Mortgage or income protection insurance advice please

[theHoHoHouseofmirth]

Just wondering, in the current economic climate if it would be wise to take out one or both of thse kinds of policies to cover redundancy? We've never had one before because I was always led to believe they don't seem to pay out when you actually need them.ALAos wonderi how it would affect any benefits we might be entitled to. DH is sole breadwinner. Take home pay is roughly £1500 and mortgage payments £700 ish. Can anyone advise please?

DP got very ill last year and we luckily had income protection,however a lot of policies,ours included,will only pay the mortgage for 12 months.

I don't think it would affect non-means tested benefits AFAIK.

READ THE SMALL PRINT BEFORE SIGNING. And yes, I did mean to shout. It may be possible for you to obtain such insurance, but there will probably be a "qualifying period" before the insurance kicks in, there will be exclusions if you're self-employed, exclusions about pre-existing conditions, exclusions about regular overtime/commission/bonuses etc. In short, many, many of these policies have been mis-sold, which is why you were "led to believe" what you believe - they don't pay out.

It is possible that the insurance companies have been forced led to see the error of their thieving ways, but please - read the bit in CAPITALS!

Get a good financial adviser who specialises in protection. They will advise you on exactly what fits your situation. Then you can read up ont he ones most suitable rather than blowing your mind trying to compare policies. Try to get an adviser who is recommended by someone who has used them before if possible.

(oh and avoid those you have to pay fees for as that will not be cost effective for a simple protection query)