Life insurance advice please

[ilovewelshrarebit123]

I need to sort some life insurance out.

I'm 48, divorced with a 10 year old. I rent and just want to have something in place for my DD if something happens to me.

How much would you suggest, how many years and where to go for it.

I've been on moneysupermarket and got a quote for £150k over 25 years as a level cover for £25. Does this sound about right?

Thanks

Do you have a work pension that pays death in service? I have that (not actually sure what it will pay mind you !) and level term live insurance with a sum assured of £100k. I own my flat (mortgaged) so also have decreasing policy which will pay mortgage off too. And some savings.

My DS is 11 so I am hoping that will be ok should anything happen to me.... I think my life assurance goes up to him turning 25. I am a single parent. Will be interested to see other comments. My policies are with legal and general, aviva and what was tesco now also aviva I think!

The LV= Cost of a Child survey says that to raise a child from birth to age 21, it costs just shy of £232,000.

www.lv.com/about-us/press/article/cost-of-a-child-2016

If you want the policy proceeds to go to your DD without having to wait for probate & without the proceeds forming part of your estate, you'll need to set up the policy under trust.

Speak to an IFA.

Look at family income benefit.

It's a form of decreasing term life assurance that pays an income until a certain age of your child, normally when they are Independant.

As it is a form of decreasing term, it is cheaper than level term life cover.

Otherwise if you are using a conventional life plan, please ensure you place it in trust so it goes where you want it and to, and quickly.

I'd consult a local broker/IFA to talk through your needs too, it might be that Life assurance isn't the best policy for you and actually you might need to consider things like Cricital Illness Cover or FIB.