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Life insurance Help!!!

(7 Posts)
Mammamooandboo Tue 07-Mar-17 10:05:14

Have recently started a full time job and would like to get a mortgage in the next few years. Need to get life insurance together but have not got a clue where to start with it. When getting the mortgage it will be less then £100,000 but as i dont actually have a mortgage yet im not sure if i should apply as though im paying one off. Also unsure of how long i should hold the policy as im 29. Also want the critical illness policy just in case. This whole area is stressing me more then it should but i dont want to make a mistake with it if anything was to happen my partner or kids wouldnt get anything due to a mistake i made.
Any advice? Thanks

JoJoSM2 Tue 07-Mar-17 11:40:28

Just go to a comparison website like money expert or money supermarket go compare etc to compare deals. You don't have a mortgage so apply to reflect your current circumstances. In due course, you can ring up to tweak the policy if anything changes.

UncomfortableBadger Tue 07-Mar-17 14:08:16

Use an IFA & they'll work out what type of policy will suit you best, get the best possible premium for you and make sure that the policy is set up correctly. This might include the use of trusts, so you need proper advice. IFAs can still be paid via commission for protection policies, so you may not have to pay a separate fee.

Before you see the IFA, make sure that you have checked the details of any benefits offered by your employer and/or pension scheme.

Ignore the PP who said that you can change a policy easily. Life insurance policies generally aren't easily altered so unless you specifically have a Guaranteed Insurability Option & meet the criteria, an increased sum assured would usually need a new policy. Sometimes better to 'future proof' & take out too much cover initially, particularly if you are currently young & in good health.

Most importantly of all, particularly if you have DC, get thee to a solicitor and make a Will with guardianship clauses included!

VacantExpression Tue 07-Mar-17 14:48:20

Definitely go and see an IFA or a local recommended broker- they can talk it all through with you and make sure you get the policy /ies that meets your requirements.
And make a Will too if you haven't already!

Sunseed Tue 07-Mar-17 16:38:07

Financial Adviser here. Agree with all that UncomfortableBadger has said.

Has your partner got life cover? You need to ensure that you are adequately provided for too if something happens to them.

BiteyShark Tue 07-Mar-17 16:44:16

How much would your partner need in the event of your death. As horrible as it sounds that will give you an idea of the amount you will need. For example, you might just want enough to pay the mortgage off but ask yourself this would they still be able to pay other bills such as childcare etc in which case you might want extra. Also what about your partner, would you also manage in the event of their death in which case they would need life insurance as well.

Mammamooandboo Tue 07-Mar-17 22:35:18

Thanks everyone for the advice will definately see an IFA im the main earner in our family and partner works around the children who are both in school. I work for the council so have pensions set up and death in service cover so may need more detailed advice on what i need especially as we dont even have a mortgage yet. Will also look into getting a will set up as my partner may potentially be left with nothing if anything were to happen to me

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