We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Life insurance for me and my wife?
McClane54
Posts: 283 Forumite
We have never had this before but we have just recently moved in to our own home (years of renting) and had 2 children (under 2)
Our mortgage broker has come back with a qoute of £40 a month for 150k mortgage cover etc
sounds a bit steep, what do others pay?
Our mortgage broker has come back with a qoute of £40 a month for 150k mortgage cover etc
sounds a bit steep, what do others pay?
0
Comments
-
Depends on age, term, value (which you've said), level term or decreasing, medical history, height/weight (assume insurers use BMI to rate)...
Not enough info for an indication.0 -
Just life cover for mortgage? Any family protection cover? Any income protection or critical illness cover?
As suggested, age, term, occupation, smoker status etc can influence the initial quotation. Issues such as medical history and BMI can influence the final premium post application/underwriting.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
** Deleted response to a previous post which has since been deleted **
In 2017 Royal London said "Nearly £175m was paid in life and terminal illness claims. 97.3% of term life insurance claims were paid, with an average of nearly £113,000 per claim and 92.3% of terminal illness claims were paid with an average payout of just over £129,000 per claim. "
https://www.royallondon.com/about/media/news/2018/may/royal-london-paid-out-over-05bn-in-uk-protection-claims-in-2017/
In 2017, 98% of all life insurance claims were paid out across the industry.
https://www.abi.org.uk/news/news-articles/2018/04/protection-insurers-pay-out-record-breaking-5-billion-in-claims/I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.2K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards