Which Life Insurance?

Kazz

I'm a 42 year old single mum on benefits. I have 4 children aged 26, 23, 22 & 9. I've been thinking about life insurance for a while now & more so since my daughters friends mum died & she has been left to pay the majority of it even though she & her mum were on benefits.

I'm not looking for big payouts when I die, I basically will be happy if there's enough to pay for my funeral so that my children don't have to worry about it.

I've had a look at some site & got quotes but they all seem to vary so much. I would also prefer, if possible, one that will do me for the rest of my life if I live to beyond 70, a few of the ones I looked at only offered cover til 70, my mum has that & I feel that's possibly a waste.

I can't afford a great deal a month, I don't smoke, I drink very rarely but I am quite overweight if they're all factors.

Any advice would be appreciated.

dunstonh

life insurance is a cut down version of life assurance. Although there are increasingly more definitions nowadays which cloud the waters. I am going to assume you want life assurance as your post certainly suggests that.

I'm not looking for big payouts when I die, I basically will be happy if there's enough to pay for my funeral so that my children don't have to worry about it.

Will your estate not have any assets at all to cover the cost?

I've had a look at some site & got quotes but they all seem to vary so much. I would also prefer, if possible, one that will do me for the rest of my life if I live to beyond 70, a few of the ones I looked at only offered cover til 70, my mum has that & I feel that's possibly a waste.

Thats because you are looking at the wrong type of life assurance. You need whole of life assurance if you want a policy that matches your objectives. This is a higher regulated level product and most internet sites wont carry that type of insurance. Plus, many of the providers that offer this type of life assurance require manual illustrations or access to their own quote site and not quote portals.

I can't afford a great deal a month, I don't smoke, I drink very rarely but I am quite overweight if they're all factors.

Your height and weight are likely to have an impact depending on the amount you are overweight.

Any advice would be appreciated.

You should either consider a pre-paid funeral or you really want whole of life assurance instead, then you should see a local IFA.

Kazz

Hi, thanks for the reply.

No, I won't have an estate, I won;t ever have any saving or anything like that, I can't afford to.

Does a Financial Advisor cost money?

dunstonh

No, I won't have an estate, I won;t ever have any saving or anything like that, I can't afford to.

So you have no property, no contents, no car, nothing?

Does a Financial Advisor cost money?

Yes. However, you can go on commission basis if you wish to not pay fees.

Kazz

So you have no property, no contents, no car, nothing?

Council house, nothing of any value in it & don't drive. Like I said, a single Mum on benefits & in debt.

Yes. However, you can go on commission basis if you wish to not pay fees.

Thanks again.

jamesd

Your children will be more sad at loosing you than concerned about paying for the funeral but you should know that funeral directors do know that they can take a while to be paid, even to the point of offering a discount for paying in advance.

One of the easiest ways of paying for a funeral is that your bank will release funds in a cheque to a funeral director when presented with a death certificate and invoice. They may even get that paid out before the funeral if things move quickly. It took 7 days, 5 working, for the cheque from my mother's account to reach the funeral director when I did this recently. So if you have say £2,500 in your account to cover bills that's very easy for someone arranging a funeral for you to get at and use for the purpose of paying for a simple funeral.

It sounds as though you don't have that at the moment but if things improve it's an option that has no ongoing cost for you. Better to put the money towards getting rid of the debts and then build up enough in the account so you both never pay bank charges again and can cover the cost this way.

Frankly, I recommend forgetting about paying for your own funeral. Let the children take care of that and leave them clear instructions on what arrangements you want them to make. It'll be more use for them to know:

1. Whether you want burial or cremation, where and where you would like the remains to end up.
2. What flower colours you like.
3. A list of names and addresses of people who should be invited or told.
4. The information needed to register a death, including your NHS ID number (which can do instead of NHS medical card).