Life cover-need to cut cost but how?

ferry

Hi all
At the moment we're looking at our family outgoings and one of the big monthly expenses seems to be our seperate life covers and we would like to reduce our costs on these.

At the moment we're jointly paying around £80 p.m but we seem to have the creme of policies with Bupa
Broken down we each have decreasing mortgage term protection- life and CI with an additional family income benefit that costs £9 (inclusive in the £80p.m) as we have 2 kids

There are conditions involved too as my wife is asthmatic and this no doubt pushes the premium up but I just dont really know where to start or what to ask etc with regards to getting cheaper cover?
We understand that we'll need to sacrifice some level of cover if we're to acheive a saving but anyone can give us some moneysaving pointers it will be appreciated

Thanks as usual
F

InsideInsurance

Would suggest in the first instance talk to a local IFA or protection insurance broker.

Depending on how long ago you got the policies, what has changed in your life, any changes to your health etc then it may be that new lower policies are more expensive than keeping what you've got

weighty1_2

Certainly not advice, but in some circumstances taking out life cover with a long term income protection (PHI) can be far more cost effective than a life or critical illness plan.

It's very much dependent on your occupations and health factors and the differences between PHI and critical illness cover are worthy of a detailed conversation, but the potential is often there.

As InsideInsurance has said, it's definitely worthwhile speaking to an IFA or protection specialist

kingstreet

Consult an IFA and establish your needs.

Once you've done that, you can see how/if the current plan addresses those needs.

You can then cost out an alternative to the current plan and see how best to meet your needs at a lower cost.

ferry

Thanks all for the excellent advice as usual.
IFA advice to make sure of the right advice at the right price agreed

Fo

OshayAway

Does the cover include CI? If so how long ago was it taken out?

Until last year Bupa CI had full payout on angioplasty if 2 arteries were repaired. Make sure that is factored into the research & your decision.