I've been to places like money supermarket, but they want lots of personal information to call me back and I'm really not happy about giving up lots of my private information to these companies because I know they'd just pass it around telemarketers etc and make lots of money off of it.
So, as a non-smoking 27 year old in decent health what am I looking at per month? Any recommendations for good value? Is there such a thing as an ethical insurance company or am I just being laughably niave?
You have to add up what insurance you already have - would the house be paid off, if you die? What about insurance from your employer? You have to decide how much money your dependents would need to keep the lifestyle they have now.
When DH got his term policy about 9 years ago, the banker reckoned that we need around £800000 to support me and the then three kids. Now we have 5 kids, and we are privately educating them, so we need a much bigger policy, but haven't got round to it yet. Must add it to the to do list.
My dh has it and I don't. If he does the mortgage gets paid off. if I die he gets diddly squat. If we both die the mortgage would get paid off anyway. So I can't see why I should fork out £90 a month....
Most mortgage cover is for both parties (assuming you both own the house). So when one of you dies, the mortgage is automatically paid off. If a SAHM dies, the husband may be able to divert the monthly mortgage payments towards nanny/childminder/nursery. If the husband dies, the mortgage is paid off, but the SAHM would still need money to live off. That's where insurance comes into it. If you both work, then insurance for both mum and dad will ensure that the family lifestyle will not change after one parent's death.
diz, my Dh and I have got plain old life insurance, ie it will pay a lump sum to one of us if the other dies (the lump sum would be £250,000 which is enough to buy a good house in this area) and we pay £38 a month. This is through direct line.
ethical I'm afraid I don't know......with us it was cheapest is best!
For critical illness & life insurance to cover mortgage, I pay £9p/m. I'm 26, healthy, non-smoking, light drinker etc. DP's is £28p/m, smoker, drinker, accident prone, age 32. We have seperate policies so that they both pay out if the worst happened.
Compo you haven't got any. I understand what you're saying about cost, but a friend of mine died recently, they were silly as neither had life insurance, he now has to go out to work still, leaving the kids (teenagers) at home alone, one with SN.
we pay £52 as a couple, DH is 38 and I'm 26, this pays out £200k if either of us dies as lump sum, but if one dies, also pays out if the 2nd dies. Also is mortgage cover and has critical illness, so if either of us gets terminal illness it pays out a smaller amount at the time that you're diagnosed, leaving the rest in the pot for the life cover. This is with Virgin Cancer Care life insurance. Seems like a really good policy that makes lots of sense and is reasonably priced. Should say we are both non-smokers.
...yeah, paying off the mortgage isn't so much of a problem for us as we rent. I dream of being able to afford to buy a house one day! I'm just looking for something that pays off a decent lump sum (100,000+) if one or both of us die.