Life insurance - What to look for?

fraz_babe

Hi all I was wondering if anyone could point me in the right direction please.

I lost my grandad to cancer nearly a week ago now and its got me worrying about money when I die. I now want some life insurance to cover my funeral costs so my son hasnt got to worry about money!

I am 20 years old .. so I can hopefully pay over a long period. I was wondering if anyone could help find the cheapest/best places to look.

Thanks x

ACG

Cheapest isnt always best, you can buy from places online such as the idol.com and cavendish but you dont receive advice its basically just you saying what you want - so its on your head be it if its wrong. That being said, you cant go TOO far wrong with life insurance - decide what you want enough for fineral expenses, your mortgage, cost of bringing kids up, how much money your partner/kids may need between your death and them being able to support themselves.

However, as your grandad had cancer, that usually makes people think of Critical Illness cover or Income Protection - in which case there is more to it than life cover and i would strongly recommend seeing a professional for it.

dunstonh

I am 20 years old
<snip>
cover my funeral cost
<snip>
so my son hasnt got to worry about money!

At 20, it is fair to assume that your son is still a baby. So, shouldnt you be concerned about more than just funeral costs? i.e. how is your son going to grow up without you to pay for the things needed?

property.advert

Where is the cover to buy somewhere to live, for school fees, for clothes and expenses, for college and university and some cash to help him get a start in life ?

Also someone to care for him as he grows up, to be there for him.

Probably too much to think solely in terms of a cash lump sum as whoever you leave it to may squander it leaving your son without. Cover can provide a monthly income for X years as well.

dunstonh

jass_123 wrote: »

I think you can consultant in bank about Life insurance. and also gain the knowledge in newspaper and internet.

Banks are the most expensive place to go.

ACG

dont go to the bank.

There is no point what so ever. An advisor will be able to give you the choice of more companies than a bank ever will and at a cheaper rate.

jamesd

fraz_babe wrote: »

I lost my grandad to cancer nearly a week ago now and its got me worrying about money when I die. I now want some life insurance to cover my funeral costs so my son hasnt got to worry about money!

Your son will have far more to worry about than that with you gone - he's going to mostly be sad about losing you.

Forget using an insurance policy for funeral expenses. Keep a couple of thousand Pounds in a bank account and verify that that bank will send a cheque to an undertaker on receipt of an invoice from an undertaker and a copy of a death certificate. Many like NatWest will do so and I've used this service myself to pay for a funeral. It'll take about a week from start to finish and an undertaker won't insist on payment in advance.

shadowleague

Cover for yourself should be reasonably cheap because of your age, if you are in good health and a non smoker all the better.

You should also make a will, if you have a young child then you may want to decide on issues like guardians etc, someone who will look after the child if something happens to you.

There are a few types of policies -

Income protection (if you can't earn you can't afford the cost of life cover!)

Life cover- There are many different types of these plans, too many for you just to choose off the shelf (or off the web)

Critical illness - These plans cover most major illnesses and you get a payout if you suffer an illness.

You should speak to a good adviser, how to find a good one is anyones guess? I have sold up now after years of financial service service.

If you want any information on the various types of cover available I would be more than happy to scour the net and give you a list of all the types of plans I could find. Shouldn't take too long and you may even then be able to choose the plan for yourself!!