I have taken time to read through previous posts and would like to make sure I now understand my insurance needs. I'm buying an apt with my partner, the mortgage is based on one salary only. Second salary is temporarily halted due to injury, no other dependents. Hopefully will have at least 1.5 salaries in the near future. My questions are:
1. Is life assurance the same as mortgage protection?
2. Is mortgage income protection extra insurance to cover a case of redundancy?
3. Would life assurance policy cover us both or just the one paying the mortgage (mortgage is in both names)?
4. Would we be better off holding off on income protection for a couple of years. If both out of work wouldn't SW cover interest payments, nearly all of your mortgage in first year or so?
5. Bank is insisting we get contents insurance in addition to the apt block insurance. Could we just insure for really small sum, we estimate that our contents are worth less than 10k?
Am I missing anything - life assurance/mortgage protection, mortgage repayment protection, contents insurance?
Thanks
1. Is life assurance the same as mortgage protection?
2. Is mortgage income protection extra insurance to cover a case of redundancy?
3. Would life assurance policy cover us both or just the one paying the mortgage (mortgage is in both names)?
4. Would we be better off holding off on income protection for a couple of years. If both out of work wouldn't SW cover interest payments, nearly all of your mortgage in first year or so?
5. Bank is insisting we get contents insurance in addition to the apt block insurance. Could we just insure for really small sum, we estimate that our contents are worth less than 10k?
Am I missing anything - life assurance/mortgage protection, mortgage repayment protection, contents insurance?
Thanks