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Holy cow - £3038 per year on insurance

Orchid
Orchid Posts: 56 Forumite
Part of the Furniture 10 Posts Name Dropper Combo Breaker
in Insurance & life assurance
Hello fellow moneysaving experts.. :)

I've just got back from vacation and reviewing spend/budgets etc and worked out that between myself and my partner we are spending £253.18 per month on insurance (excluding travel insurance which we pay for annually...and car insurance which is paid for by my employer).

I am so so annoyed.

So do anyone have any tips on reducing this mighty £3038 per year bill????
  • Partner - Whole of Life Insurance (Friends Prov) - £10.90
  • Partner - Life Insurance (Friends Prov) - £28.44
  • Me - Life Insurance (Zurich) - £15.00
  • Partner - Income Protection (LLoyds TSB) - £38.67
  • Partner - Redundancy (Payment Shield) - £36.02
  • Me - Redundancy - £51.75
  • Buildings & Content Insurance (Halifax) - £29.41
  • Central Heating/Plumbing Service (British Gas) - £43.10
Hubby is in his 40's and recently started working as a contractor (for the first time in his life), with family history of medical issues. I'm the other side of 40 (just) in permanent employment with one medical issue.

Any ideas?


ta
Orchid
[FONT=Verdana, Arial, Helvetica, sans-serif][FONT=Verdana, Arial, Helvetica, sans-serif]Start B[FONT=Verdana, Arial, Helvetica, sans-serif]alance[/FONT]: [FONT=Verdana, Arial, Helvetica, sans-serif]£19[FONT=Verdana, Arial, Helvetica, sans-serif]4,162.57[/FONT] [/FONT][/FONT][/FONT]
[FONT=Verdana, Arial, Helvetica, sans-serif][FONT=Verdana, Arial, Helvetica, sans-serif][FONT=Verdana, Arial, Helvetica, sans-serif][FONT=Verdana, Arial, Helvetica, sans-serif][FONT=Verdana, Arial, Helvetica, sans-serif] * New Monthly Target since May: [FONT=Verdana, Arial, Helvetica, sans-serif]£2,906.29[/FONT][/FONT][/FONT][/FONT][/FONT][/FONT]
[FONT=Verdana, Arial, Helvetica, sans-serif][FONT=Verdana, Arial, Helvetica, sans-serif][FONT=Verdana, Arial, Helvetica, sans-serif][FONT=Verdana, Arial, Helvetica, sans-serif][FONT=Verdana, Arial, Helvetica, sans-serif]Current Balance: [/FONT][/FONT][/FONT][/FONT][/FONT][FONT=Verdana, Arial, Helvetica, sans-serif][FONT=Verdana, Arial, Helvetica, sans-serif][FONT=Verdana, Arial, Helvetica, sans-serif][FONT=Verdana, Arial, Helvetica, sans-serif][FONT=Verdana, Arial, Helvetica, sans-serif]£188,511.89[/FONT][/FONT][/FONT][/FONT][/FONT]

Comments

  • moneywise_2
    moneywise_2 Posts: 74 Forumite
    well if you have a look at some of your policy .

    the most expensive is the redundancy one which cost a lot but if you have enough saving it then you can get rid of that. (enough mean 6months -12 months of saving ) incase any redundancy happened you still have enough cash flow for yourself and partner to find a job in a good time period

    more importantly you have some whole of life policy which is a investment type policy. YOu needed to make sure you want life insurance or investment?
    The downside of investment policy is it will not paid you both investment and insurance at the same time. If anything happened to you, they will paid out on the insurance but not investment part and if nothing happened they will give you back all your investment

    term insurance is a lot cheaper then any investment policy .

