Life insurance

[strain]

Just turned 29 and never given too much though to death if I'm honest, ideally I imagine Ill be here in another 29 years but you never know.

I have 2 kids, 6 and 2, wife and a mortgage. I have a standard insurance policy which covers the mortgage but I'm looking at a separate policy to make sure the kids are left with something.

Few questions - Beagle st seem to to popular but a relatively new company - anybody had any dealings?

I'm assuming I can do it all online (no post) Not that I would hide it from my wife but I would prefer to list it in my will and not worry about it, If I started getting letters through she would probably assume the worst (she worries)

Ideally looking for £200/300k of cover to be split equally between any offspring, which works independently to my mortgage life insurance, with critical illness over 25 years Beagle street are quoting about £13 a month which seems reasonable (healthy, non smoker rarely drink)

Would also want it listed in the will as the money is to go direct to the kids when they are 18 / 21, current will states the house is to be paid off, if both me and my wife die then it gets sold to help raise the kids with family. I would want this money to be there for them at the relevant ages if we aren't. (House would easily cover the cost of raising the kids over the next 10/15 years)

Anybody any advice / experience?

[rsbmw]

Given how cheap it is, get as much as you can afford. Get the wife some too, presuming you're primary breadwinner, you need to be realistic about your earning potential, childcare etc if it was your wife to pass.

[dalenorth]

We’re a broker and helped many pistonheaders over the years. It’s probably worth having a chat with one of our guys and getting advice.

[dalenorth]

I wouldnt go with Beagle St for critical ilness also as it’s very basic cover although I think you’ve been quoted on terminal illness rather that critical at that price. A trust would deal with the proceeds.

I would maybe look at family income benefit if it’s to protect the kids until dependency.

[Insurancejon]

Id listen to dale. He does all mine and my clients. Faultless service and advice

[Sarnie]

rsbmw said:

Given how cheap it is, get as much as you can afford. Get the wife some too, presuming you're primary breadwinner, you need to be realistic about your earning potential, childcare etc if it was your wife to pass.

Hallelujah..................youth/low premiums are wasted on the young!!

So many "immortal" people out there...............

[Sarnie]

dalenorth said:

I wouldnt go with Beagle St for critical ilness also as it’s very basic cover although I think you’ve been quoted on terminal illness rather that critical at that price. A trust would deal with the proceeds.

I would maybe look at family income benefit if it’s to protect the kids until dependency.

Beagle Street are just bottom feeders.............awful basic cover designed to mop up the premium driven people who do not even look at the cover offer, just who comes out with the lowest premiums on a comparison site......

[Jay500]

I have no experience of Beagle Street but surely if something terrible happens to you or your family you would want the the financial situation that they will be left in to have been discussed and advised on properly rather than clicking on a few buttons on a computer to get it cheap.

See or speak to an adviser and get them to do it properly and wouldn't it be better to involve your wife so she has the peace of mind of knowing that if the worst happens she wont be homeless.

Also get it written in trust - non negotiable!!

[strain]

Just to cover - house will be paid off in the event of my death so the wife knows she's covered. This is purely for the kids.

Was reading something which showed beagle st as paying out more than other insurance policy's which is nice to know.

Dale - thanks for your email, Im pretty sure I also have critical illness through the house insurance anyway, what sorts of premiums roughly would I be looking at?

Wife is 2 years into a 3 year degree to be a teach so she could live off her wage if the mortgage was cleared.

[C0ffin D0dger]

https://www.cavendishonline.co.uk/

I really ought to sort mine out and wills etc. If I were to drop dead now the wife would manage as there's £300k in my pension she'd have access to. But her breaking her ankle last week has kind of brought it home to me as to just how fked I'd be trying to raise my kids (4&6) as well as hold down a job without her around even though she doesn't currently bring in any income. If I insure her for half a million then at least I'd be able to get a Swedish Au Pair in to do all the donkey work should the worst happen and hopefully the au pair would take pity on me

Edited by C0ffin D0dger on Friday 26th January 12:01

[LeadFarmer]

Life Assurance, not life Insurance.

Assurance is for a known definite event, insurance is for an even that may or may not happen.

Cavendish do a good life assurance policy and is usually recommended by Martin Lewis Money Saving Expert

https://www.cavendishonline.co.uk/life/

[strain]

Thanks for the suggestions - https://www.cavendishonline.co.uk/ looks like it could be worth looking into a bit more

[Mr Pointy]

Not all Critical Illness policies are the same. Look very carefully at the terms & exclusions.

You dying is not the worst scenario. You or your wife being brain damaged & needing constant care for the next 10/20/30/40 years is a much worse prospect for your family so I suggest you make sure you both look at taking out good CI cover. Watch out for the effects of inflation.

[strain]

The previous quoted company has inflation protection. Wife knows if I'm in that situation to smother me (I joke )

[dalenorth]

Hi Strain,

We would need a few details to quote but you won’t have critical illness with your home insurance. Maybe you mean your mortgage protection policy? If so I’d suggest we review that at the same time to ensure you have ithe best policy for your family and it’s in trust.

Dale

[LeadFarmer]

You can get Life Assurance for a specified amount, say enough to cover mortgage and some left over. Or you can get cover for a decreasing amount, the amount decreases each year because your mortgage will be decreasing also. Depends which one you want based on your circumstances.

[Jockman]

I would stick to level term, not decreasing term.

[snabzter]

Sorry to resurrect an old thread.

I recently needed to review life insurance and critical illness cover for my family and I spoke to Dale to get it all sorted.

It was a very easy process and he helped me choose the best options for my family and get us prices that we were happy with.

I would highly recommend using Dale.

[dalenorth]

Thanks for the mention snabzter