Help with Life Assurance please

new_comper_sara

My partner has decided he needs to get this just incase anything happens and we have 3 young children.

Ive been looking at the different types and i am just lost at all the different ones.

He wants one that pays a lump sum if he dies but he doesn't want it for a fixed term, he just wants to keep paying into it until he dies and then it can pay out.
We don't have a mortgage yet either so that doesn't apply to us.

Ideas on the best option for us and who he can go and speak to about this?? I know he can go and speak to someone at his bank but i have a feeling that they wont be the cheapest.

Thanks x

dunstonh

He wants one that pays a lump sum if he dies but he doesn't want it for a fixed term, he just wants to keep paying into it until he dies and then it can pay out.

That is called a whole of life assurance plan.

Ideas on the best option for us and who he can go and speak to about this??

A whole of life assurance plan is probably not the best option. Despite him wanting one.

I know he can go and speak to someone at his bank but i have a feeling that they wont be the cheapest.

Banks are the most expensive distribution channel (well almost - St James Place are I think nowadays). Even the banks tied to a known insurance company are more expensive (i.e. a Scottish Widows policy through Lloyds is more expensive than via an IFA). He needs advice as what he wants is not likely right. So, you use a local IFA. That gives you whole of market access and lower cost than a tied sales rep from a bank.