Life Insurance

[Otispunkmeyer]

Well, this is a bit more complicated looking than car insurance!

Not got a scooby what we need, but know its probably not a bad idea to have it seeing as we have a mortgage. Not sure what we actually need though, there seems to be increasing, decreasing, level, critical illness add-ons, whole-life etc. Ones for paying off mortgage, ones to do that and pay lump sums or monthly sums when you die....

There are only us two at the moment and between us 2 big debts that would need covering; Mortgage (£130,000, 25 years) and car loan (£7000, 2 years). Not sure if student loan counts? (mines still £10k or something, but PAYE is taking care of that. OH has no SL). We're only just 30 years old, no kids (yet), not married (yet), no hereditary or long term illness. Fit and healthy.

Other than paying off the 2 big ones, I don't suppose I actually need ones that will also pay lump/monthly sums to live off....yet. If I dropped tomorrow, my OH still has a good job to survive on.

Any good sites I can use to do some research? any knowledgeable folk on here to point me in the right direction?

Thanks
Alex

[dalenorth]

We're happy to give you some advice as this is our field of expertise and have helped many piston headers over the years. Feel free to drop me a PM?

[pmanson]

I'd look at critical illness cover (they generally give you life insurance as part of this).

I'm just in the process of sorting mine

[insurance_jon]

recommendation for Dale above from me. he handles all my Life and Crit cover, and that of my clients

[Otispunkmeyer]

dalenorth

Thanks for the kind offer, I will PM you shortly.

Alex

[TwigtheWonderkid]

swerni said:

pmanson said:

I'd look at critical illness cover (they generally give you life insurance as part of this).

I'm just in the process of sorting mine

Seriously look at doing this!
The money can be used for anything and you don't need to die to collect.

No, but you do need to be critically ill. It's hardly like winning the lotto!

[Jockman]

swerni said:

critically ill covers an awful lot of things and is vastly different to being terminally ill.

If you are critically ill and nice big cheque can come in very handy

35 year old cousin just paid off £100k mortgage with critical illness policy - stomach cancer, now spread to his liver

[Jockman]

swerni said:

Jockman said:

swerni said:

critically ill covers an awful lot of things and is vastly different to being terminally ill.

If you are critically ill and nice big cheque can come in very handy

35 year old cousin just paid off £100k mortgage with critical illness policy - stomach cancer, now spread to his liver

! was diagnosed with cancer nearly 10 years ago and the cheque was a welcome bonus.

Hope your cousin pulls through it as well !

Because of his age they will be treating it 'aggressively'. They released him last Saturday to get married.

Best wishes to you too.

[pmanson]

Jockman said:

swerni said:

Jockman said:

swerni said:

critically ill covers an awful lot of things and is vastly different to being terminally ill.

If you are critically ill and nice big cheque can come in very handy

35 year old cousin just paid off £100k mortgage with critical illness policy - stomach cancer, now spread to his liver

! was diagnosed with cancer nearly 10 years ago and the cheque was a welcome bonus.

Hope your cousin pulls through it as well !

Because of his age they will be treating it 'aggressively'. They released him last Saturday to get married.

Best wishes to you too.

Crossing my fingers for him too. Never nice to hear

[Jockman]

[eliot]

I'm suprised your mortgage company allowed you to take out a mortgage without evidence of life cover.
Are you sure you dont have some associated with your mortgage.

[Sarnie]

eliot said:

I'm suprised your mortgage company allowed you to take out a mortgage without evidence of life cover.
Are you sure you dont have some associated with your mortgage.

Life Insurance is not a requirement of any mortgage lender in the UK.

It's highly recommended of course, but no lender requirement to have it.

[audi321]

Go to an IFA who works on a fee basis. I guarantee that over the length of an average policy it will be significantly cheaper than one who only works on a commission basis.

I am an IFA who works on a fee basis Feel free to PM me if you want some comparison quotes.

[brickwall]

Sarnie said:

eliot said:

I'm suprised your mortgage company allowed you to take out a mortgage without evidence of life cover.
Are you sure you dont have some associated with your mortgage.

Life Insurance is not a requirement of any mortgage lender in the UK.

It's highly recommended of course, but no lender requirement to have it.

Indeed.

I have no dependents, so I see no need for life insurance. If I die suddenly, my house is sold, mortgage cleared, and anything left over goes to the beneficiaries of my will.

[Jockman]

Life insurance is sooooo cheap and you you don't know when your circumstances will change.

It's a personal choice but I would not be without it.

[Ginge R]

Jock man's right, life cover is cheap at the moment, but carriers are very sniffy. Expect nurses visits and scrutiny for most ex normal applications. Having just spent six weeks labouring, nursing, cajoling and pleading a military flight-test pilot, currently stationed in the U.S. through, I was surprised at how little distinction there was between that one, and a pretty routine company director application. But it is cheap - consider looking for it when your medical file is as slim as you are, when actuarially speaking, the odds are on your side, and when you don't miss the (generally) smaller premiums.

[Jockman]

Why not tap in to the rates of a virile young twenty-something-year-old? Why wait until conditions can be applied?