Cool, his family can pick up the pieces should the worst happen.
Life insurance products - income protection, critical illness, death benefits, etc.
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Cool, his family can pick up the pieces should the worst happen.
I do save / invest too, but it wouldn't pay for my mortgage for very long if I couldn't work; I'm the main earner.If you saved 200 quid a month and invested (not all in crypto) you would be better off and you can see the money- the insurance providers aren't charities and they are "winning" overall.
That's what I'd be paying to avoid.
Lol, sensational.
I'm not sure why people are failing to grasp this.
It's no different than any other insurance, the more variables you want to protect, the more it'll cost. That's just the basics of how insurance works.
If the OP is looking for income protection insurance in the event he's out of a job, then the policy will cost more than just covering the mortgage payments in the event of death.
It's up to the individual to decide whether the cost of that protection is something they're happy to pay.
It's no different than any other insurance, the more variables you want to protect, the more it'll cost. That's just the basics of how insurance works.
If the OP is looking for income protection insurance in the event he's out of a job, then the policy will cost more than just covering the mortgage payments in the event of death.
It's up to the individual to decide whether the cost of that protection is something they're happy to pay.
We both have death in service (x3 salary) with our pension and also as we have an Advantage Gold joint account with which in the event of one of us dying we get £10k, as our outstanding balance is under £20k we'd more than have enough enough to cover the remaining mortgage should one of us die, we don't have any kids so don't have anyone to leave anything to either (will is for nephews and nieces in the event all parents are dead) and when we got quoted £5k each for our funerals I told the missus it can come out of our estate as we can spend that now on holidays etc.
We don't have much debt so if one of us did die then the other would have more than enough to clear the mortgage and car and then it would make living on 1 wage very easy as out monthly bills are less than a grand without those.
We don't have much debt so if one of us did die then the other would have more than enough to clear the mortgage and car and then it would make living on 1 wage very easy as out monthly bills are less than a grand without those.
As long as you've read, and fully understand the terms (and complied), then it should be a pretty air tight contract that they can't wriggle out of.
I think people normally fall foul of not declaring medical conditions accurately, resulting in no or only a partial payout.
Soldato
I pay about £75 a month for life cover £200,000 for mortage, cirtical illness and income protection. I also have death policy with work covering 4 x my salary so thats split between the wife and kids too.
Income protection for how many years and - if I may ask - how much would it pay per month? Not trying to challenge just checking I'm not being ripped off.
The £200 I mentioned above includes £4k per month net until I'm 70.
Soldato
Sure, no problem.
It's 2 years paid out, £1600 a month. After the initial 13 weeks I get from my work. THis part of my cover is £13.75 a month.
the biggest chunk of my monthly fee is the cirtical illness, comes in at £41.82 a month
It's 2 years paid out, £1600 a month. After the initial 13 weeks I get from my work. THis part of my cover is £13.75 a month.
the biggest chunk of my monthly fee is the cirtical illness, comes in at £41.82 a month
Soldato
I have a life insurance product that will cover the mortgagepplus a small bit in the event of death but did not take an income protection product. Comes to under £15/month.
Soldato
I have 9 years left on my mortgage which I can shorten by over-paying. Once paid off, I'll stick the house in my will so that it doesn't get lost in the wilderness. It's cheaper than paying life insurance and the house stays in the family for either living in, renting or selling.
If you have a will the house must already be in it even if not specifically mentioned.
Trying to traverse this minefield as we buy our first house. Mortgage broker suggested some critical illness cover which came to £130-320pm - not a ******* chance. My work pays 6 months @ 100% for critical illness followed by a further 6 months @ 50%. Not too shabby. Death in service is supposedly 2 x earnings. Assume my wife's will be less favourable, being in the private sector.
I think some mix of income and life insurance might be where we land.
I think some mix of income and life insurance might be where we land.