Life assurance & critical illness - decreasing

jatwap

Hello, looking for some advice on what sort of monthly premium I would expect to be paying for:

• Joint life assurance & critical illness poilcy - decreasing to cover mortage of £150k over 20 years term.
• Me (34) no previous illnesses, non smoker, BMI high (21 stone, 6ft 6)
• Wifey (37) no previous illnesses, non smoker,
• 1 dependent child under 16

I would want premiums guarenteed (fixed payments) and the ability to waiver premiums (in event of sickness/time off work)

Just looking for a ballpark indication of costs...

Also, is it typically more cost effective to have a joint policy or two individual policies?

Many thanks.

stephenni1971

Couple of points...

I personally don't feel comfortable discussing costs on this forum - I know others do and thats up to them.

Your BMI is 33ish - which is below some insurers limits for loadings so you may be OK.

If you are looking specifically to cover mortgage only then makes little sense to have two decreasing policies - one option I often use is to take decreasing mortgage life cover on a joint basis then two separate CIC policies on a level or increasing basis. reasons for this are CIC much more likely to happen within the term so separate cover can be beneficial - with decreasing policy cover reduces with age ( yet statistically chances of a claim increase with age ) so level or increasing cover does leave a shortfall in early years but gives higher payout when chances of a claim more likely.

OshayAway

jatwap wrote: »

Hello, looking for some advice on what sort of monthly premium I would expect to be paying for:

• Joint life assurance & critical illness poilcy - decreasing to cover mortage of £150k over 20 years term.
• Me (34) no previous illnesses, non smoker, BMI high (21 stone, 6ft 6)
• Wifey (37) no previous illnesses, non smoker,
• 1 dependent child under 16

I would want premiums guarenteed (fixed payments) and the ability to waiver premiums (in event of sickness/time off work)

Just looking for a ballpark indication of costs...

Also, is it typically more cost effective to have a joint policy or two individual policies?

Many thanks.

You are asking the right questions, you now need the right answers. At you BMI, some insurers will load for CIC but not all. Not just that though, some will automatically request a mini-medical for rateable (or close to rateable) BMIs, due to the fact that it's human nature to round you height up and weight down, combined with the possible inaccuracy of domestic scales.

Find a broker with access to whole of market who is prepared to do the research pre-application and ask for a copy of the research.

Also, get quotes for joint and separate cover. Some providers will give a discount up to £3.30 for each subsequent multi-benefit but this is an option generally only available through a broker.