How much is your life insurance?

[Hello113]

I can't believe how expensive mine is going to be. I'm in my 30s, vape, have a minor, very common and well controlled health problem and some mental health history but zero hospital admissions. It's going to be like 40 or 50 quid a month 😫

Mine is £18 and I'm 39.

Just life insurance is very low, under £15 I think (I say I think as I bought an additional policy when we extended our mortgage). I was only 22 though, I had it drummed into me to get it when young, but of course I've been paying it for 10+ years so swings and roundabouts I suppose.

What's your term? I have one related to my mortgage, the other is only until my youngest is 21 for various reasons.

What’s the sum assured?

Its no use comparing premiums if one person’s life is insured for £100k and another for £500k

It depends on age, how much you have and over what term as well though so you can’t really compare.

How long is a piece of string.

Awful but - I have no idea. I don't really understand it. It's linked with my DHs, and also linked with our income protection (I think) and critical illness (I think?!) and it all comes out in one lump payment. About £70 a month, I think? Honestly I really don't understand it at all. DH also doesn't and says it isn't the right cover either as you much has changed since we took out the policies. Again, no idea. We definitely have more than one straightforward life insurance policy.

We have been paying £50 a month for 12+ years which is life assurance, but also critical illness for both me and DH. PLEASE get critical illness - I have recently had a cancer diagnosis and have had a payout (with no quibbles which surprised me) which means we have no money worries during this difficult time. It is worth the money (I know it won’t seem like it).

We pay about £150pm for life & critical illness for DH & I, so yours seems good value to me!

Life and critical illness £42 a month

Have you gone through a broker? We found that was the best way to get a fair quote, they were coming in ridiculously priced by doing it ourselves. I am around £13 and DH is around £45 a month, both 30s non smokers and no health issues, but DH has a very risky job so it was always going to be higher for him. We get critical illness with that and both kids are covered under it too so I don't think it's very bad value at all.

£0 - just a policy covering my small mortgage. I'm sure I'm not the only one with no life insurance.

Life and critical illness c£200 a month. Lucky I had it as they have just paid me £300k.

Have you gone through a broker? We found that was the best way to get a fair quote

Especially with non standard situations.

£22.50 a month for a 20 year term of life insurance, with a payout of £250,000. Took it out when I was 49. Happy with that.

Mine is to cover my mortgage - isn't that still life insurance?

No, this is just looking at comparison sites. How would I find a broker? Do they charge?

I don’t have it as it was prohibitively expensive and no kids to worry about - have death in service now which would be £200k as backup

No I'd always get critical illness. I knew someone who didn't and was left in a horrific situation when they were still young.

I mean fair enough but what would you do if you became too unwell to work?

We went through cover my bubble and I'd highly recommend them they were so helpful, you should be able to find them online. They go through everything over the phone with you, your details, health conditions etc, work within your budget and then come back to you with various quotes and you can choose the best one for you. They don't charge, they earn commission from whoever you end up taking your insurance out with.

I get mine through work - my life cover pays 12 x my salary and I have dh covered for £250k. We have critical illness through work also

No mortgage and the DC are adults, so I don’t have any any more. It was several hundred £ a month when I did have it. The cost really depends on the policy. Do you want critical illness cover (a policy that pays out if your are diagnosed with a life changing illness/condition) or just life insurance that pays out if you die? Do you want cover for a fixed term or a whole life policy? A policy for a fixed amount or that decreases in line with your outstanding mortgage?

I see you want critical illness cover. Very wise but also much more expensive than life insurance.

Im 52 and mine is £18 per month, im insured for 250k and also insured via work, my DH would receive another 300k if i died whilst employed by my
employer.

Just fed my deets into a comparison site:

Were I to take out a policy now at 50, with no prior health issues, a 20 year term life cover at 300,000k with 30,000k critical illness cover would start at £73 pcm.