Life insurance– is this a good quote?

pamaris

Hi,

I just received a quote from L & G. The standard rate is £20 a month for £200k, 27 year level term. Taking into consideration my husband's history of depression, they are going to charge an extra 50%, making it £30 a month. DH is 38. Does this sound reasonable?

Thanks

dunstonh

Cant say.

The rating will be based on his personal medical history and unless someone has an identical medical history, is the same age and has the same occupations, we cannot tell.

pamaris

Yeah that occurred to me, that it is nearly impossible to compare. The trouble is, that when you are given quotes online for comparison, they compare the best rates for people with no previous medical conditions. To get real quotes, you have to actually apply, but you don't want to turn in 5 applications and receive 5 refusals. Oh well, that is what I will tell my IFA... to choose 3 companies who are likely to be experienced with this, apply for all then choose the best rate.

thanks

dunstonh

If using an adviser, they could phone around the underwriters first to see how they would treat the application. That information is not kept on file against you and it allows you to find out which company will treat you the best. i.e. company 1 may have a 30% loading but company 2 has a 40% etc.