family life insurance

CAENMATT

Hi All
i would like some form of life cover for myself, partner and 1.5 children. my step dad died recently and left my mum a little nest egg and this has helped. i am 37 buying my home but i want to make sure if the worst does happen i\we can leave a little something. i have had a look at life cover etc but is is a minefield, everyone saying that the cover they are selling is the best for me.
can anyone point me in the right direction to what i need or what company i should be with.

thanks

stephenni1971

If you have a partner and children, then having some cover in place in the event of you dying or suffering a critical illness is a good sensible idea. You will be able to get cover on your partner too, but your options for cover on the children are limited.

You should be looking for an Independent Financial Adviser who has access to the whole market for insurance, in that way you will get an unbiased view based on the IFA understanding your personal needs by conducting a fact-find with you.

dogbot

Excellent advice above.

I would ask your IFA about getting it set up in trust if you are not married etc to deal with any tax implications. That said, the should talk about this anyway!

CAENMATT

thanks
next silly question is
i have never dealt with an ifa how do i get one?
do they cost much?
will they also help with a decision i need to make on a mortgage?

dunstonh

i have never dealt with an ifa how do i get one?

www.unbiased.co.uk is one of the internet databases and has over 90% of IFAs listed. You can post code search. However, remember to untick the option that is defaulted to on that only shows IFAs that have a pay entry. Most don't pay to be on that site. When the list of local IFAs appears dont read anything into the entries which are larger and those that are smaller. Paying IFAs get a bigger, more obvious entry than those that dont.

do they cost much?

you can choose fee or commission. Even at full commission an IFA will be cheaper than a bank or other tied distribution channel. Fee option will depend on the work load, time and company as how much the fees are.

will they also help with a decision i need to make on a mortgage?

yes.

dogbot

As above, yes yes and yes!

We are buying for the first time at the moment and our IFA is brilliant, helping with all our questions about all aspects of the process.

I was very surprised about how low his commission is on the mortgage quotes he is getting (for example I have one here that is just over £700 for a £210,000 mortgage). I thought it would be twice that.

CAENMATT

wow
some great help
thanks for taking the time to reply.