Life Insurance etc....
Discussion
I've finally managed to pay my ex off and am now the only person on my mortgage, subsequently I've just cancelled all of our joint policies, so I need to start again.
Now obviously I want life cover and I'm thinking joining this with critical illness is a wise move, but wondered if I should have anything else? I'm in a stable job in a good company and have a pretty healthy bank balance should the worst happen.
Also any recommendations of who to insure with, I'm very aware that cheapest isn't always best when it comes to insurance!
Now obviously I want life cover and I'm thinking joining this with critical illness is a wise move, but wondered if I should have anything else? I'm in a stable job in a good company and have a pretty healthy bank balance should the worst happen.
Also any recommendations of who to insure with, I'm very aware that cheapest isn't always best when it comes to insurance!
Who will benefit from the life cover if you are not here 
Read, read, and read every dot on the critical illness cover with a HUGE MAGNIFYING GLASS, our provider told us last week your terminal illness cover is very specifically worded (to avoid paying out were my words
, our GP & consultant have told us they will always wriggle like **** to avoid paying out ***** 
.
Read, read, and read every dot on the critical illness cover with a HUGE MAGNIFYING GLASS, our provider told us last week your terminal illness cover is very specifically worded (to avoid paying out were my words
, our GP & consultant have told us they will always wriggle like **** to avoid paying out ***** .Cotty said:
Freinds, family etc
Children/dependants?If there are no dependants then Criticial Illness cover or some sort of income protection may be appropriate.
My sister-in-law has just been paid out £270k from a policy I wrote for her after having a Brain Tumour,so I know they are 100% worth while, especially as she will never drive or work again.
Cheers for all the feedback. I've got a little one due in a couple of months hence the desire to have life/critical illness. If I was still a single lad enjoying the batchelor life I'd definitely not bother with any of it, but the feedback on the likes of critical illness cover is what I was after.
So do a lot of people on here not bother with any cover at all? I've previously been covered for everything, complete overkill but I was young and foolish when I took the policies out and been too lazy ever since to do anything about them!
So do a lot of people on here not bother with any cover at all? I've previously been covered for everything, complete overkill but I was young and foolish when I took the policies out and been too lazy ever since to do anything about them!
When you take out Life Insurance I would recommend that instead of taking out one policy for say £300,000 take out three policies for £100,000. You might not want or need £300,000 cover in the future and only want say £100,000 life insurance as you get older...
Hugely sceptical about critical illnes policies....by the time they become statistically worth while they are stupidly expensive. Lots of things they don't pay out on.
Hugely sceptical about critical illnes policies....by the time they become statistically worth while they are stupidly expensive. Lots of things they don't pay out on.
Presumably you rely on an income for your standard of living that relies on you being able to work. So start by insuring that with Permanent Health Insurance or "Income Protection".
With a dependant on the way Life and Critical Illness Cover makes sense, but the amount will depend completely on your situation, and you should take professional advice. It's all well and good coming on here and hearing from a few likeminded souls but no adviser is going to give you a full formal recommendation over a forum.
I am an IFA and I have first-hand experience of C.I. claims proceeding easily and successfully, and have never, in 12 years of practice, had a claim rejected. Might have something to do with being honest on all our application forms, non-disclosure is the number one reason for claims rejection.
If your concern is the thorny issue of commission, your adviser will show you the comparisons he's made along with the commissions available, and then explain his reasons for recommending one of them, so he will have to explain if he has chosen the one that pays him the most. Or you could pay by fee, if the adviser offers it, the premium is then reduced by the rebated commission.
Oh and if any adviser recommends you take out Life Cover but doesn't explain why it should be written in trust, I suggest you decline the advice and go elsewhere.
Good luck with the bairn!
With a dependant on the way Life and Critical Illness Cover makes sense, but the amount will depend completely on your situation, and you should take professional advice. It's all well and good coming on here and hearing from a few likeminded souls but no adviser is going to give you a full formal recommendation over a forum.
I am an IFA and I have first-hand experience of C.I. claims proceeding easily and successfully, and have never, in 12 years of practice, had a claim rejected. Might have something to do with being honest on all our application forms, non-disclosure is the number one reason for claims rejection.
If your concern is the thorny issue of commission, your adviser will show you the comparisons he's made along with the commissions available, and then explain his reasons for recommending one of them, so he will have to explain if he has chosen the one that pays him the most. Or you could pay by fee, if the adviser offers it, the premium is then reduced by the rebated commission.
Oh and if any adviser recommends you take out Life Cover but doesn't explain why it should be written in trust, I suggest you decline the advice and go elsewhere.
Good luck with the bairn!
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