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Life insurance for me and my wife?

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Life insurance for me and my wife?

edited 30 November -1 at 12:00AM in Insurance & Life Assurance
3 replies 676 views
McClane54McClane54 Forumite
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edited 30 November -1 at 12:00AM in Insurance & Life Assurance
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?


  • paddyandstumpypaddyandstumpy Forumite
    1.4K posts
    Eighth Anniversary 1,000 Posts Name Dropper
    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.
  • kingstreetkingstreet Forumite
    36.5K posts
    Ninth Anniversary 10,000 Posts Photogenic I've helped Parliament
    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.
  • edited 25 August 2018 at 9:53AM
    HappyHarryHappyHarry Forumite
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    edited 25 August 2018 at 9:53AM
    ** 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. "

    In 2017, 98% of all life insurance claims were paid out across the industry.
    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.
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