First time buyer needing to buy life assurance

[cooldudecol]

I want to buy life assurance, but been advised to buy Critical Life Cover and Income Protection - should I buy all 3?

3 costs �51 per month
LC & CLC �43
LC �11

Any advise gratefully appreciated!

[cooldudecol]

Forgot to say that my missus is also included in the figures above.

[icemaiden]

What you have to ask yourself is Can you afford the mortgage repayments if you or your wife for some reason could not work/provide an income. If the answer is no then you need to take out some income protection cover, check the small print to see how long they will continue to pay it for.

As for the critical illness, on the one I have if I have say, a heart attack and die or if I get over it, then the mortgage will be paid via a lump sum that I or my partner would recieve.

Get lots of advice from different people. Lots of IFA'S sell unneccessary policys.

[kazza12345]

that sounds cheap to me - if i had the choice i'd take all 3!. Btw, my husbands life/critical illness cover tripled when he reached 35 and went to take out a new policy

[Viralbluebox]

There are too many factors for a straightforward answer. Things to consider include:
- What is the impact of death/critical/illness/long term sickness on you and your family?
- How much can you afford in premiums?
- What conditions apply to the policy? For example some Critical illness policies cover a couple of dozen conditions, whereas some others cover far fewer.
- For how long will the income protection pay out for?

I would suggest speaking with two or three financial advisors so that they can assess your circumstances with you. Several quotes from different companies will help you decide which gives you the best value for the terms you need.

Remember that the policies will be underwritten, so the quote you get initially might be increased if you don't have a clean medical history.

Don't take this decision lightly - I've dealt with people who have found themselves without cover when the worst happens and I assure you they all wished they had spent more on insurance when they got the chance.