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    • WelshGlyndwr
    • By WelshGlyndwr 16th Jun 19, 9:08 PM
    • 43Posts
    • 2Thanks
    Life Insurance
    • #1
    • 16th Jun 19, 9:08 PM
    Life Insurance 16th Jun 19 at 9:08 PM
    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
Page 1
    • csgohan4
    • By csgohan4 16th Jun 19, 9:54 PM
    • 6,167 Posts
    • 4,094 Thanks
    • #2
    • 16th Jun 19, 9:54 PM
    • #2
    • 16th Jun 19, 9:54 PM
    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
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
    • Weighty1
    • By Weighty1 17th Jun 19, 10:48 AM
    • 549 Posts
    • 276 Thanks
    • #3
    • 17th Jun 19, 10:48 AM
    • #3
    • 17th Jun 19, 10:48 AM
    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
    • By Bitcoin 20th Jun 19, 9:29 AM
    • 9 Posts
    • 9 Thanks
    • #4
    • 20th Jun 19, 9:29 AM
    • #4
    • 20th Jun 19, 9:29 AM
    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
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