Life Insurance - Is this decent?

[HannsG]

Hi,

My wife is 31, I am 34 and my son is 19 months old

Me - £250k till 70
Wife - £250k till 70
Critical Illness - £50k coversvmy kids free of charge till they are 18 also.

Total cost = £67.36 / Month

I have been giving it a lot of thought given some recent personal stuff which has altered the course of my life really. And I want a bit of security etc..

Edited by HannsG on Friday 16th January 16:45

[john2443]

That's similar to the amount we pay so either it's OK or we've both got it wrong!

[Rosscow]

Do you think £250k is enough?

If you were to pop it, would your wife be able to pay off the mortgage, all debts, etc. and have a decent lump left to live on whilst looking after your son?

We went for £400k.

[HannsG]

Rosscow said:

Do you think £250k is enough?

If you were to pop it, would your wife be able to pay off the mortgage, all debts, etc. and have a decent lump left to live on whilst looking after your son?

We went for £400k.

400k each?

These are three separate policies - £550k in total.

But I see your point, I think £250k each (£300k on first death) is enough. We also have mortgage cover in the even one of us pops their clogs.

[numtumfutunch]

Why insure yourself up to 70?

Our own insurance pays the mortgage off till that's over then tapers to a lesser sum until the kids are 18

It's a lot less than you're paying, but fundamentally entirely depends on your attitude to risk

[Cliftonite]

One tip for life insurance: consider individual policies rather than joint (i.e. first death) ones. The sum total of the premiums is not much more (sometimes even less than the cost of joint cover!!) and you have, in effect, twice the cover.

Easier then, too, to put the cover into trust with individual policies.

Makes for one less problem if/when you split up, as well!

HTH.

[Sarnie]

HannsG said:

Hi,

My wife is 31, I am 34 and my son is 19 months old

Me - £250k till 70
Wife - £250k till 70
Critical Illness - £50k coversvmy kids free of charge till they are 18 also.

Total cost = £67.36 / Month

I have been giving it a lot of thought given some recent personal stuff which has altered the course of my life really. And I want a bit of security etc..

Edited by HannsG on Friday 16th January 16:45

You have mail

[OzzyR1]

Sarnie said:

HannsG said:

Hi,

My wife is 31, I am 34 and my son is 19 months old

Me - £250k till 70
Wife - £250k till 70
Critical Illness - £50k coversvmy kids free of charge till they are 18 also.

Total cost = £67.36 / Month

I have been giving it a lot of thought given some recent personal stuff which has altered the course of my life really. And I want a bit of security etc..

Edited by HannsG on Friday 16th January 16:45

You have mail

Sorry to hijack but presume you are in this line of work?

If so, can you message me too, am looking for a different provider and would appreciate a contact/chat.

If I end up giving another PHer some business, all the better

[dalenorth]

We've helped many guys on hear and can agree over much of what's already been said.

Ensure trusts are discussed and ask for comparison tables on the cic.

Happy to provide any quotes if you wish?

[insurance_jon]

To be honest, even given my user name, I use dale for myself, family and clients life insurance needs.

He's always looked after me and the feedback from clients is great

[texasjohn]

+1 on the recommendation for dalenorth

[Sarnie]

OzzyR1 said:

Sorry to hijack but presume you are in this line of work?

If so, can you message me too, am looking for a different provider and would appreciate a contact/chat.

If I end up giving another PHer some business, all the better

No problem, YHM

[giger]

Slightly OT, but be sure to check if you have any Death in Service cover from your employers and see how this may impact upon your choices. Whilst you shouldn't rely soly on this, you may (or may not) be surprised how much it pays, meaning you may be able to lower the benefit, and as such your monthly premium. The money could potentially be directed in to other funds providing additional peace of mind for the family

[Ginge R]

Hanns,

I'm sure you'll get great service from Dale and Sarnie, they'll be bound to mention Family Income Benefit and Income Protection too. FIB is cheaper, simpler to understand, presents less worry to a surviving beneficiary and is, in insurance terms, a far purer form of cover. I hope you get better, more appropriate cover at a cheaper price - a great incentive for anyone still looking for a New Year's Resolution!

[jfbrin]

+2 for Dale North. Excellent service.

[jfbrin]

+2 for Dale North. Excellent service.