28 yr old looking for 2nd life insurance policy

sukh38

Hi,

I am 28 years of age and found out going to be a daddy, so thought just in case get another policy.

Currently got £250,000 Cover for me and my wife for £21.94 (Legal and General) and wanted to know where is the best place to get another policy cheap but good.

Or even ideas to get cheap policies?

Many Thanks in advance

claretmatt

congrats i'm a dad of two boys and it is fantastic.

also glad you are considering your family.

you never mentioned the purpose of your first policy - mortgage cover?

if so then i personally have and recommend family income benefit which pays an income on death until the children are financially independent.

you are also more likely to be ill then die so consider cover for income / critical illness

cheap is not always best as you will almost certainly have no flexibility to change the plan or have important features such as guaranteed insurability

chris.jones43

Hi I wonder if I ask your advice. I am looking at obtaining life insurance to cover a mortgage I am considering taking.
I consider myself to be an ex smoker having stopped 1st October but this is (perhaps understandably) penalised by insurers. In some cases premiums go up twice the amount of smokers who have stopped more than a year.
My question is, is it possible to take out insurance now and then in 6 months time cancel and claim the 12 months non smoking discount?
An example is from Aviva
Given up smoking more than 12 months ago then monthly premium is £21
Given up smoking in the last 12 months then monthly premium is £47

claretmatt

probably best to start your own thread

it is possible to start a new policy once you are a non smoker. if you suffer from ill healthin the meantime then you may not be 'insurable'

some insurers allow you to declare yourself as a non smoker and pay lower rates without changing policy

ACG

Sukh... might be worth a chat with an advisor.
Buying online is great as you will save a few quid but chances are you wont put the policy in trust and it could cost you more in the long run (IHT etc) and you wont be around to sort it out.

As has been mentioned, you should also look at critical illness or PHI as your more likely to claim on those than you are life insurance.