Life insurance
Discussion
Looking to get some life insurance, i'm 40 later this year and my wife is 40 at the end of the month. We have a daughter of 4 so seems like the sensible thing to do.
I know there are lots of different options such as whole life term and critical illness to think about, really not sure what to go for. Our mortgage is 140k remaining but we are looking to move within next 5 years. so likely to be higher.
Would BMI be a factor on costs? i'm planning losing some timber this year but currently BMi is not great.
I guess the main place is where do I look?
Any advice would be great.
Thanks
I know there are lots of different options such as whole life term and critical illness to think about, really not sure what to go for. Our mortgage is 140k remaining but we are looking to move within next 5 years. so likely to be higher.
Would BMI be a factor on costs? i'm planning losing some timber this year but currently BMi is not great.
I guess the main place is where do I look?
Any advice would be great.
Thanks
Guv10 said:
Looking to get some life insurance, i'm 40 later this year and my wife is 40 at the end of the month. We have a daughter of 4 so seems like the sensible thing to do.
I know there are lots of different options such as whole life term and critical illness to think about, really not sure what to go for. Our mortgage is 140k remaining but we are looking to move within next 5 years. so likely to be higher.
Would BMI be a factor on costs? i'm planning losing some timber this year but currently BMi is not great.
I guess the main place is where do I look?
Any advice would be great.
Thanks
If your BMI is high (over 35) then it will be a factor.......some providers will penalise you heavily others are less concerned.I know there are lots of different options such as whole life term and critical illness to think about, really not sure what to go for. Our mortgage is 140k remaining but we are looking to move within next 5 years. so likely to be higher.
Would BMI be a factor on costs? i'm planning losing some timber this year but currently BMi is not great.
I guess the main place is where do I look?
Any advice would be great.
Thanks
We provide a lot of these for our clients each month so can help if you want to drop me a line for a chat........or DaleNorth on here has helped lots of PH'ers too
https://www.moneysavingexpert.com/insurance/cheap-...
This may be of interest, as a stating place.
They also mention a couple of brokers too, which tend to give a better cost, but I'm only basing that on my personal experience.
As other have mentioned, there are other brokers that may be able to produce a better package.
This may be of interest, as a stating place.
They also mention a couple of brokers too, which tend to give a better cost, but I'm only basing that on my personal experience.
As other have mentioned, there are other brokers that may be able to produce a better package.
Guv10 said:
Thanks I will reach out.
i keep seeing adverts about the cost going up after 40th birthday. Does it make a big difference? If so then I need to hurry!
Premiums increase every single month for all of us, as we get older..........the cost of premiums are not specifically determined by the age you are now, it's about the age you will be at the end of the policy.....i keep seeing adverts about the cost going up after 40th birthday. Does it make a big difference? If so then I need to hurry!
The cost won’t drastically change once you hit 40 but all I can say is get the cover in place as soon as possible. Rates are still surprisingly low, and looking at the covid payouts and pandemic we do expect a rate increase at some point.
Level term policies can be suitable, but family income benefit should be looked at alongside. It very much depends on many factors which will be most suitable.
We have tens of insurers and years ago they were all very similar. Nowadays that is not the case and terms vary massively between them on underwriting, products etc.
The best thing is to take advice as the cost is high for the family if mistakes are made, and more often than not the mistakes are made in direct to insurer business.
Level term policies can be suitable, but family income benefit should be looked at alongside. It very much depends on many factors which will be most suitable.
We have tens of insurers and years ago they were all very similar. Nowadays that is not the case and terms vary massively between them on underwriting, products etc.
The best thing is to take advice as the cost is high for the family if mistakes are made, and more often than not the mistakes are made in direct to insurer business.
One additional shout for Dale North - I was changing life insurance products, he took the time to fully understand what I was after, suggested some great options and was very supportive in getting this all sorted out.
PH is great to connect on things like this, as no matter what you need to solve, there will be someone (or someone who knows someone that can help).
He's definitely someone to talk with about this before just picking something up off the shelf.
PH is great to connect on things like this, as no matter what you need to solve, there will be someone (or someone who knows someone that can help).
He's definitely someone to talk with about this before just picking something up off the shelf.
Edited by lexham on Friday 26th February 13:11
Interesting thread, I bought a new house in 2020, mortgage has risen to circa 250k from 150k and I have 3 kids all under 8.
I have s decent job with good life policy (circa 280k) and I'm pretty well in health.
My mortgage adviser who I've used all my home owner days is trying to get me to have critical illness from me and the wife and a larger cover, price has gone from circa £20 to £47 a month, just seems a fair bit of money to me, appreciate what I'm getting in a way but just feel critical illness has just more than doubled it.
I have s decent job with good life policy (circa 280k) and I'm pretty well in health.
My mortgage adviser who I've used all my home owner days is trying to get me to have critical illness from me and the wife and a larger cover, price has gone from circa £20 to £47 a month, just seems a fair bit of money to me, appreciate what I'm getting in a way but just feel critical illness has just more than doubled it.
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