life insurance advice please

mboro

I went to my bank and spoke to a financial advisor, I wanted some info on life insurance etc.
we came up with this.

Policy term for 10 years.
Sum assured payable on diagnosis of a specified critical illness or on death within the term of the poilcy.£23,000

Premium details:
Cost of life cover £3.66
Cost of critical illness cover (reviewable) £4.09
Cost of premium protection cover £0.04


Total monthly premium payable for 10 years £7.79
All the above is reviewable as and when.

I dont know wether to take this up or shop around? Or should I use this money to pay of my debts...im very confused ..... can you advise me?

claretmatt

Try looking at the life assurance board, people on there should be able to help.

margaretclare

Have you got a partner, children, anyone else dependent on you? Who would be affected if you died suddenly?

If no one - if you're young and single then maybe this is not a priority at present as against your debts. But it does depend on your personal circumstances.

In general, your bank isn't necessarily the best place to go. Have a look at this:

http://www.moneyquest.co.uk/lifeinsurance.asp

It does explain who needs life assurance and why - might answer some of your questions.

HTH

Margaret Clare

dunstonh

You shouldnt go to the bank. They operate a tied salesforce with expensive products. Even when they use a proper insurance company, you arent getting the usual retail product. For example Barclays use L&G and are about 30% more in price and LTSB use Scottish Widows and about 25% more in price.

stanmoresaver

I really feel that you should take professional financial advice. The most expensive mistake you could make is either taking out cover you don't need, or not taking cover that you do need- then you should look at the best product provider to provide the product solution.


The best route to do this would be through an IFA or independant insurance adviser. Get friends, collegues or family to recommend you to their adviser.

HTH

SS