Insurance

[newhousenewhouse]

Just taking out a new mortgage having recently got divorced. Now I am on my own I need to carefully consider insurance. Income protection and critical illness cover with life insurance is so expensive! Do I need all of it?

Depends on your income and assets situation tbh.

We didn't have critical illness because we both earned well and could afford the mortgage on one salary. It was a risk but it was very expensive.

We did have life insurance as it was quite cheap when we were in our early 20s and we thought if one of us died, it would be one less worry on the other ones plate.

Now the house is paid for, we have some for each other to inherit and the children live away and have jobs, when our life insurance period hexpired and we didn't renew it.

How much would you be paid if on sick leave either short or long term?

I E Do you get full pay for weeks/months or is it SSP as soon as you're off?

If you can tailor sick cover around decent contractual sick pay it should be cheaper.

If you're single and there's equity in the home do you need life insurance at all?