How much life insurance?! Advice needed.

HdotOwen

Hi,
I'm new here and any advice would be much appreciated

Looking into life insurance, thought it was about time I did seeing as I'm the big 30 next year!

Currently working part time, renting privately & have no plans (or savings) to be able to buy any time soon. 2 children from a previous relationship, and engaged but again no plans to wed in the near future due to lack of funds.

Can I get a joint policy even though my fiance and I still live separately for the time being? Or do I just go ahead and get one to cover myself & the children and then change it in the future once we are living together?

Also I got a few quotes for between £60,000 & £100,000 but my fiance thinks this is too low. He says his parents are insured for a lot more! So confusing. All I was thinking was enough money to cover a funeral, existing debts (which aren't very much, thank God) and money to support children until they are old enough if anything unfortunate were to happen. They are 6 & 7 at the moment.

Also, I bank with Nationwide and they ask me every time I go in to consider life insurance. Anyone know if they are any good or should I shop around online?

Thanks in advance xx:)

LifeInsuranceMan

HdotOwen wrote: »

Can I get a joint policy even though my fiance and I still live separately for the time being? Or do I just go ahead and get one to cover myself & the children and then change it in the future once we are living together?

You could get a joint plan yes, or two single plans which may be a simiar price to a joint plan anyway. Good tip.

HdotOwen wrote: »

Also, I bank with Nationwide and they ask me every time I go in to consider life insurance. Anyone know if they are any good or should I shop around online?

Nationwide, as with most banks, are tied to using a single provider for life insurance. THey may not be the best value for money. The advisors of banks are also non-advised so they can not/should not offer advice or recommendations. If you need advice, use a broker who is independent.
Shopping around online still means you receive no advice, but it's a good way to get a feel for the prices on the market.