Hello
I have been contracting for coming up to two years now. We have just had a baby, and my wife is not planning on going back to work. We have also just moved house, and have a big mortgage. So I need to start considering insurance. I just wanted to see what other peoples thoughts were. These are mine-
Income protection: Quotes seem to be around £60pm for a policy of £2000pm if I am unable to work due to sickness or accident. But most of them seem to only pay out for a maximum of 2 years. Seems overpriced to me, and not really worth it, as I would usually have enough money in the company to last me a while.
Life insurance: I have discussed this with my wife, and the minimum we would want is a lump sum to pay off the mortgage, and potentially our sons school fees as well. Quotes for this seem to be a bit more reasonable, we have been quoted around £30pm for £500k of cover.
Critical illness cover: This pays out on diagnosis of a critical illness. So if you get diagnosed with cancer say, you get £500k or whatever, as soon as you are diagnosed. Presumably, to enable you to have a less stressful lifestyle. This insurance is very expensive, and we have had quotes of around £200pm. To me, it doesnt seem worth it to us.
Do people here have 1,2 or all of the above? Im interested to find out what other people have gone for. Currently im thinking we are only going to go for life insurance and neither of the other two.
I have been contracting for coming up to two years now. We have just had a baby, and my wife is not planning on going back to work. We have also just moved house, and have a big mortgage. So I need to start considering insurance. I just wanted to see what other peoples thoughts were. These are mine-
Income protection: Quotes seem to be around £60pm for a policy of £2000pm if I am unable to work due to sickness or accident. But most of them seem to only pay out for a maximum of 2 years. Seems overpriced to me, and not really worth it, as I would usually have enough money in the company to last me a while.
Life insurance: I have discussed this with my wife, and the minimum we would want is a lump sum to pay off the mortgage, and potentially our sons school fees as well. Quotes for this seem to be a bit more reasonable, we have been quoted around £30pm for £500k of cover.
Critical illness cover: This pays out on diagnosis of a critical illness. So if you get diagnosed with cancer say, you get £500k or whatever, as soon as you are diagnosed. Presumably, to enable you to have a less stressful lifestyle. This insurance is very expensive, and we have had quotes of around £200pm. To me, it doesnt seem worth it to us.
Do people here have 1,2 or all of the above? Im interested to find out what other people have gone for. Currently im thinking we are only going to go for life insurance and neither of the other two.
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