Life insurance

sexandthecity

Hi there

Am thinking of looking for some new life insurance. Took out our policy on a level cover basis 5 years ago but I think we are paying quite a lot it is £47 per month with Legal & General and covers terminal illness disability etc Partner has a death in service benefit and pension and is an NHS nurse, he is 33 smoker, I am 31 non smoker, no major illness.

Our mortgage is approx 100k over 19 years please can anyone offer any alternatives as our friends just took out a policy with L & G and theirs is less for a bigger mortgage

Thanks

dunstonh

our friends just took out a policy with L & G and theirs is less for a bigger mortgage

how does their age, occupation, health and smoker status compared to yours?
What options did they chose to include or not include?
Did they buy reviewable or guaranteed premiums?
Did they buy from an IFA, direct with L&G, tied agent or other?

ACG

£47 for joint life and cic or seperate life and CIC, for £100k. Atleast 1 smoker doesnt seem excessive.

You might be able to shop around and save a bit but i dont think you are being stung, the only thing i would say is, it looks like you have reviewable premiums - not always a bad thing, but some people prefer the knowledge their premiums will not increase in time.

sexandthecity

Hi

Thanks for all your replies. They are the same age, almost identical, non smokers (both) and occupations are retail and office work. Our premiums never change have been the same for 5 years. They bought through their bank who introduced them as our mortgage lender did with us. I dont know what they included I will have to ask. I think ours is an all singing all dancing one with all frills, not very technical I know.

From what I remember when I took it out, the amount paid out will never decrease we would get the amount we originally took the loan for even if we only owed a grand on the mortgage - does that sound right ?

grogdog

reviewable policies are normally down after 5 years, from what you say you have a level term assurance but if you post your details of the poliy then we will know