Life Insurance Discussion

brianrhill

Level term is marginally more expensive than decreasing, and based on the fact that people often increase their mortgages, and that insurance increases in cost as you get older, level often represents better value. As a single person though, income protection would probably be more valuable.

mrsdarbs

Hi

I'm currently with L & G and on the mortgage life assurance (reducing) cover with them. I'm 27 and a non smoker. I currently pay about £12/month for my £56,000 mortgage.

I have just received an email from Tesco's and it is coming in at £5.49 for £100,000 fixed term life assurance for 20 years. I will get a £50 voucher to spend and if I add hubby on for a single life policy it is an extra £6.49 for him. This means I would be practically paying the same for both of us for more money and on a level term as what I am now for a reducing amount.

Is anyone with Tesco's or have any comments about them and their service?

Thanks

stephenni1971

Are you sure your existing cover doesn't also include critical illness?

From the price it sounds like it...

mrsdarbs

I can't remember, will need to check when I get home! Thanks

Kua

I'm starting to consider whether I should take out life insurance.

Here's my situation: I'm 25 and single. I've racked up about 10k of student debt (I haven't yet earnt enough to start paying it back) from time spent in higher education before falling ill.

I'm starting university again next month and by the time I finish the course in three years time the debt could (almost certainly, will) be as high as 25k. Should I die would my parents be liable to pay this off? If so would life insurance cover this? (I expect I'm showing my lack of knowledge here)

I don't have any other kind of debt. Nobody is dependent on my income (which will cease soon in any case).

Is there any other reason for me to consider life insurance? Thanks for your help!

stephenni1971

Should I die would my parents be liable to pay this off?

Simple answer-no.

Is there any other reason for me to consider life insurance?

At this moment in your life,probably not. The effect of you dying and leaving any debts behind will not affect anyone else financially.

You could possibly consider other types of protection, which are designed to benefit you directly if you are ill and unable to work or if you get a critical illness.

That said the vast majority of people wouldn't look at this until they are in employment.

funguy

I was wondering if anyone could offer advice in the following circumstance :

30y single self employed, mortgaged home. no dependants.
Has income protection but nothing else.

Would it be a good idea to get Critical Illness type cover and/or life insurance?

stephenni1971

Income protection is a good option.

Critical illness could be worth considering.

If you die, life insurance would pay into your estate, id there anyone you would want to leave a lump sum/your house to?

Ultimately in your circumstances. probably best obtaining cover that will benefit YOU rather then others.

brianrhill

What sort of IPI do you have?

beermonsta

hi, i bank with natwest and have had the advantage gold account for the last year and bit, ive just noticed it automatically covers me with accidental death cover of £10000, but at a review a year ago i was talked into taking out the lifepro cover which is for £25000 and costs £7.80 a month, could i claim this back as mis sold as i was already covered?

also i got a loan so they upgraded my account to advantage gold i said i didnt want the ppi and she said she would put it on to help it go through and i could cancel it later but i never received information for how to cancel and then i forgot about it, any ideas or information would be great x