    http://www.fsa.gov.uk/consumer/05_INSURANCE/index.html

    In there you can find a lot more information about life policy

    hope it can help
    No Spend Required ! If I "Thanks" you Please "Thanks" me back ! Many "Thanks" !
  • The_doomed
    The_doomed Posts: 261 Forumite
    get them all with one supplier. bound to know off at least 10%
  • oramgepekoe
    oramgepekoe Posts: 574 Forumite
    Part of the Furniture 500 Posts
    Do you get any life insurance through work?
  • dunstonh
    dunstonh Posts: 119,958 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    You cannot get them all with one supplier. i.e. life assurance and boiler servicing????
    • Partner - Whole of Life Insurance (Friends Prov) - £10.90
    Why do you need a whole of life assurance? Would a pension term assurance or level term assurance be more appropriate?
    • Partner - Life Insurance (Friends Prov) - £28.44
    FP are normally in the top 5 for pricing on modern plans. Only if bought from one of their tied sources do they become uncompetitive.
    • Me - Life Insurance (Zurich) - £15.00
    Chances are that its at the more expensive end.
    • Partner - Income Protection (LLoyds TSB) - £38.67
    LTSB product will be expensive compared to what is available from IFAs.
    • Partner - Redundancy (Payment Shield) - £36.02
    Good provider and relatively competitive. Can be beaten.
    Me - Redundancy - £51.75

    You are paying more for redundancy cover than on health that the odds of claiming are lower for most mainstream occupations. Do you need this? Indeed, if husband is self employed, then this is a waste of money.
    • Buildings & Content Insurance (Halifax) - £29.41
    You need this. Best to do is search on renewal for new pricing. That premium is high if you are in Norfolk/Suffolk but others would look at that as being low (i.e. London).
    • Central Heating/Plumbing Service (British Gas) - £43.10
    We have this and it costs around £24pm and thats only because our boiler needed another circuitboard (4 in 8 years now but thats another thread!!). Ours is supplied by BG as well so chances are you dont have the standard version there.


    All in all, there is a bit of tweaking you can do and it should bring the prices down. You also need to do some thinking about what you do need. And finally, never get your financial services products from tied agents. You are looking at 20-50% over the odds for pricing if you do.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • RubyBish
    RubyBish Posts: 145 Forumite
    Part of the Furniture Combo Breaker
    If your husband is now a contractor (I assume in IT) I would be suprised if the income protection and redundancy insurance would be valid. You may find that the premiums you are paying now will be dead money in the event of trying to make a claim.
  • Orchid
    Orchid Posts: 56 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    thank you everyone for your response. I've been totally swamped with work so have not had a chance to log on or even look any further at our personal finances :-(

    I will take a print off of your comments and share with the other half and take it from there. From what you've all said it looks like we may be able to save ourselves some money.

    ta Orchid
    [FONT=Verdana, Arial, Helvetica, sans-serif][FONT=Verdana, Arial, Helvetica, sans-serif]Start B[FONT=Verdana, Arial, Helvetica, sans-serif]alance[/FONT]: [FONT=Verdana, Arial, Helvetica, sans-serif]£19[FONT=Verdana, Arial, Helvetica, sans-serif]4,162.57[/FONT] [/FONT][/FONT][/FONT]
    [FONT=Verdana, Arial, Helvetica, sans-serif][FONT=Verdana, Arial, Helvetica, sans-serif][FONT=Verdana, Arial, Helvetica, sans-serif][FONT=Verdana, Arial, Helvetica, sans-serif][FONT=Verdana, Arial, Helvetica, sans-serif] * New Monthly Target since May: [FONT=Verdana, Arial, Helvetica, sans-serif]£2,906.29[/FONT][/FONT][/FONT][/FONT][/FONT][/FONT]
    [FONT=Verdana, Arial, Helvetica, sans-serif][FONT=Verdana, Arial, Helvetica, sans-serif][FONT=Verdana, Arial, Helvetica, sans-serif][FONT=Verdana, Arial, Helvetica, sans-serif][FONT=Verdana, Arial, Helvetica, sans-serif]Current Balance: [/FONT][/FONT][/FONT][/FONT][/FONT][FONT=Verdana, Arial, Helvetica, sans-serif][FONT=Verdana, Arial, Helvetica, sans-serif][FONT=Verdana, Arial, Helvetica, sans-serif][FONT=Verdana, Arial, Helvetica, sans-serif][FONT=Verdana, Arial, Helvetica, sans-serif]£188,511.89[/FONT][/FONT][/FONT][/FONT][/FONT]
This discussion has been closed.
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