Life Insurance advice.

lizw999

Hi,

I am getting to the stage where I realise that I need to get some insurance in place for if anything happens to my husband or I to protect our baby son.

I am 30, OH is 34 and we have a 10 month old baby. We rent at the moment, but hope to buy the house we live in at some point as we rent it off my parents in law.

I have no idea where to start with life insurance and just had a look at a comparison site and it was quoting approx £39 for a dual account, or £19 for me and £23 for OH. Neither of us smoke and are in ok health.

What should I lok for etc? The above was for 100k of insurance including critical illness cover.

Any advice would be very greatly appreciated.

Thannks,

Liz.

ACG

Its like asking how long is a piece of string.

First of all cover:
How much would you need if either of you were to die/be unable to work to look after your son.
How much would you need to purchase a home.
How much would you anticipate for lifestyle changes etc.

These are all things you should think about among other things.

You then need to think about the type of cover - Life, Critical illness and PHI/Income Protection are all important.

Then other bits on how you want the cover to work (increasing, decreasing, level cover), Placing the polciies in trust etc.

Im not trying to confuse you or be awkward - but if your trying to prepare for your families future and dont know enough about it, i think your best speaking to a mortgage or financial advisor to help you through the process.

lizw999

Thank you.

I think that I will engage advice, but I will admit that I am paranoid about being ripped off!

I would like impartial advice, so thought I would try these boards as a starting point.

ACG

Im not going to say its impossible to get ripped off, because that would be a lie.
However, advice on Protection is regulated, so it means we have to not only find you a product that meets your wants/needs but we also have to document it in a letter to you - explaining how it does meet your requirements.

So years down the line if it turns out to be bad or wrong advice you have a letter to back up any potential miss selling claim. Not all companies work like this, but a lot fo advisors have their files checked periodically - if there is a lot of miss selling going on the advisor could be banned or fined - its not in our interest to rip people off otherwise we lose our livelyhoods.