Life Insurance?

edited 30 November -1 at 1:00AM in Insurance & Life Assurance
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marcellepmarcellep Forumite
1.7K Posts
edited 30 November -1 at 1:00AM in Insurance & Life Assurance
Need to help or tips in this matter.

Both me and the wife are 25yrs old and have 2 children aged 2 and 4. We have been speaking for the past few weeks about what would happen if we pass on. We have been looking at Life Insurance online but have a few questions that may sound silly.

Firstly are we stupid to take out any policy via the internet?

Companies online ask for a figure that we want to be insured for, We used the figure of £200,000. Given the kids £50k each and other living partner £100k.

What sort of period should be looking to pay this over?

What companies would you recommend?
Please note we are purely asking for information, we will not buy a policy just on the information that is provided here, we undertand that this has to be researched well.
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Replies

  • dunstonhdunstonh Forumite
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    Firstly are we stupid to take out any policy via the internet?

    No. If you know what you are doing, know your requirements and know how the trust documents should be written then thats fine.
    Companies online ask for a figure that we want to be insured for, We used the figure of £200,000. Given the kids £50k each and other living partner £100k.

    Is 200k what you need? Obviously, with multiple beneficiaries and that amount you will need to use a trust. Otherwise you could find Gordon Brown getting hold of some of it potentially or the wrong people getting the money.
    What sort of period should be looking to pay this over?

    For as long as the need period is. This can vary with different people as we all have different requirements. Some will take it to retirement, others to the youngest child is 25.
    What companies would you recommend?

    The one that gives the best cover for the best price. Corny answer but there is no best company. It doesnt work that way. You can do 15 quotes for 15 different people and get 15 different companies come out best.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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