Life Insurance
Discussion
I have zero experience of this, but now I have a wife and an eight month old boy, it feels like the kind of thing I should be doing.
Any pointers or considerations?
Our circumstances are that we have a property and mortgage, and if anything untoward happened my wife could not maintain the payments on her own.
Thanks all.
Well covering any liabilities is a good start (mortgage/loans/finance etc) so that survivors have somewhere to live and minimal bills to pay. Then they need to live on something, so you need to decide how much that should be and for how long. Life Assurance alone is usually quite affordable, but you also need to consider what would happen if one fo you doesn't actually die but just becomes an additional financial burden to the family unit for 50 years +. This is where Critical Illness and Total & Permanent Disability comes in, along with Income Protection to make sure you have an income if something relatively trivial prevents you from earning.
As you have a child you need to factor in what would happen if both parents were incapacitated (or dead) and how the guardians would be able to care for the child. You have made a Will, haven't you? Putting some of the cover in Trust will probably be wise.
In short, there is a lot to weigh up, before deciding what is and what is not appropriate. That's before you even begin to consider which insurer to apply to and why.
I would recommend taking independent advice, not surprising because it's what I do for a living, but hopefully you can see from this there is a lot more to it than just taking out a policy. A good adviser will have a discussion with you that will result in a recommended level of cover with a considered rationale behind it, so that you fully understand it.
Obviously I'm happy to talk it over off-piste if you want a bit more detail, probably not something to plaster all over the boards!
As you have a child you need to factor in what would happen if both parents were incapacitated (or dead) and how the guardians would be able to care for the child. You have made a Will, haven't you? Putting some of the cover in Trust will probably be wise.
In short, there is a lot to weigh up, before deciding what is and what is not appropriate. That's before you even begin to consider which insurer to apply to and why.
I would recommend taking independent advice, not surprising because it's what I do for a living, but hopefully you can see from this there is a lot more to it than just taking out a policy. A good adviser will have a discussion with you that will result in a recommended level of cover with a considered rationale behind it, so that you fully understand it.
Obviously I'm happy to talk it over off-piste if you want a bit more detail, probably not something to plaster all over the boards!
Pm dale above.
He sorted me and my family out - we just had our little boy - and planning for insurance with Dale made what seems like the impossible really straightforward.
I called him with no knowledge other than 'what should I get' and a range of options and affordabilities were offered in English... Which helps a lot !!
He sorted me and my family out - we just had our little boy - and planning for insurance with Dale made what seems like the impossible really straightforward.
I called him with no knowledge other than 'what should I get' and a range of options and affordabilities were offered in English... Which helps a lot !!
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