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Life insurance advice
spath1
Posts: 2 Newbie
Hello
After the death of my aunt recently who left her children and partner pretty penniless. My partner and I have decided to look into life insurance, so that our 3 year son is provided for if anything was to happen to both/either of us.
I would welcome anyone's advice experience of this market and would like to know:
1. Is life insurance worthwhile
2. If it is, what should I be looking for in a life insurance product
3. If it's not - what is the best alternative
Many thanks in advance
:rotfl:
After the death of my aunt recently who left her children and partner pretty penniless. My partner and I have decided to look into life insurance, so that our 3 year son is provided for if anything was to happen to both/either of us.
I would welcome anyone's advice experience of this market and would like to know:
1. Is life insurance worthwhile
2. If it is, what should I be looking for in a life insurance product
3. If it's not - what is the best alternative
Many thanks in advance
:rotfl:
0
Comments
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Yes! If either of you passed away how would the other person get by raising your child (or indeed any future children)? If you can honestly say financially that everything will be ok then you don't need cover. If there is the potential for either of you to struggle then you need the cover.1. Is life insurance worthwhile
Pretty much all policies are the same - they either pay out on death or terminal illness if you have less than 12 months to live (not to be confused with critical illness). The variation lies in how the policy is paid out; traditionally cover pays out as a lump sum which you can then invest, draw into, etc, but I personally think anyone who has young children is normally better of with a policy called Family Income Benefit (this is a life insurance that provides a regular tax-free monthly income to the survivor so that there is always cash flow until your child is through education).2. If it is, what should I be looking for in a life insurance product
On the info you have provided I wouldnt really look at anything else on the life cover front (there are lots of other insurances but you haven't asked about them). Do you have a mortgage? If so this should be covered as well.3. If it's not - what is the best alternative0 -
1. Is life insurance worthwhile
It is for your family if you die.2. If it is, what should I be looking for in a life insurance product
One that meets your needs and requirements. Often a combination of types is best.3. If it's not - what is the best alternative
Self insure yourself. (most cant afford to with life assurance).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.0 -
Dunstonh what do you mean by self insure yourself?
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self insure is when you have the funds personally to cover a need area and decide that they will be sufficient in the event of a claim.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.0
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ohhhhhh i c, ok that makes sense Thanks for clarifying. 0
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