Life Assurance - Am I paying too much?

PhotoDave

My wife and I have a life assurance policy through Friends Provident, it covers us for £100,000 (the value of our house when we took it out), we are both early 30's, non smokers, and no health problems. Our cover is death and critical illness, we are currently paying £50 per month, is this too much?

Thanks

Dave

dunstonh

impossible to say with the information you have posted.

What type of life assurance is it?
What is the term of the policy?
what addons does it have?
is it guaranteed or reviewable?
when did you take it out (as CI cover has been generally decreased in quality over the years)?
what occupations are you?
what extra policy features does it offer (guaranteed insurability for example)?
what are your ages (30s is not enough)

koexelek

dunstonh is right.

This type of cover is underwritten specifically for the individual assured.

For example, you could have two people who are both 30, wanting the same cover.
But if one of them is in A1 health working in an office, where as the other one is overweight, diabetic and a steeplejack, the premiums will be vastly different

Wutang_2

PhotoDave wrote: »

My wife and I have a life assurance policy through Friends Provident, it covers us for £100,000 (the value of our house when we took it out), we are both early 30's, non smokers, and no health problems. Our cover is death and critical illness, we are currently paying £50 per month, is this too much?

Thanks

Dave

"is this too much?"........yes, if you can't afford it

payless

Believe FP may dual price depending on which distribution channel you used ( ie I've seen premiums for FP policies taken out via one of the large estate agency chains - and it looked more expensive than the same FP policy independents FA/ protection advisers premiums) so worth getting a review , as either FP or another firm may offer better.

Of course I would reciommend you take advice, as its easy just to see a cheap premium, without knowing if its the same cover / also look at changes in policy / your own circumstances