What type of ijnsurance do I need?

KittyM_2 · 6 September 2004 at 6:26PM

Hi, This is the first time I've posted on here so I hope what I write makes sense ::)

My husband and I need to sort out some sort of life insurance for ourselves and also mortgage protection. I have been told we need to sort these out individually, is there a way we can combine the two?

On an £80k mortgage over 18 years I've been quoted just over £8 a month for Mortgage Protection and for Family Income Benefit of £2k a month over 20 years we've been quoted just over £30 a month. Does this sound reasonable? My husband and I will both receive a pension from our employers . Does this need to be taken into account in any way? I will also receive a pension and lump sumif he dies in service, will this make any difference?
Sorry for all the question, I'm just trying to get my head round it all!

Thanks in advance,

KittyM

dunstonh · 7 September 2004 at 1:35AM

family income benefit. its a valid product but i think its been 10 years since i last recommended one.

I recall that most FIBs get commuted to lump sum at a penalty and that negates the reason for them. level term assurance may not cost much more (indeed it may not cost any more in real terms due to the number of providers in that market).

You failed to mention your age so its not possible to say whether it is fair or not. You havent mentioned if there is any addons, such as waiver of premium or critical illness cover.

If you want me to put your basic details in to the quotes machine and see what comes out you need to supply the following:

1 - dates of birth
2 - smoker/non smoker status
3 - sums assured and term (already mentioned so ignore this one).
4 - any addons.

What type of ijnsurance do I need?

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