I'm looking over my insurance payments every month and I get the feeling that I'm over insured in one way or another! I have:
- Life Insurance policy - taken out at mortgage start - appears to run to the term of the mortgage (when I turn 65)
- Mortgage Protection - decreasing in line with the remaining payable on the mortgage
- Income Protection - payment on loss of job/serious illness etc (I have read that these types of insurance are difficult to get paid out on but it has been a godsend to my brother and his partner through difficult times)
I also have Death in Service Benefit from my employer (4x salary). To me this seems to make the Life policy superfluous - but are there benefits I'm not taking account of?
- Life Insurance policy - taken out at mortgage start - appears to run to the term of the mortgage (when I turn 65)
- Mortgage Protection - decreasing in line with the remaining payable on the mortgage
- Income Protection - payment on loss of job/serious illness etc (I have read that these types of insurance are difficult to get paid out on but it has been a godsend to my brother and his partner through difficult times)
I also have Death in Service Benefit from my employer (4x salary). To me this seems to make the Life policy superfluous - but are there benefits I'm not taking account of?