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The key part is making sure that your covered for doing your "normal job" (only), as I'm lead to believe that some schemes will have you doing other types of work, so they don't have to pay out / or can pay less.
I’m so bored I might as well be listening to Pink Floyd
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Buildings cover is normally a requirement of the mortgage provider. They're lending you the money against the value of the property. Hence, if anything happened to the property, they'll need to know that their security is protected.
Contents insurance is extremely sensible, Accidental Damage cover is a typical add-on that you might want if you're particularly accident prone or careless.
Cover for your guitars is probably best arranged separately as many domestic contents policies will either exclude high value instruments, or cover them only when in the house, or when declared (and priced) separately - which is effectively a separate policy.
Separate cover for instruments - I'll stick with that then.
I'm with DirectLine for the car - will check them out...
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Also in your current situation it will give you less to worry about as they sort it for you.
Critical illness is generally very expensive, and often you can get an income protection policy that will cover you anyway if you're wanting a monthly income.
My income protection is about £20 a month and covers 2/3rds of my wage if I can't work due to accident or sickness.
If I get a critical illness then I can claim on my income protection.
Its a very good policy. It doesn't pay out for the first 6 months because I get 6 months sick pay with work, so that has made the premium cheaper. Then after 6 months it pays out indefinitely. So say I get an illness and can never work again, it will keep paying me until I die.
Then I've got unemployment cover which is £17 a month. If I'm made redundant then I get £700 a month to cover mortgage plus expenses. That covers for a maximum of 12 months though.
Life cover which would pay off the mortgage only is £6.
Then I got buildings and contents with morethan as the broker was too expensive. Thats £20 a month for up to £1m buildings and £100k contents.
I've got all my music gear insured with Allianz for £25 a month.
So about £90 and its all excellent cover. There is so point in buying cheap shit because it won't pay out, however there also no need to spend a fortune either.
And some illness cover.
-> Those are only if I'm with this employer, of course.
Sheena took out separate life insurance (2 policies) years ago and she's glad she did for her kids' sake.
Unemployment cover... that's a good one. Man, I need to check all this out by Monday.
I don't want to spend over £100 all-in... I'll get on the case.
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Just trying online calcs right now for buildings & contents but they all require address and house number. We don't have that info yet... but I need to get this sorted for Monday. Err.....
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When it's required I doubt it will cost you more than £150-300 for the year. You don't need this policy to start until to move in a few months so pointless getting quotes now as they wont be valid then.
With everything you have going on at the moment this one can wait.
Why Monday?
You're all totally right - total overload !
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If 6 x salary covers your mortgage, there is no need for further life cover. I appreciate this ceases if the job does - but the chances are that any comparable work would include it as part of the salary package. Critical illness is a good idea - and much cheaper when you're young (obviously the risk of becoming seriously ill increases with age, which is reflected in the premium). It provides a lump sum payment in the event of developing certain, pre-defined illnesses. Income protection is NOT the same as redundundancy cover - it provides regular income in the event of illness preventing you from working. This is obviously a good idea - but is usually expensive and will only replace a percentage of your income.
With the exception of buildings cover - which your mortgage lender will insist upon - everything else is optional. All are sensible options - but only you can decide how much is reasonable to commit to on a monthly basis. Most mortgage advisers are 'tied agents' - meaning they only advise on the products from one insurer. Some tied agents have higher product pricing than if you go direct (Countrywide Estate Agents were tied to Friends Life and charged about 70% more - which they received as commission - which is scandalous...)
I would find an Independent Financial Adviser and discuss your requirements. They will guide you properly.
Thanks!
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