Whole or level term life insurance

karenh40

Hi, my husband who is 43 suffered a heart attack 2 wks ago. Naturally this was a wake up call to sort out finances etc. We need to have life insurance but do not know which is better, level term or whole life. I understand level term but the whole of life policy just blows my mind. Is there anyone who can simplfy it for me and maybe has been in a similar situation? Any help on who to turn to snd wont rip me off would be greatly appreciated. Many thanks

Karen

pennymakespounds

hi.. i can't help with the advice .. but can just say that i had a heart attack at age 41 ... 11 years ago now .

i was .. and still am .. on "whole of life" .. with norwich union .. and also on
" income protection plan" with legal & general .. which unfortunately doesn't pay out for a mere heart attack !! Also have bupa for the family .. which have never used. ( heart attack doesn't give you time to be choosy about which hospital to go to !!)
These 3 policies together cost around £250 a month

All i do know .. which isn't good news .. is that anything you now buy you will pay high for the fact he now has that medical history .

I know that every year .. when i try harder to reduce costs on renewals for car insurance..house insurance ..phones etc ... i have tried with all my "health" ones .. and whilst generally costs for life insurance etc have gone down over the years .. i cannot get anything that gets anywhere as near the prices i pay ... because they are existing policies.

Even when i tried to get a reduction for giving up smoking(as a result of..and was the cause of .. the heart attack )... the companies declined .. just reminding me how fortunate i was to have and continue the policies.

Because he now has a "medical history" .. i certainly reckon you'll need to do lots of shopping around .. inevitable costs .. and cover . will vary big style.

Good luck ... and best wishes ... will have been a big shock for you all i'm sure .. takes some getting over physchologically .

dunstonh

I'm afraid that it is probably too late to get your husband life cover now. At least for a year or two and even if he did get accepted, the premiums are likely to be massive.