Whole of life insurance advice please!

keane14

Hello everyone,

I am looking for some advice on life insurance.

I am 35 & my partner is 40, I am thinking that it may be a good idea
To secure our future. I was looking at a whole of life policy, as I understand it one of us would get A payout hopefully making old age a bit easier!

Does this sound a good idea?

Or would I be better looking at something else?

By the way I have a private pension, my partner does not, we also have a joint critical illness policy!

But can you have to much insurance?

Regards & thankyou!!

Wutang_2

Sounds like you needs to speaks to an IFA....or do a bit of research:

What does a Whole of Life plan mean to you?
Why do you have a joint critical illness plan?
Who put the Bom in Bom Bom Diddleye Bom?
Etc etc

ACG

You can be over insured yes.
At 35 and 40 you still have a bit of your working life left. I would speak with a Mortgage or Financial advisor.
You should be looking at a few different types of insurance and deciding which is the most important - Life Insurance (this includes whole of life), critical illness cover, Income protection and to some extent redundancy cover.

There are other insurances out there but those are the main ones.

keane14

Thanks for the replies,

Whole of life insurance means to me that when one of us passes the other would get a payout of x amount (i could be wrong as i am no expert).

If i was looking at our mortgage then i would be thinking of a level term policy i think.

Maybe i should be looking to protect our mortgage and then when that is paid look at some kind of over 50s plan or life insurance.

See that is the problem, i think we need a bit more protection but dont know quite what to protect.

As for the critical illness what i mean is we both have a policy.

Maybe i would benefit from seeing an IFA



Regards.

magpiecottage

keane14 wrote: »

Maybe i would benefit from seeing an IFA

Yes - make sure they cover the whole of the market.

Do not be surprised if they suggest something different - maximising pension provision for example.

dunstonh

Whole of life insurance means to me that when one of us passes the other would get a payout of x amount (i could be wrong as i am no expert).

Do you need a whole of life assurance plan or would a term assurance be more suited?

then when that is paid look at some kind of over 50s plan or life insurance.

The over 50s "insurance" plans are dire and an option of last resort to those that cannot get life assurance.

Maybe i would benefit from seeing an IFA

I would expect them to recommend different things to what you are thinking about. So, in that respect it could be a good idea.