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  • FIRST POST
    • Zola.
    • By Zola. 12th Apr 18, 8:18 PM
    • 1,353Posts
    • 582Thanks
    Zola.
    How much do you pay for Life Insurance?
    • #1
    • 12th Apr 18, 8:18 PM
    How much do you pay for Life Insurance? 12th Apr 18 at 8:18 PM
    We are in our early 30s.

    Curious to know how much you all pay for your life insurance?

    We have a kid on the way so we felt the urge to get it bumped up.

    Our policy is now 112 a month for both of us, covers the kid too for all sorts of potential issues, our death cover has a value of about 400,000.

    Some of my peers think thats way too expensive, it does include extras that I added on for things like sport injuries, breaks and ligament tears etc which i need for the sports I do.

    Our policy used to be 75 a month for both of us until we bumped it up.

    We are with Aviva. Are we being had?
Page 1
    • PrivateClients
    • By PrivateClients 12th Apr 18, 8:39 PM
    • 21 Posts
    • 15 Thanks
    PrivateClients
    • #2
    • 12th Apr 18, 8:39 PM
    • #2
    • 12th Apr 18, 8:39 PM
    Also early 30s here. I pay about 35pm for fixed term life up to age 65 - around 400k cover but technically 2 policies paying about 200k each. I also have about 250k cover with work. I also pay about 40pm for wife's permanent health insurance as she is a self employed personal trainer - that might be Aviva actually - I have equivalent cover through work. I also pay about 40 pm to add my wife and daughters to my onto company's Bupa. To me it all feels worthwhile and I'm happy paying to know we're protected. By all means use a broker to shop around, but don't let others, who may have inferior cover, let you worry about doing the right thing to protect your family's financial security.
    Lloyds broker working in Private Clients and Property Owners.


    Looking to help and be helped.
    • haras_nosirrah
    • By haras_nosirrah 12th Apr 18, 8:42 PM
    • 1,626 Posts
    • 2,894 Thanks
    haras_nosirrah
    • #3
    • 12th Apr 18, 8:42 PM
    • #3
    • 12th Apr 18, 8:42 PM
    If it is just life cover then yes it would be too much. If it also includes critical illness then that is what costs the money
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • ACG
    • By ACG 13th Apr 18, 8:18 AM
    • 17,958 Posts
    • 9,744 Thanks
    ACG
    • #4
    • 13th Apr 18, 8:18 AM
    • #4
    • 13th Apr 18, 8:18 AM
    It must include critical illness, I would be very surprised if you are paying that much for life insurance. I am 33, I dont have 400k worth of cover but im paying nowhere near that.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Zola.
    • By Zola. 13th Apr 18, 8:48 AM
    • 1,353 Posts
    • 582 Thanks
    Zola.
    • #5
    • 13th Apr 18, 8:48 AM
    • #5
    • 13th Apr 18, 8:48 AM
    Yes critical illness is covered also, sorry I should have said
    • dunstonh
    • By dunstonh 13th Apr 18, 11:52 AM
    • 96,058 Posts
    • 63,876 Thanks
    dunstonh
    • #6
    • 13th Apr 18, 11:52 AM
    • #6
    • 13th Apr 18, 11:52 AM
    And for the benefit of others, remember that Critical illness cover can be graded from budget coverage through to comprehensive. So, if you have a budget life assurance & CIC plan you may be cheaper but it could be down to lower coverage.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • lisyloo
    • By lisyloo 13th Apr 18, 12:30 PM
    • 22,852 Posts
    • 11,409 Thanks
    lisyloo
    • #7
    • 13th Apr 18, 12:30 PM
    • #7
    • 13th Apr 18, 12:30 PM
    Yes critical illness is covered also, sorry I should have said
    Originally posted by Zola.
    Just my personal opinion but I think permanent health insurance (PHI) which gives an income for life is better than the lump sum from critical illness. The issue being that the lump sum may be insufficient to provide a lifetimes income for a young person.
    A lump sum is more suitable for medical treatment, household alterations and bucket list IMO.

    I am completely unquaified but never seen anything to rebutt the argument.
    • haras_nosirrah
    • By haras_nosirrah 15th Apr 18, 2:33 AM
    • 1,626 Posts
    • 2,894 Thanks
    haras_nosirrah
    • #8
    • 15th Apr 18, 2:33 AM
    • #8
    • 15th Apr 18, 2:33 AM
    If you want to check the cover the best thing to do is to contact an independent advisor who can do a financial review for you.

    Depending on your work sick pay entitlement I would possibly tweak the cover you have so it wasn't weighted so much in favour of critical illness and maybe include some income protection but without knowing more about you no one on here can really comment on whether the cover you have is expensive, suitable for your needs or should be changed.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • csgohan4
    • By csgohan4 15th Apr 18, 10:08 PM
    • 5,277 Posts
    • 3,376 Thanks
    csgohan4
    • #9
    • 15th Apr 18, 10:08 PM
    • #9
    • 15th Apr 18, 10:08 PM
    If you can afford it, get all three, but Life, Income and critical in that order if you have dependents
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
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