Questions And Answers
Must I have life cover and critical with a mortgage?
asked by
Dave Hill
posted 1 Years ago at 7:02
I'm getting different views on whether I need to have both life and critical insurance cover when I have a mortgage. I'm looking at purchasing this spring/summer and my bank is recommending both. I'm single and don't see the need for life cover at the moment, but maybe critical insurance would be useful? Some friends are saying don't waste the money and definitely don't buy PPI!...
1-1 of 1 Answers
Stephen Pett answered 9 Months ago at 20:56
1) Never buy from bank.2) Critical Illness and or PROPER income protection is vital for single people. Life insurance will cost you peanuts extra and you may not be in great health when you need it. It is a gamble not worth taking, and both are pretty cheap when you are young.
3) Contact me to write a Will and Lasting Powers of Attorney - they are crucial too (and no, we don't advise on insurance or mortgages!)
Interestingly, almost every IFA in the country new PPI was crap 25 years ago, it is just that the FSA refused to listen!
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