Having just taken on a rather large mortgage and being the main earner in the household i decided it was finally time to get get some sort of Life Cover/Protection in place.
So i've been getting various quotes for Life Insurance (Relevant Life Policies) for myself and my wife through the business as its a bit of a tax efficient no brainer.
However in addition to that I've been looking at Critical Illness and Income Protection insurance as obvioulsy if somethign bad happens but doesn't completely finish me off then as the main bread winner in the house we'd be pretty screwed!
I'm just wondering what the masses have opted for and their reasons for doing so? i appreciate everyone's different but would be interested to hear what people have opted for and why and what sort of cover they are getting and for how much.
Tbh the necessary critical illness cover is a bit too expensive for my monthly outgoings at present (2nd child on way, wife shortly going onto maternity pay, big mortgage) but it obviously gives an adequet lump some payout in the event of something happening meaning the ongoing mortgage payments could be covered as well has having money to live off (£110 /month for joint policy paying out £340k)
Where as an income protection policy is more affordable at ~£35/month for £1700/month but that will only pay out ~50% of your income from the quotes i've seen so far but that would probabaly only just cover the mortgage (but it guess its better than having no cover at all!!)
hmm decisions decisions
So i've been getting various quotes for Life Insurance (Relevant Life Policies) for myself and my wife through the business as its a bit of a tax efficient no brainer.
However in addition to that I've been looking at Critical Illness and Income Protection insurance as obvioulsy if somethign bad happens but doesn't completely finish me off then as the main bread winner in the house we'd be pretty screwed!
I'm just wondering what the masses have opted for and their reasons for doing so? i appreciate everyone's different but would be interested to hear what people have opted for and why and what sort of cover they are getting and for how much.
Tbh the necessary critical illness cover is a bit too expensive for my monthly outgoings at present (2nd child on way, wife shortly going onto maternity pay, big mortgage) but it obviously gives an adequet lump some payout in the event of something happening meaning the ongoing mortgage payments could be covered as well has having money to live off (£110 /month for joint policy paying out £340k)
Where as an income protection policy is more affordable at ~£35/month for £1700/month but that will only pay out ~50% of your income from the quotes i've seen so far but that would probabaly only just cover the mortgage (but it guess its better than having no cover at all!!)
hmm decisions decisions
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