Life/Critical Illness Insurance and Income protection

M

MCJBRibbon

Registered User
Messages
6
Hello,

Im looking for advise on the above. I am recently Separated and taking out a new morgage of 220000, my daughters are adults 2 in University. I am currently paying income protection of approx 135 a month, in case anything happens to me and i cant cover the mortgage. I work for the Public Sector in whats viewed as a high risk job so the Income protection only covers a percentage of my salary. My question is: should I just get life and critical illness insurance and cancel the income protection, or just still with the Income protection and a basic life cover plan, trying to keep costs down?

Any tips will be greatly appreciated Many Thanks MCJBRibbon
 
How old are you?

When did you take out the cover?

For how much?


It’s often much harder to get these policies as you get older so my instinct is generally to leave them in place.
 
Hi I am 48, the income protection benefit is for 384.41 a week
I have the policy in place since 1/11/23
Yes I am getting the tax relief
Thank you
 
135pm for IP seems high?

I am in the PS, and pay 0.85% of salary for IP.

This includes some critical illness cover.

I get tax relief on the premium, so the net cost is much less.
 
Yes I have to review all, as am taking over the morgage in my own name. So I wondered if life and critical insurance combined would be better than, paying life insurance and income protection
I did think the income protection was expensive and it will increase by 3 % a year too it’s with avive
 
In my opinion, whether or not income protection (and maybe even general, non mortgage protection, life insurance) is merited largely depends on your overall financial and personal circumstances and possibly information not provided here. E.g. do you have other children in addition to the adult ones in college who will presumably be independent quite soon? Do you need to make arrangements in anticipation of an eventual divorce? Etc. I think that the questions that you ask would be more easily and better answered in the context of a Money Makeover post. Otherwise feedback received may lack consideration of some relevant factors.

Key Post - Basic information required for the "Money Makeover" forum

It can be difficult, but please try to use a meaningful title in your thread For example "27 year old with mortgage arrears". You will get a much better and much more coherent answer if you give as much information as possible in your first post. For example, if you give your mortgage rate, it...
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