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| Insurance price.? |
how much would insurance cost for a 16 year old buy. like on average?
Additional Details
health ... |
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 Holiday Insurance for the terminally ill? |
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Additional Details
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Flex | I am 26 yrs old, single with no children, taking out a mortgage. What insurance do I need? |
I am taking out a mortgage on my own for a flat. I have a full time job that is temporary for 3 more years but likely to continue beyond that. Apart from buildings and contents insurance, which other insurance products do I actually need? I'm not sure if I need life insurance at my age and I know that if I am off work through sickness, I get paid 63 days full pay and 63 days half pay. |
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agrostic
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Some of the pricing estimates being thrown around here seem a little high! Yes, life insurance may seem un-necessary if you have no-one to leave the house to. What you might want to think about though is what might happen down the road. Are you saying you wish to remain single with no children?
If you develop a medical condition (I'm assuming you don't have one now) between now and the time you DO actually want life insurance then your premiums will be much higher and you may even be turned down for cover.
And even though you get sick pay, critical illness cover is often much cheaper than you think and means you won't get kicked out your flat if you get something like cancer. |
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Charles S
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You don't need life insurance unless you want it or you decide to take out an endowment mortgage (poor choice, usually). You don't need unemployment insurance and if you want it, check carefully that you would be covered. Your building needs to be covered by buildings insurance but, because you're buying a flat, this probably comes out of your annual maintenance charge, so you don't need to buy it yourself. But get your solicitor to check this: if you're required to buy your own buildings insurance, the only company I know that sells it for flats is LV. The only insurance you need is for contents but this is not compulsory, just strongly advised. |
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Steve B
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None ..
Life Insurance is something that benefits others (let's be honest, to 'collect', you have to be dead) ..
Unless you have an 'Endowment' Mortgage (unlikely, given all the publicity these rip offs have received) you do not need Life Insurance to cover your Mortgage .. anyone that says you do has a vested interest in obtaining a commission (and ripping you off) ... (Mortgage Life Insurance is for your dependents (Wife / Kids) = so they will not be made homeless if you die before paying off the Mortgage) |
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Do-lally
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I'm in a similar situation, I think the company who u take your mortgage with should advise you, but as you have no dependents I don't think you'll need life insurance (doesn't this only pay out if you die anyway? If you write a Will your mortgage would be paid with the sale of your flat).
You might consider critical illness cover just in case you're ill longtime... but your work cover sounds good.
Hope this helps :) |
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Cool Hal
 |
No - you dont need life insurance to take out a mortgage - why would you need it - so it pays off your house? And then what your still dead so dont benefit. Let the bank sort it out and save yourself £30 a month or whatever.
The only one I would consider is an accidental unemployment which should cover sickness and unemployment - but with you being on a temp contract may not pay out anyway. Just check the small print. |
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WelshLad
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You are just like me, same age, single and no children.
The only insurance I have is home insurance. I should get something for protecting mortgage payments, have a look here:
http://www.moneysavingexpert.com/mortgages/cheaper-life-insurance |
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SimonC
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It will be a condition of your mortgage that you have buildings insurance. Other than that you don't NEED any other insurance. Anyone that tells you otherwise is probably trying to sell you something so they make money from the commission. When you buy the buildings insurance don't just buy the policy offered by the mortgage company or your broker. You will almost certainly get a much better deal by phoning round or using a comparison service like the ones advertised on TV.
You might want contents insurance to cover your belongings against theft, damage by fire or flood etc. If you do want this it will almost certainly be cheapest to buy it with your buildings insurance.
There are various different sorts of life insurance. You can pay a small premium, and get a fixed payout when you die. If you pay a slightly bigger premium it can work like a savings plan over a fixed period of time. If you die there is a payout, but if you survive you still get a return. Other policies are tied to the amount you owe on your mortgage and only payout the outstanding balance. So if you die after 24 years and 11 months the payout will be hardly anything. And there's all sorts of other schemes. The point is, unless you need to provide for dependants if you die then you don't need it. If you don't have it and you die then your house will be sold, the mortgage paid off and any surplus will be given away according to your will.
You can also get serious illness insurance, that will pay out either a lump sum or a regular income if you are too ill or injured to work. You have to be absolutely honest in disclosing all your medical history and bad habits otherwise it might not pay out. However, you have to ask yourself "how bad do I have to be so I can't work?". And how easily do you think you could find another job? And if you are really badly injured, will there be someone else who is at fault that you can sue?
You might also look at redundancy insurance. This is a big rip-off because it usually only covers your mortgage for 12 months.
Personally, i have buildings and contents, but nothing else. I have diabetes, so any illness cover would be very expensive for me. I also have a death in service benfit from work, which would pay off a significant part of my mortgage if I died so no need to life insurance. |
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car253
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You only need a Condo or Townhome insurance policy. If you are in a building with others then the Association covers the building.
You also do not need life insurance unless you have a family or want to leave money to someone. If you do take life insurance, make sure to take a level death benefit that is a term life insurance policy. Term life is cheap so its the best way to go.
But again, you probly do not need life insurance unless you want to leave money to someone or have a family.
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zurdear
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There is a difference between what you MUST have and what you NEED to have for insurance when becoming a homeowner.
If any lender tells you they are requiring you to purchase disability or life insurance - find another lender. This is a practice called tie-in selling and is illegal in the U.S. In addition to finding another lender it would be best to report them to the Office of the Comissioner of Insurance for your state.
What you must have:
-Hazard Insurance (aka. fire insurance, a standard homeowners policy) Your lender will always require you to carry the balance of your mortgage as your building coverage.
-Flood Insurance (only if you live in a flood plain) Your lender will force place or deny to write the loan if you live in a high risk area. Otherwise this would fall into an optional catagory.
What you need depends heavily on your circumstances and what you already own.
What you could need:
-Mortgage Disability - This policy will pay either your entire mortgage or a percentage dependin |
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HAROLD R
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Your question is not likely to be answered in one word.find useful tips here http://www.InsuranceFreeTip.info/insurance-for-free.htm though.
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Kristy M
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Your mortgage provider will usually require that you take out life insurance to cover the cost of the mortgage. It is also advisable to take out a policy that covers you for an illness or injury which may mean you have to cease work - that way if you are unfortunate your mortgage will be paid off by the insurers so you won't be forced to lose your home too. |
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