Looking for minimal spend on life insurance - advice please

Charlton_King

Hi

I'm looking to start up a small life insurance policy with a minimal monthly outlay - maybe £10-20 - with the idea of bringing in just a modest lump sum to help with the general situation should the worst happen.

I know absolutely nothing about this area of insurance. Can anyone tell me where the best place to start might be?

dunstonh

The cheapest form of life assurance generically is family income benefit. It pays a monthly income rather than a lump sum. Decreasing term assurance comes next as the amount it pays out decreases over time (typically used for debt coverage and estate planning). Level term assurance is lump sum benefit for a fixed period of cover. There are about 10 other types of life assurance but those three are the main types.

If you need advice on which is best and which provider to use then you should seek a local IFA.

ACG

I agree with dunston, if you search for life insurance online you will probably come up with term assurance - which on the face of it seems like what your after going off your post as opposed to a monthly income.

£10-20 a month depending on your age/health etc could in theory get your quite a decent lump sum. As you get older or your health worsens then you will find you get less cover.

You should really speak to an advisor, they will help you complete the application, find you the right cover and depending on your circumstances arrange for the policy to be placed in trust for you.