To ask about your life insurance?

[Hibiscusbiscuits]

We are finally in a position where we can afford life insurance, but I don't know where to begin!

Who do you all have insurance with? How much do you pay monthly? How do you work out how much cover is best for you? Did you include critical illness cover?

I know these are probably stupid questions but the difference in quotes I'm getting is ridiculous, I feel like I'm doing something wrong. Some are under £10 a month and others are almost £50

We pay £132 a month With Canada life. This covers 4x my partners annual salary in the event of his death (and should pay off the mortgage when we buy.) Critical illness cover (if he can't work for long periods). And after a year, coverage for him to be off work for a period of me or our son is critically ill (ie so he could be around to support me, care for our son, stay in hospital etc.)

This is extra important as I'm a SAHM at the moment, so no second salary.

Honestly, it seems a bit like car insurance - you could pay £20 a month or £1000 a month, just depends what you want to insure against.

Lol. That reads badly - not planning to kill
Him to pay off future mortgage 🙈

I would recommend getting critical illness cover also. (voice of experience)

Yep, I second (or third) critical illness cover.

We have different policies; our life insurances are with Virgin and our health insurance is with Exter. Both have been fab and have us comprehensively covered in case of illness, accidents or death.

Both DH and I have £150k worth from work and other benefits included that is £20 a month, this also has a critical illness element too.
We then have a life insurance policy for the mortgage with l&g which is 10 a month and then another life insurance policy with l&g which pays out about 200k in the event of either of dying, this is £10 a month . There is a critical illness element but this pays out less.

So about £40 all in and all and should one of us die we would be mortgage free and in a position not to worry about work for at least a little bit of time

I pay about £13 a month for 120k cover, only for death though. Would pay mortgage off and give a lump some to my dw.

I don’t have life insurance. I’m a single mum. If I die, my house will be sold and my ds will get the proceeds (less tax) in trust. My dsis will provide him with a home and pay for his care out of the house deposit.
There should be enough to see him through university.

I do have critical illness insurance though. If I can’t work, it pays a basic income. Much more important for us.

I have both Life Insurance & Critical Illness through Aviva.
My L.I costs me around £21 pm and provides me £250k on death. My C.I is around £14 pm and I get a lump sum of £25k if I get a well, critical illness. Both are ascending policies; so I may pay more each year in line with annual inflation but my payouts remain in line also.

I would suggest that you go and see an independent financial advisor