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Life insurance, income protection or critical illness?

5 replies

123Holly · 12/11/2019 12:51

We moved last year and our mortgage broker advised us to go from a combined life and critical illness cover we had in place, to having separate mortgage cover, and income protection policies.
So we now have two policies each and they total £90 per month. We used to pay £55 for our previous combined policy.
Just wondering if this is a better idea? £90 seems to be excessive.
My husband works for local government and has good sick policies and pension benefits. Whereas I am self employed.
Advice would be great!

OP posts:
Sortitoutlove · 12/11/2019 12:54

I think we have all 3

BouquetOfRoses · 12/11/2019 14:21

It really depends on the level of cover and the exclusions for not paying out (ie are all/some types of cancer and heart disease covered etc)

I have all 3 as separate policies but the sum assured is different. Also some people will base the amount on mortgage only, whereas we have chosen higher levels of cover so that not only would the mortgage be paid off but we would have lump sums too.

It may be worth seeing a financial advisor for a protection review or approach your bank to see if they offer this as an advised service

BouquetOfRoses · 12/11/2019 14:22

The important thing is not to be over or under insured

BouquetOfRoses · 12/11/2019 14:23

Sorry meant to say would make sense for you to have different cover than DH dependent on what "good" is from his employer

NoArmaniNoPunani · 12/11/2019 14:25

How much do they pay out? I was widowed at 35 and wish we had taken out more

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