To ask how much you pay for life insurance?

[Backtotrytenpoundsaday]

I know it will depend hugely on amount covered and also current health, but I feel like we spend too much on our's and it's a real chunk each month while I'm at home (due baby shortly and have toddler too) although equally I think it's really sensible to have in case anything happens to us

Looking at around 200K life level cover 40 years, 50K critical illness. Both young and healthy. DH was tested for a genetic condition which the insurance company weren't allowed to ask about directly but which his family history implied. Thankfully he tested negative, I wonder if this may reduce premium?

We could also look at lessening life cover as hopefully this will become less important in future when I'm back at work and we have more savings, albeit later down the line of course we're more likely to make a claim

I am going to look at quotes later when I have DH to hand to double check all the health questions that will be asked but I remember it being a really long process last time and there was talk of a nurse coming for a health check although in the end this was deemed unnecessary

Thank you

I was paying £10.71 a month for £400k of cover until a few months ago, when I realised my employer has death in service benefit and so cancelled it.

I have a separate policy which covers redundancy and my inability to work through ill health so never included anything more than critical illness in my life insurance.

That's a lot lot less than our's! (Although our's is equal for both of us, so two on policy)

Have never had a health check or examination for any policy or known anyone else who has except where they declared family history or pre-existing conditions.

I wonder if it's the critical illness bumping our's up but to be honest that's pretty important to us

It could be DH's family history. I have no pre existing or family history at all, we are both healthy BMI, never smoked, I don't drink at all DH very moderately at the moment

£20 a month for £650000 worth of cover

We pay £107 a month. Im 32 and dh is 42. We only took it out when we bought our house over 2 years ago so dh was 39. You pay less the younger you are.

We get 425k life cover (pays out once as its a joint policy)

75k critical illness cover between us both. It also covers the children on the critical illness

We pay about £250 a month, we would get our mortgage paid off, a lump sum of 500K and a yearly sum of 40,000. It also covers my self employed husband if he can't work longer than 6 weeks or something. We wouldn't have such a high cover but my FIL recently died of a tumour and without the cover the family would of been screwed so we wanted a really good one

Actually it could be £150. I need to check that

Do you need it for 40 years? We had ours to run till the mortgage was paid for and our youngest child finished University. After that if either of us had died we would have been fine.

We pay £75 per month, this is for critical illness, a payment if one or both of us die in any circumstances and a monthly payout to our children's guardians if necessary.

I'm interested in the redundancy insurance, may look in to that

Can I ask @ComtesseDeSpair about your separate policy for earnings unemployment etc.

I've never been able to find one of these through a financial advisor, I'd like something to cover critical illness and unemployment, in your experience are these madly expensive and any tips on where to start?

we went through a financial advisor and the policy is legal and General

Even my illness and redundancy policy, which would pay out £1,800 a month for up to three years (basically enough to cover the mortgage, bills and basic living expenses) only costs £42 a month. That’s the more important one to me to be honest, as I’m child-free so in all honesty don’t care very much about my finances once I’m dead.

@Booq

Can I ask *@ComtesseDeSpair* about your separate policy for earnings unemployment etc.

I've never been able to find one of these through a financial advisor, I'd like something to cover critical illness and unemployment, in your experience are these madly expensive and any tips on where to start?

I went through this company: www.trent-services.co.uk/

I’ve had my policy running continuously for about three years - I’d wager a guess they’re more restrictive and prohibitive on the redundancy element for new policies at the moment but still worth looking into.

£150 pm, which covers our £125k mortgage and has critical illness cover. Our premium is expensive because DH is a smoker. It's a lot of money to find each month and I hope we never need to use it, but I'd not be without it.

Thank very much @ComtesseDeSpair very useful!

£120 a month, that's for two life insurance policies (one tied to our mortgage, one for a lump sum for any surviving partner/children to live off), and critical illness.

Overall I think we're insured for about £500K with cover until we're 70. The critical illness cover is about £75 per month of that cost.

Before you do anything check your DH's work policy - usually part of his pension, for death in service benefits.

Then work out what you actually need. If you died is there any reason your dh would need to stop work? If not then your policy only need to cover childcare costs for him. So why a policy for 40 years?

We just have our work benefits - never needed any more. If either one of us dies within the next 15 years half our mortgage is paid off - we could both afford to pay the remaining half with our salaries.

I pay around £70 a month for decreasing term life and critical illness cover. This covers myself and my husband and would pay out enough to clear the mortgage.

I cannot stress to you enough the importance of critical illness cover. You're much more likely to become critically ill than die and the financial impacts of a critical illness would have a considerable impact on any family. Our cover would pay out enough for our family to continue to live the same lifestyle as we do now for two years without either of us working. We're also covered in the event one of the children become ill.

We pay £30 a month for £250k life cover only, for 20 years until the end of our mortgage term. I’m 33 and DH is 41. Critical illness cover will bump up your premium by quite a lot. We’ve never needed it as both in good jobs which can cover all the expenses alone, however my DH has just left his job to start his own business so I am considering taking out critical illness for me only, as until he gets his business going we are reliant on my income.

With regards to unemployment cover, you should check the terms carefully. We were recently in a position to claim on our modest policy (£20 a month and covers our mortgage payment) but were unable to as the terms state that we must be in receipt of job seekers allowance. We couldn't claim JSA as we have too much in savings.

I work in the industry and its very reassuring to hear people prioritising these insurances and agree with @borisjohnsonsstylist on the importance of critical illness cover or similar

DH and I are insured for £500k, that if one or both of us die. We pay £14.50 ish per month. I’m late 20’s DH is early 30’s both fit and healthy.
It doesn’t cover critical illness but does cover any terminal diagnosis and would pay out upon this!

(Both our employers offer good sick pay but we may consider critical Illness too soon).

We both have death in service too, total combining around £350k.

We never really thought about it until DS was born, that’s when we got all our affairs in order.

Our critical illness cover is £70 per month to cover both of us. It pays out £140k in the event of critical illness, which would clear our mortgage. We took it out when we were both about 30, to run for 25 years. Not sure it was amazing value but I didn't ruthlessly shop around. I have standard death benefit through my employer which is 4x salary.