critical illness insurance premiums

jo51

Has anyone any idea how much a critical illness / life assurance would cost (approximately) for joint cover of 2 people, and who could you suggest.

Thanks in advance for any replies.

dunstonh

Thats a bit like saying does anyone know how much a vehicle will cost that will suit my needs.

Thats without knowing your needs and requirements. The answer could range from £500 to £50 million depending on whether your needs match a second hand moped or a jumbo jet.

and who could you suggest

Depends on whether you want best or cheapest. Also depends on your age, health, term, smoker status, occupation etc.

jo51

Hi Dunstonh

We are paying over £55.00 (jointly) for a comprehensive critical illness insurance which covers a range of illness', that also includes life assurance. This is Legal and General.

We got the insurance through our bank when we remortgaged, and think it is probably a higher premium than we could be paying.

Do you know of / have you had dealings with any reputable insurance companies so we may get quotes.

Any information would be appreciated.

Emmamumof2

How much cover does the £55 give you and what is the remaining term? Is it on a level or decreaaing basis? Are the premiums fixed for the term of the cover or do they increase?

Wutang_2

jo51 wrote: »

Hi Dunstonh

We are paying over £55.00 (jointly) for a comprehensive critical illness insurance which covers a range of illness', that also includes life assurance. This is Legal and General.

We got the insurance through our bank when we remortgaged, and think it is probably a higher premium than we could be paying.

Do you know of / have you had dealings with any reputable insurance companies so we may get quotes.

Any information would be appreciated.

You will be better off speaking to an IFA, they will be able to fact-find you and research the market to find you the most suitable product. If it can be bettered...

Why do you think it is higher than what you should be paying?

jo51

Hi there,

£55 gives us £60,000 of cover on a level term with a remaining term of 12 years.

I will talk to an independant financial adviser to see what information they can provide us with.

I do not definately think that we are paying more than we can get the cover for, it is just that some people say that the banks tend to charge more (I am not sure).

Thanks for all the information.

dunstonh

I do not definately think that we are paying more than we can get the cover for, it is just that some people say that the banks tend to charge more (I am not sure).

Banks are typically the most expensive distribution channel. So, that is probably the case. However, if its an old CI plan, then the benefits on these can often be higher than modern versions. So, you cant compare price alone.

jo51

Hi Dunstonh,

The policy is just 2 & 1/2 years old, so may benefit getting other quotes from financial advisor.

Thanks