Life Insurance quote checker question

Mr_Incredible

recieved this from my broker earlier, how do these monthly rate Vs the amount payout sound, its level cover, thanks for any help in advance;

My (mans) cover, 35 year old male, good health non smoker

£200,000 level term 20 years with CIC £58.24 per month.
£200,000 level term 19 years with CIC £56.95 per month
£200,000 level term 18 years with CIC £51.01 per month


Her (ladies) cover, 33 year old female, good health non smoker

£200,000 level term £200,000 20 years with CIC £52.84 per month
£200,000 level term £200,000 19 years with CIC £51.92 per month
£200,000 level term £200,000 18 years with CIC £51.01 per month

OshayAway

It's high. Is it from a bank?

Also, is it for Reviewable or Guaranteed premiums; does it include wiaver of premium; does it include TPD?

warwicktiger

Go Compare!

OshayAway

warwicktiger wrote: »

Go Compare!

Or use another broker. One who will explain the differences in CI coverage and has access to multi-benefit plans which are cheaper that two separate applications but work in the same way.

Mr_Incredible

I suppose the key points are its not just life cover its critical illness cover too. You guys still think its high?

I'll get about a grand kickback and i have to pay the monthly premiums for 2 years if I want to review thereafter. The premium should otherwise remain the same for the life (18) years of the policy

OshayAway

Mr_Incredible wrote: »

I suppose the key points are its not just life cover its critical illness cover too. You guys still think its high?

I'll get about a grand kickback and i have to pay the monthly premiums for 2 years if I want to review thereafter. The premium should otherwise remain the same for the life (18) years of the policy

Yes, it is still expensive. Does the broker start with a "S" by any chance?

dunstonh

Is this for budget or comprehensive CI cover?

CI cover should ideally not be bought on basis of premium as the primary driver. You may end up paying little for little benefit.

I suppose the key points are its not just life cover its critical illness cover too. You guys still think its high?

Yes. Probably as they have to factor at least the £1000 kick back you are getting into the monthly premium.

OshayAway

Depending on the options you select, as noted in my post #2 you should be able to save a significantly higher sum over the term than your £1000 "kickback".

The other thing to consider is that when you review the cover in 2 years, it will most likely by significantly higher than it is now as a result of 2 major industry changes that are taking effect by the end of this year. Speculation is that the increased may be as high as 30% more. All the more reason to get it right first time round.

Mr_Incredible

OshayAway wrote: »

Yes, it is still expensive. Does the broker start with a "S" by any chance?

No he's a lone broker and the policy is with L&G, he's saying they have really good all encompassing CIC and life cover.

I could chuck it in after 2 years and with the grand kickback you could look at it like this;

(51+51 = 102) * 24 = £2448

less £1000 kickback

= £1448

divided by 24

= £60.33 per calendar month or £30.165 each

Mr_Incredible

thanks guys, if I want £200,000 cover plus CI for myself and wife, two policies where we pay seperate, what would you recomend?

Mr_Incredible

OshayAway wrote: »

it will most likely by significantly higher than it is now as a result of 2 major industry changes that are taking effect by the end of this year. Speculation is that the increased may be as high as 30% more. All the more reason to get it right first time round.

wow thats a huge increase, I guess less people will take it out and the life insurance industry will go under