I want to take out insurance for us so that if (God ferbid) anything happen either of us, whether it be we could'nt work through illness or injury or either of us died, we would be ok financially. We have mortgage protection. Anybody know anything about this?
There are a couple of different types of cover you are talking about.
If you want a policy to pay you an income in the event of a serious illness which meant you couldn't work you need Permanent Health Insurance.
If you want a lump sum paid to you in the event of you getting a serious illness you need Critical Illness cover.
If you want a lump sum paid in the event of your death you need a life assurance policy.
The best thing to do is to talk to a financial advisor who can find the most suitable policies for you.
Its worth noting that PHI cover in particular is quite expensive.
cheers for that MK
I work in that industry. PM me with any specific questions you may have if you like.
Its very hard to get a claim approved for PHI though - they make you jump through hoops - anything but actually pay you!
Sone companies offer Absence from work benefits payable after being out of work for 4 wks. Only really relevant if you have no employer sick pay.
Regarding PHI there is often a deferal period of up to 26 wks before the benefit is payable and you can only apply for 2/3 income.
I PM'd you back if I can do anything else let me know.