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Insurance - where do I start and end

  • 03-09-2018 9:58am
    #1
    tom_tarbucket
    Banned (with Prison Access) Posts: 2,083 ✭✭✭


    Hi

    I am new to all this so bear with me. Apologies for silly questions

    Overview:

    40 years old, wife is 42. We have 2 children under 5.
    I am the only worker. Wife may work in 3/4 years from now.
    Have enough saved to buy a house........Maybe a small mortgage.
    Renting in meantime.
    Non smokers, healthy.

    In my job, I have as part of the package:
    Long term disability insurance (2/3 Salary)
    Life Insurance (4 x base salary)

    However, thinking about adding to above and I see there are different types of cover

    Mortgage Protection Insurance
    Life Insurance
    Serious Illness Cover
    Income Protection


    Which one of these should I choose, I presume mortgage protection insurance not needed until I go to buy a house.


Comments

  • #2
    Geuze
    Registered Users, Registered Users 2 Posts: 13,586 ✭✭✭✭Geuze


    LT disability ins looks to be the same as income protection.

    If you get a mortgage, then yes, you could buy a MPP.


  • #3
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,727 Mod ✭✭✭✭Henry Ford III


    Get proper advice. Pay for it too.

    Loads of people on the net who will offer advice, but in reality haven't a rashers.


  • #4
    cookie1977
    Registered Users, Registered Users 2 Posts: 6,794 ✭✭✭cookie1977


    I'd add "independent" advice to that too.


  • #5
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,357 Mod ✭✭✭✭Jim2007


    Geuze wrote: »
    LT disability ins looks to be the same as income protection.

    Not the same thing. Get proper advice.


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