Assurance cover Life Plan

manuelamacovei

I am a single mum, (45Years old), my son is 6, I recently made an application for a Life Plan- term assurance cover, it is for 25 years. So I understand that I am insured for death and critical ilness. The broker on the phone told me that in case I dont die within 25 years, my son wont get anything.
I am not sure anymore about this insurance.
Can you please advice me what kind of insurance I should take, so that my son would be covered in case I die? What if I am not going to die in the next 25 years( I really hope not to hapen), my son will be left with anything....:( I dont own anything at the moment, and I dont work( but hope to find soon a job), my financial situation is not one of the best, but I love my son to pieces!..
The name of the Insurance company is FORTIS, have you heard of it?
What,s the best thing to do?? Please let me know
Kindest regards, manuela

dunstonh

can you please advice me what kind of insurance I should take

No. That is a regulated activity and the board is not authorised to give such advice. Even if it was it wouldnt be possible as we dont know your circumstances and needs.

If you want life assurance then a level term assurance and/or family income benefit makes sense. If you want investments then a stocks and shares ISA makes sense. Trying to mix the two up into a single plan is neither tax efficient or cost effective. That is part of the reason endowment policies dont exist any more.

The name of the Insurance company is FORTIS, have you heard of it?

yes

Given that you dont know what you want and the selection of a 25 year term is unlikely to match your financial needs, you are probably better off getting a local IFA to give you advice.