have to bail my mother out as she has not planned for retirement at all but I won’t because We are not even speaking.

I mean I might pay for her funeral to spare my siblings the cost, but why should I pay for her old age care when she neglected my care as a child? Still, otherwise she’ll be homeless with a meagre state pension and no insurance of any kind.

I’m not even 30 yet and I’m better prepared than my parents have ever been.

Oh well done DR!

As for your mum - that's a whole other thread - but I'm also NC with my mother. She'll be okay financially but she's spent her whole life grooming me to be the one to tend to her every need when she's old. Not going to happen. Not your responsibility. At all. Have you ever looked at the outofthefog site? There;s a whole topic of threads about dealing with (or NOT dealing with) elderly parents. VERY helpful.

My Mum literally said “you owe me for being your mum so you have to look after me in your old age” da fuq??