Insurance Policies

[Parkmama]

I'm trying to get our finances in order and triple check we have the appropriate insurances to cover us in the event of critical illness or death. We're a family with 2 parents and 2 children. I made the following list (some of which we have in place already) and I'm intrigued to know if this is what others have too or if there are other insurances I should think about:

• Life Assurance (in the event either parent dies there is a lump sum payout enough to cover the mortgage)

• Income Protection (in the event either parent has an accident or is critically unwell there is a certain amount monthly ££ to cover loss of earnings)

• Private Medical Insurance (for sick parents)

• Family Income Benefit (in the event both parents pass away, there is a continuous monthly payment for all children under the age of 21)

Check what death in service benefit you have through your work.

Highly unlikely that most people will be able to afford all of those but our essential was life assurance.

As someone who works in the ‘protection industry’ you have a good number of products
next step is to read and understand the terms of these to ensure they really fit your needs

and yes check for death in service

The Meaningful Money Personal Finance Podcast has an episode on this topic this week