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Discuss investments with other users on our Investment forum. For more advice read our tips for saving for your child's future.

Life insurance when pregnant/newborn

5 replies

bigbaggyblue · 09/03/2023 18:03

Hello!
I wasn't sure which category this would come under so hope it's okay under investments.
My partner and I are expecting our first baby at the end of April so starting to think about insurance. We aren't married and currently own separate properties but live together, hoping to buy together in the next year or so.
I currently have a decreasing life insurance policy which I took out when I bought my house. I understand this is separate to life insurance? Would I now be better switching to a life insurance policy? Or do you add it on?
Any tips on life insurance as a whole would be appreciated!
Thank you 😊

OP posts:
Eminybob · 09/03/2023 18:21

Assuming your decreasing life assurance is set up to pay the mortgage off, you'd probably be best off having a separate level term life assurance for a specified sum for the benefit of your child.

Eminybob · 09/03/2023 18:24

But ultimately, I'd recommend getting some advice from a specialist to determine what level you actually need.

bigbaggyblue · 09/03/2023 18:25

Eminybob · 09/03/2023 18:21

Assuming your decreasing life assurance is set up to pay the mortgage off, you'd probably be best off having a separate level term life assurance for a specified sum for the benefit of your child.

Yeah that's all I have the decreasing life insurance for, so I could keep that going, think it's £15 a month and get life insurance on top for babies sake?

OP posts:
bigbaggyblue · 09/03/2023 18:29

Eminybob · 09/03/2023 18:24

But ultimately, I'd recommend getting some advice from a specialist to determine what level you actually need.

Okay yeah I think I'll need to speak with a financial advisor as I'm a bit clueless with it all! Thanks for replying

OP posts:
lady725516 · 10/03/2023 14:02

Do you have an element of critical illness cover? If not, please look into this. It is a really useful thing to have and not as expenses as you think.

My husband have one to pay out 40k lump sum which would cover costs for a year if one of us got ill and it's £30 a month.

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