Life Insurance Quote

sal_III

lebowski1980 wrote: »

I do also receive death in service from my work which is at 3 times salary i think. Would pay off about 60% of the mortgage. I'm wondering if this means i only need to insure the gap?

Only covering for the amount of the mortgage is a bit shortsighted, especially if your partner is "stay at home". Sure, the mortgage will be paid off, but who is going to pay the rest of the bills?

Make sure that your life insurance covers at least 1-2 years of living expenses for your family on top of the mortgage. Which is essentially what the death in service provides.

lisyloo

annabanana82 wrote: »

Critical illness was a god send to us (not that it's paid out quite yet). My OH is a stay at home Dad and it paid out on his heart attack. I think it all comes down to your individual circumstances

This is good for you but it's one anecdote and not representative.
Also acute conditions like this are a bit emotive which makes people want to react and protect themselves.


The statistics probably show that youre more likely to suffer a non-critical condition e.g. bad back, and if it was long term then the lump sum would not cover loss of income.


It has it's place, I just don't think it should come before replacing income if you cannot work for any health related reason including acccident.

lisyloo

jhonpaul wrote: »

I think as per your post you have to consider that Critical illness coverage varies quite a lot across providers.and the Premium should not be the only consideration. A critical illness can affect anyone at any age and can turn lives upside down. In the event of being unable to work due to critical illness, having a back-up plan in place can alleviate some of the financial stress over the the situation.

Critical illness cover is not a good backup for a long term income.

A lump sum can cover short term income, house adaptations, treatment, bucket list travel, anything you want really within the limit of the lump sum.

Phi covers income until retirement or death which for a young person could be as much as 50 years.

I think we’ve covered that now.