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Life insurance/assurance - no clue where to start - help !

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Hi

Please can someone help me...

I have a young family and want to make sure they are protected financially if anything happens to me. I also want critical illness cover. I need the mortgage to be paid off and a lump sum for my partner to bring up the children alone if needs be.

What do I need ? Pretty sure I need life insurance but what is life assurance ?

We don't have much spare money at the moment so if I take out a policy now and want to take out another policy for more money later, can I do that and have both policies running at the same time ?

Is there anything else I need to know ?

Many thanks in advance :)

Comments

  • dunstonh
    dunstonh Posts: 119,594 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    What do I need ? Pretty sure I need life insurance but what is life assurance ?

    Assuming repayment mortgage, you would use a decreasing term assurance for that. Then for family protection you would use a level term assurance of family income benefit depending on your needs and budget.
    We don't have much spare money at the moment so if I take out a policy now and want to take out another policy for more money later, can I do that and have both policies running at the same time ?

    You can have as many as you like providing there is an insurable interest and need at the time of commencing the policy.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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