I think we're paying too much for life insurance

emski1234

We used a financial adviser (friend of my Dads) to help us get our mortgage a few years ago. Our mortgage payments since reduced by £100 a month, which I wanted to use to help pay off our credit cards, however he talked us into buying our life assurance/insurance via him as we'd just had a baby. We went along with it as we didn't really know what we talking about and did need to sort something out now that we're a family. Anyway, we pay Friends Life approx £90 a month for the 3 of us (£33 for me, £35 for my OH and £20 for our little boy) and I just feel it's too much. If this sounds about right, then great, but I thought I'd better check incase we're way overpaying. Thanks in advance.

Aretnap

How much cover is that for? How old are you both and are you smokers/in good health? Why do you need life insurance for a child - presumably you're not financially dependant on his paper round?

emski1234

We are 31 and 32, both non smokers and in excellent health. I'm not sure - ill dig out the policy and see what we've got...

ACG

Friends Life is not a cheap policy, but you get added extras with it - Best Doctors and Bupa healthline.

£20 for your little boy? You cant take life insurance out on a child?

If you think you are paying too much, have you thought about doing a joint life policy rather than 2 single life policies? It will halve your cover effectively but save you some money.

Why not speak to your broker, ask him/her what can be done to get the premiums down.

Murphy2011

Also is it just life cover? This sounds more like life assurance with critical illness cover which pays out if you are diagnosed with illnesses such as cancer, Friends Life do include a payment if your child has certain conditions as well so it may be better value than you are thinking.