Life insurance for me and my wife?

McClane54

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?

paddyandstumpy

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.

kingstreet

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.

HappyHarry

** 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/