Need a little help choosing the correct insurances

spncrpaul

My partner and I have just bought our home togehter and are wanting to take out a separate life insurance policy each.

We have no children at the moment and are trying to find a policy that should neither of us die through out the term it pays us a lump sum at the end.

I have searched several companies and I am un able to find such a policy

Does such a product exist and if so who offers one.

I am also looking for an insurance policy to protect my current salary for min of 3 months should the firm I have worked for for the past 3 years decide to make me redundant can any body recomend a product offering such cover.

Many thanks for any help

Paul

dunstonh

My partner and I have just bought our home togehter and are wanting to take out a separate life insurance policy each.

Why do you want separate plans?

Does such a product exist and if so who offers one.

every life assurance company in the UK that is open for business effectively.

I am also looking for an insurance policy to protect my current salary for min of 3 months should the firm I have worked for for the past 3 years decide to make me redundant can any body recomend a product offering such cover

Again, no problem there as they exist.

However, these areas are regulated product areas and as such those of us that are regulated cannot make recommendations.

spncrpaul

The forum recomends seperate policys although slightly more expensive is a better option should one of us die it pays out ,but the individual policy continues and pays a second time once the second one dies. with joint cover it only pays once.

can you recomend which website to get a quote for the type of policy we require, or would it be best just to invest £50 a month into something different for 30 years, and just take a joint life insurance policy

dunstonh

The forum recomends seperate policys although slightly more expensive is a better option should one of us die it pays out ,but the individual policy continues and pays a second time once the second one dies. with joint cover it only pays once.

Martin is not FSA authorised and has no financial qualifications. If there is an article making such a recommendation then its at odds with the current compliance guidance (and common sense) given to those of us that do have the qualifications and licence to advise.

There is no reason to have individual plans with a debt that only requires paying off once.

can you recomend which website to get a quote for the type of policy we require, or would it be best just to invest £50 a month into something different for 30 years, and just take a joint life insurance policy

The website "recommends" cavendish for those that want to DIY their life assurance. I dont know what it currently recommends for payment protection insurance. It doesnt have the best record on that front given the Ant insurance problems that occurred. Although that isnt really Martin's problem as like many quote portals and consumer driven things nowadays, the focus is on price rather than quality.

Like any insurance, if you dont have it and you suffer a claimable event you will be worse off. If you do have it and dont suffer a claimable event you can think of it as a waste of money. You need to decide if the risks are worth covering. That is a personal decision only you can make.

ChrisYoung

If you want life insurance for your mortgage just search for mortgage life insurance in a search engine, there are loads of companies/brokers. If you want general life cover just search for life insurance.

If you haven't any children, who would you be protecting by taking out two life plans? If you expect to have kids sometime soon it might be worth taking out two plans now on guaranteed rates (where they don't change).

In terms of redundancy you could look further into joint mortgage payment protection, which covers mortgage repayment should you or your partner suffer accident, sickness or unemployment.

spncrpaul

Hi Chris,
We have a disposable income of around £60 a month, we were hoping to tie this into a product that would not only offer us life insurance but at the end of the term should neither of us die pay a lump sum.

The second product I am looking for is an insurance to protect my salary not a ppi for the mortgage, their is a lot of uncertainty with the company i have worked for for 3 years

I am not looking for recomendations , i.e. what to take etc,

I just need a name for either of the products to do a search for.

Cheers