We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Life Insurance CIC Quote Check
babalooty
Posts: 28 Forumite
Hi folks,
Got some quotes from Scottish Widows
Amount £234,950
Male 42 - Non Smoker - good health
1. Critical Illness Cover
2. Death and terminal illness cover
3. Basis: Decreasing
4. Term: 22 years
5. Cost: £105.84
Female 38 - Non Smoker - good health
1. Critical Illness Cover
2. Death and terminal illness
3. Basis: Decreasing
4. Term: 22 years
5. Cost: £77.02
Does this seem expensive?
All help appreciated.
Got some quotes from Scottish Widows
Amount £234,950
Male 42 - Non Smoker - good health
1. Critical Illness Cover
2. Death and terminal illness cover
3. Basis: Decreasing
4. Term: 22 years
5. Cost: £105.84
Female 38 - Non Smoker - good health
1. Critical Illness Cover
2. Death and terminal illness
3. Basis: Decreasing
4. Term: 22 years
5. Cost: £77.02
Does this seem expensive?
All help appreciated.
0
Comments
-
What distribution channel are you using to get the SW quotes? (i.e. bank, IFA, quote portal, sales rep, direct to their website etc).
Different distribution channels may have different versions. SW have done this before where they cut down their product over the IFA version if bought direct or through the bank branches. Prices will vary on the distribution channel as well.
SW are fine for life assurance but I am not sure I would pick them for CI coverage. What attracted you to them?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
no real research just had the offer from my current lender.0
-
no real research just had the offer from my current lender.
Ok. Consider it around 25-40% higher than what an IFA could get for you. Probably not as good on quality either.
Never buy insurances and investment products from your bank. You get higher premiums/charges and lower quality.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I would expect you to be able to get better cover at a lower cost. An IFA would advise you fully on the best option for you and help you with the trust you may feel necessary.
My system indicates a cost in the region of £80 per month would be par for a top-quality "IFA" product for the male and £56 for the female.
If this a contract for debt repayment, why not consider joint cover, rather than two singles? This would give the amount needed to repay the mortgage and would leave you paying around £125 per month.
TBH it may be worth sticking with the two singles and getting double the cover for just £13 per month extra!I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thanks all
Just got a quote from an "execution only" company. Our details are pretty straight forward and will need little investigation from under writers.
I got quote for life and CIC
me: £96 but that covers the wife for £1000 per month additional income after the mortage is paid off
wife: £56
Company was AEGIS if I spelled that right.
Written quotes coming in the post.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards