Where do we start?

TDMum

Apologies if this has been asked a million times before but I am completely clueless about this subject. My husband and I declared bankruptcy march 2010. Our IPA ends in May and we would like to set up life insurance/assurance when this ends. I realise that we'll no doubt have to do some hunting around to get a company that will take dishcharged bankrupts. I have no idea where to begin. I am 30 and my husband is 33 we have no mortgage as we live in rented accomodation. We have 3 children under 7, don't smoke, don't drink often and have no serious medical issues. I tried to speak to my dad about it but he can't remember the ins and out as he did it so long ago (he's 69).
Could someone please point me in the direction of where/what to look into etc as we really have no clue at all.

Thank you in advance

weighty1_2

No life insurance company asks about your credit history so there shouldn't be an issue with that regards.

In regards to the insurance you are after, that is very much dependent on your budget and main concerns/areas of need. Whilst you have a need for life insurance it may well be worth considering income protection to run alongside that, especially for the main breadwinner. It may also be worth looking at family income benefit as a form of cost effective life insurance as opposed to the standard lump sum term type cover.

I'd recommend you speak to an IFA or protection specialist who can offer appropriate advice................but I would say that as I'm a protection specialist! :rotfl: