Life Insurance

WelshGlyndwr

What life insurance would you get?

A million pound enough for a joint policy. That lasts 30 years.

I'm 28, earn 36000, have outstanding mortgatge of 190000.

Partners salary only 17000.

This life insurance would cost £40 a month

csgohan4

do you need that much, how much is reasonable to cover both mortgage and ongoing living costs.


only you can answer that, if unsure consult a broker, MSE does a guide on life assurance

Weighty1

Why on earth would you want £1m of life insurance?

From a statistical perspective, life insurance is the plan you are LEAST likely to claim on. For that reason you'd probably be better off minimising that and maximising the amount of long term income protection and critical illness cover you can afford. It'd likely be more expensive than £40/month but that's only because you are far, far more likely to claim on it.

As above, if you are not 100% sure what you should have consult a broker and let them advise you.

Bitcoin

If you are good at saving money, you should ideally only insure yourself with what is really necessary, and then save the money that you would otherwise use on insurance. Try to determine what the worst case scenario would be, and then determine what's needed if that scenario happens. Don't just go for an even number like £1m

oldrunner

So have a fixed term life policy due to expire in August 2020. taken out in 2005
Life cover with a terminal illness clause, which kicks in if you are given a terminal diagnosis and expect to die within 12months. However, this only kicks in if the policy has more than 18 months to run.
Here is my issue. 2014 Diagnosed with an aggressive cancer, surgery and treatment undertaken and currently under regular review. Cancer is aggressive and known to have very high return rates and metastatic spread to other areas of the body. There longer the extended survival period the higher the return rate. No claim made against the policy as cancer was under control. if cancer returns it isn't curable only palliative treatment.
Jump forward to date, seems that metastatic spread may have occurred. Extent and time scales unknown as yet, is there anything I could do to claim against the policy because original illness was recorded in 2014?
Initial conversation with insurance company today was basically no payment available unless you pop your clogs before the end date of the policy.
TIA

Weighty1

Unfortunately Oldrunner there is not a lot you can do.  I'm guessing this plan is with L&G due to the terminal illness clause not covering you in the last 18-months?  The only thing you could consider is taking out some guaranteed acceptance plans, like the over 50s type ones.  Most of these require you to have had the plan in force for 12-24 months before paying out on a claim (apart from return of premiums) so the sooner it starts the sooner the moratorium passes on this initial period.
EDIT:  I really should have also said that I'm sorry to hear of your situation and best wishes for any future treatment.