Mortgage protection, income protection or life insurance? All 3?

[MindDisco]

Posted in Money, but didn't get many responses.

Hi

I'm just buying a house and have been advised to get some sort of income or mortgage insurance for myself and my partner.

What have other people done? Gone for income or for mortgage protection insurance? Or have you just gone for a death benefit from life insurance?

I'm very confused what to do!

I know that you have to plan for the unfortunate - I've seen a dear friend struggle with getting a sudden and life changing illness which means they will never work again and what that has done to their family.

Any advice welcome.

We had life and critical illness cover. We set the life cover to pay off the mortgage on the event of either of our deaths and leave the equivalent of a couple of years salary in addition to give the remaining spouse some breathing space. The critical illness cover we set to pay off the mortgage balance on the diagnosis of certain serious conditions.
You never think you will need it, but earlier this year my husband was very ill and the critical illness cover paid out. It has been a huge help and although he is back at work now it is a life long problem and it is such a relief to know that if there are any complications in the future we don't have to worry about the mortgage.

Thanks pink magic. What’s the difference between critical Illness and income protection cover? Do you need a medical?

We have life insurance, critical illness cover and DP has income protection (my job has a good sickness/redundancy policy, whereas his doesn't)

DH and I each have life insurance, critical illness cover and income protection (this covers us if we lose our jobs until we find equivalent work - we both have quite specialised jobs so thought this would be useful). If you’re considering getting different types of cover, it might be worth booking an appointment with an IFA to discuss your circumstances and what you want the cover to provide for you. We used one to set ours up and review them periodically, it’s really useful as he does all the research for us and presents his recommendations. Saves so much time/headspace!