Life insurance/critical illness cover - some advice please.

[ElizabethWakefield]

Just after some advice really, please, my friend got some really bad news in regards to her health last week and it has got me thinking and I really would like some kind of cover.

I have had a quick search and there seems to be so many companies out there and all different kinds. I have looked on comparison sites which ask length of cover needed and amount of payout, but to be honest, I am not sure. Also wondered if I would just be better getting cover through my bank.

The basics are (if this matters) I am 32, a lone parent, have a 10 yr old, non smoker, healthy, in work. If anything were to happen to me I would like DD looked after by my mum, but I realise she would need financial assistance.

Interested in hearing what covers others have, if that is not too nosy, or recommended companies.

bump

Hey there, well done on thinking about this, and as you're still pretty young, hopefully you should be able to get cover sorted not too expensively.

When DH and I got ours, we thought about how much money the other one would need to be able to pay off the mortgage, and also to live without working for a couple of years.

In your case, I would suggest look at mortgage and any other debts, and then think about how long you would want your DD to be supported for. As a minimum, you should go for the remaining term on your mortgage.

We're covered for £250k. But we forgot that we also get death benefit through work if we die before retiring, so definitely check whether you already have something like that before you decide on your figure.

We used Life Policies Direct, but that was a few years ago, and they don't seem to be trading under that name any more. This seems to be who they are now. Worked fine for us, but there may be better out there.

Does that help?!

Just found this useful stuff on Money Saving Expert.

Whoever you decide to go with, might be worth checking whether they have cashback deals on Quidco, as there can be some quite big ones for insurance I think.

Thanks very much for your reply.

That company was one of the ones that came out as cheapest when I used the comparison website.

I don't currently have a mortgage, I live in a rented housing association property, so my tenancy there is pretty secure, and if anything were to happen to me, my mum has a spare bedroom for DD. Luckily, I don't really have any other debt just really a credit card, so that is not too much of a worry either.

I was trying to work out how much I think my mum would need to look after DD, which is what I am mostly finding difficult. She currently works full time, so i guess enough to enable her to drop hours/get childcare for a good few years, then enough so DD could be settled and secure. It's just difficult putting a figure on that really isn't it?!

I don't have any cover through work. I am going to pop into my bank at lunch time and arrange an appointment for early next week too and see what they offer i think.

Thanks for the link, off for a read just now

You're welcome .

I liked the bit in the Money Saving Expert article where they explain that cheapest is best. But don't tell DH, as he may try to apply it in other areas .

Just wanted to come back and say thanks! All sorted through my bank, life insurance with critical illness too. Feeling a lot happier