Level term insurance

Thursdays_child_3

I am still dithering about level term insurance.

Both of us are nearly 60 and need the cover to pay out for a funeral only.
No mortgage or debts to be paid.

10 years

We thought either £5000 or £10000 what do you advise?

We think it is better to pay as little as we possibly can for the most cover, is that right?

Given the choice, is it better to insure each of us seperately or a joint policy?

Are there any comparrison sites we can look at and if there is can you recommend them?

Hopefully somebody will be able to help and advise and this will be sorted out.

Thank you for your patience.

dunstonh

If you are looking for funeral expenses cover then level term is not suitable. You should be looking at whole of life assurance.

We thought either £5000 or £10000 what do you advise?

At 60, you may not get much of choice as that may be dictated by minimum premium.

We think it is better to pay as little as we possibly can for the most cover, is that right?

If you have a financial need for it, then the consequences of not having enough can be far greater than paying a little bit more monthly.

Given the choice, is it better to insure each of us seperately or a joint policy?

I would have thought the need here is joint life first death as the second funeral can be paid for out of the proceeds from the estate.

Are there any comparrison sites we can look at and if there is can you recommend them?

Many of the whole of life plans fall under investment classification and not protection classification. So, websites are unlikely to give you a decent coverage of providers. Some of the more modern plans have differing payment options. i.e. limited payment periods so you only pay for x number of years despite having a whole of life need. All the options available will not be present on the internet quote sites so if you do go down that route you need to be prepared for not having full coverage of providers and not having all options available.