is it worth seeing an IFA? or are they a rip off?

dunstonh

ACG wrote: »

Shes looking at Protection dunston not mortgages.

I was referencing post #2

AJ16

Depending on your age and circumstances it might be simple to do yourself. The main thing is to decide whether you want single life or joint life and whether it's to cover a mortgage.

For straight life ins decide on an amount of cover and either a fixed term or Whole of Life (expensive). The only thing an IFA will do for you is to ask you questions to try and identify what you need, but you can do it yourself.
They are best used for more specialised advice on things such as investments, mortgages, pensions etc.

Then go on Payingtoomuch.com and get a few sample quotes, I'm sure you will find this very useful in seeing how the input affects the quotes!

jclm_2

AJ16 wrote: »

Depending on your age and circumstances it might be simple to do yourself. The main thing is to decide whether you want single life or joint life and whether it's to cover a mortgage.

For straight life ins decide on an amount of cover and either a fixed term or Whole of Life (expensive). The only thing an IFA will do for you is to ask you questions to try and identify what you need, but you can do it yourself.
They are best used for more specialised advice on things such as investments, mortgages, pensions etc.

Then go on Payingtoomuch.com and get a few sample quotes, I'm sure you will find this very useful in seeing how the input affects the quotes!

thanks for this - i might just be brave and do it myself. it's quite simple - non smoker, good health, i'm 32. i want single life insurance and not to cover the mortgage. to start me off, does anyone know where i could start searching or which to avoid?

AJ16

easy then go on any comparison website and put the figures in, you should get a good level of cover very cheaply at your young age

ACG

AJ you have made 4 posts on this site and 2 of those are about that website. Stephenni has said you were spamming on the other... are you sure your nothing to do with them?

You are able to do this alone if your confident enough, however seeing an advisor they will be able to help with things like trusts - which you probably wouldnt ever look at if you wernt to speak to an advisor - a trust basically ensures any payout avoids probate (meaning you get it quicker).

There are other things you need to think about if your doing this yourself, but im sure you can ask questions on here as and when they arise.

dunstonh

jclm wrote: »

thanks for this - i might just be brave and do it myself. it's quite simple - non smoker, good health, i'm 32. i want single life insurance and not to cover the mortgage. to start me off, does anyone know where i could start searching or which to avoid?

Why do you need a single life assurance?

jclm_2

thanking you all for good advice. still not sure what to do...!

dunstonh - i'm interested in single life assurance because it will be cheap (i'm young and healthy) whereas my hubby is in his 50s and has had a stroke. it would be sooo much more expensive to insure him. sounds like a good plan?

kingstreet

Whatever you do, make sure you write it in trust. As things stand, any life cover would simply pass into your estate and you would have to make a will leaving the estate to him. Otherwise, your estate would pass to your children.

The money cannot be paid until Probate/Administration are resolved, so there can be a lengthy delay.

A trust allows you to name a beneficiary, or beneficiaries, and the benefit is paid outside your estate. There is no need for probate, so the benefit can be paid quickly and for those with a big estate, it doesn't generate an Inheritance Tax liability