Level Term Life Insurance Guide Discussion

familyguy321

kingstreet wrote: »

familyguy - do you have anyone financially dependent on you?

Yes - my wife is currently not working.

FG

Weighty1

familyguy321 wrote: »

Thanks. Is £20/month cheap? What is the typical price for life insurance?

FG

I've had clients pay £5/month and I've also had one client pay £2,200 per month so there really is no typical price. However, if you have critical illness on your policy and it'd would pay off your full mortgage on either death or suffering one of the specified illnesses/conditions then, without knowing the full details, I'd say it sounds like a pretty cheap policy.

kingstreet

familyguy321 wrote: »

Yes - my wife is currently not working

So, you have someone possibly dependent on you until you reach 65 - 68 and your DIS probably pays twice your salary?

I'd say on top of that you should have at least a family income benefit policy which should pay out the amount of your monthly outgoings (less any personal expenses and the mortgage cost) every month until retirement.

rob_ja_2

Hi
I looked through forum but didn't see this answered (apologies if it has)
I have a joint decreasing assurance policy taken out 15 years ago which ties into my mortgage, which has 10 years left.
I am now due to take out a second mortgage with a 23 year term
Getting a quote for combined mortgage total for 23 years is double my current payment which I cannot afford and is not correct for the true value of mortgage remaining as it will drop significantly in 10 years time

Is it therefore OK for me to take out a second policy for my second mortgage?

familyguy321

kingstreet wrote: »

So, you have someone possibly dependent on you until you reach 65 - 68 and your DIS probably pays twice your salary?

I'd say on top of that you should have at least a family income benefit policy which should pay out the amount of your monthly outgoings (less any personal expenses and the mortgage cost) every month until retirement.

Thanks and apologies for delayed response.

I don't have a family income benefit policy -I'll have a search around but are there any providers that you recommend?

FG

blackcatg

Hi I'm 49 coming 50 in Oct & my husband is 50 already, neither of us work for health reasons so income is health benefits & an early retirement small pension for me. I had Life & critical illness (which never paid out) with L&G which expires in Aug, house paid off, no other beneficiaries, what kind of life insurance should I get & for how long it's really just in case I go 1st so my husband is comfortable. He has a policy with Zurich which expires in 5 years & will need a new policy himself then.

CharleneUK

Hi all, I have recently looked into mortgage cover with critical and terminal illness (decreasing) and family cover (£100k payout per child) for 22 years.

I want to also look into an insurance that pays out no matter when I die.

I'm also unsure if I should get a single policy or joint with my husband and really want the best sort of steer before asking my broker for further clarifications.

I'm not entirely sure if there is a baseline and if this is, in fact, it or if people mix and match with extras that I haven't mentioned above?

Any sort of advice would be greatly received.

Thank you!

dunstonh

I want to also look into an insurance that pays out no matter when I die.

This thread is on level term assurance. You appear to be after whole of life assurance. Although whether you actually have the financial need for a WOL plan is a different matter.

Mix and match is very common as spouses often have different need levels. Plus, mortgage need, family need, income replacement need etc often expire at different points. This is why segmented plans are so popular nowadays (I remember the days when you used to have to arrange 6-8 individual plans).

CharleneUK

dunstonh wrote: »

This thread is on level term assurance. You appear to be after whole of life assurance. Although whether you actually have the financial need for a WOL plan is a different matter.

Mix and match is very common as spouses often have different need levels. Plus, mortgage need, family need, income replacement need etc often expire at different points. This is why segmented plans are so popular nowadays (I remember the days when you used to have to arrange 6-8 individual plans).

Thank you so much for your response! As you can see, my knowledge of these things are extremely limited. I may need to fork out and pay for a financial advisor as I do want to get it sorted asap but don't want to rush through it and not obtaining the adequate cover.

Thanks again.

Weighty1

CharleneUK wrote: »

Thank you so much for your response! As you can see, my knowledge of these things are extremely limited. I may need to fork out and pay for a financial advisor as I do want to get it sorted asap but don't want to rush through it and not obtaining the adequate cover.

Thanks again.

There are plenty of advisors who offer protection advice on a whole of market basis and don't change a fee (they'd be paid from the commission within the plan)