Decreasing temporary assurance with critical cover !!

werindedt

Ok iam working through all my outgoing trying to save so far have done the house insurance /car insurance.

Now we need some advise concerning Joint life Decreasing temporary assurance with critical cover i have three policys with the co-operative insurance as follows.

1: £23.71 monthly (15yr term) (8yrs in) current sums assured without profits approx - £21000

2: £11.81 Monthly (15yr term) (9yrs in) current sums assured without profits approx £10200

3: £23.33 Monthly (14yr Term) (7yrs in) current sums assured without profits approx £17500.

So we are currently paying £58.88 per month for £48700 cover i have a morgage of £78000 with 8yrs to go.

so am i paying to much for the cover i have.? i think i need more cover

jonesMUFCforever

Go and see an IFA.
Without knowing your ages and health situation it is impossible to say whether these policies represent good value or not.

IMO your sums assured should equal at least your mortgage figure.
Pure life cover is relatively cheap if you are young and healthy.

werindedt

Male 50
Female 49

good health so far

_Andy_

As per jones' post above, you really need to get some advice from a broker/IFA.

werindedt

does it cost ?

As im on a CCCS Debt Management Plan and have little spare cash per month.

MrMicawber_2

Term Insurance is cheaper than assurance. Check on something like moneysupermarket for decreasing term insurance.

One of your policies is with profits so you should get something back at the end. There's a big debate about whether you should cash these in.

Was there a reason why you went for whole of life assurance rather than term insurance? Can someone let me know if I have misread this?

jonesMUFCforever

werindedt wrote: »

does it cost ?

As im on a CCCS Debt Management Plan and have little spare cash per month.

It depends.
Some will work on a commission basis others charge a fee.

I'm pretty sure that you could get pure life cover cheaper than you are paying now but you would lose the critical illness cover.
At your age it is unlikely you will get such critical cover at that rate - so swings and roundabouts.

I can't offer any opinion about the policies you have but you need good advice before taking any action.