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Life Insurance - where to start please help.....
janetmcc1
Posts: 17 Forumite
Hi there, having recently had a baby it has started the panic thoughts of life insurance, critical illness cover etc etc. We have been to see a financial advisor but if I am totally honest I feel he was wanting us to use the one which paid him more commission rather than the best policy out there. We do not have a budget and would be willing to pay whatever is best (within reason obviously) to get the best cover possible. From our discussion, I believe we need whole of life (40years approx), would like seperate policies to pay twice,... plus all other benefits. Does anyone know which company is the best to use or should I stick with my advisor??? Thanks for any help the next question would be where best to save money for our child and also lump sum savings accounts with best rates. Any help on all the usual topics would be kindly appreciated. Can't believe how one small person changes the total outlook on life!!!Many thanks
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Comments
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I'm not a financial adviser so please do not take my word as gospel but do you really need cover for 40 years as it will be affecting the premium. Most families want cover to give the other partner money to bring up the children on their own which would mean you could do for a shorter period say 20 years.
Your best bet is to see an Independant Financial Adviser as they can use all the companies on the market and are duty bound to do whats best for you.
Dunstonh who is the expert in this field will probably be able to answer your questions better than me in the morning0 -
A whole of life policy will be expensive, if not now, in the future, as the chances of it paying out are 100%. With what's called a TERM policy, you take it out for a set number of years, hence there is less chance of a claim being made and the price is less.It is reasonable to have life insurance to protect your family until your children are self sufficient at say, 21, or when your mortgage is paid off, or both. Do you have any reason why you want cover for such a long time? If you go to an Independent Financial Adviser they must recommend a product which suits YOUR needs, and not based on commission.I am a Financial Adviser specialising in Mortgages, Protection, Health and Medical Insurance. I also write wills. All information posted on this site is for discussion only, and should not be taken as advice.0
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No one should be advising on Life Insurance on here unless they are 'the man' (or women - jees).Reassuringly expensive0
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