Saga Life Insurance- what do we think?

Mrs_Money

I've had a letter from Saga offering me life insurance (think they got my details from when I insured a car with them a while ago) and it so happens I am in need of life insurance for 2 reasons:
my current policy term ends next spring when I'm 60 and the gender day coming at the end of December may also put up costs.
The letter includes a "personal" quote for me (although they have none of my health details- not that I have any serious probs yet) and the figures are as follows for a 15 year level term policy:
Monthly premium £25 - gives £57400 cover
Monthly premium £15 - gives £31381 cover
Monthly premium £10 - gives £18853 cover
We have a new 15 year mortgage on our new house and have yet to sell the mortgage free one we live in (which will pay off all but about £30k of the new mortgage when it sells that is!). I only work a few hours a week and our children are all employed, in their late twenties, but 2 do still live with us.
I was going to opt for the middle premium, but OH thinks I should have the expensive one- what does everyone think? It would appear that the actual insurer would be Legal & General.
I'd appreciate some feedback- not only about the choice of policy, but about Saga in general.

dunstonh

Have you considered obtaining quotes from a mainstream provider rather than a white labelled product with an extra layer of charges?

Have you used an IFA to see how the figure compare or a service like Cavendish online? I suspect you will find either of those better value for money.

Mrs_Money

I did do a rough check on the websites of two insurers from links here on MSE - the premiums all seemed to be around £60 per month! I didn't really want to spend that much OH and myself are wanting to retire 4-5 years and I doubt then, that we will have the funds for that!

dunstonh

Mrs_Money wrote: »

I did do a rough check on the websites of two insurers from links here on MSE - the premiums all seemed to be around £60 per month! I didn't really want to spend that much OH and myself are wanting to retire 4-5 years and I doubt then, that we will have the funds for that!

You shouldnt go direct to insurers. That is an expensive option. Cavendish online should pretty much be the cheapest option out there. When comparing like for like. If you got quotes from that at that much more than it suggests you are not comparing like for like.

Mrs_Money

Thanks and great advice Dunstonh - just done an online quote with Cavendish and cheapest comes out at £18.19 per month (with £35 fee) for £57400 cover. Ironically, with Legal & General!