Life insurance / assurance

[samwitwicky]

Not sure if I've posted this in the right place.

I've been thinking about getting some life cover but no idea where to even start.

Would someone be able to give me some pointers?

Also, is there a difference between insurance and assurance?

Yes I could Google but there's so much info it's overwhelming.

TIA

Is the cover for yourself? Have you

A mortgage
Dependants
Partner

Who is the beneficiary of the policy?

I remember this from years ago. Insurance is insuring against something that might happen like having an accident or being burgled and so on. Assurance is policies for something that will happen eg death. So its life assurance policies AFAIK.

If you bank with a high street bank they will often free of charge complete a protection review and put policies in place for your situation. They will offer more limited products than going online but you will have the benefit of advice if you feel overwhelmed.

Alternatively source a financial advisor their fee structures vary

@Ellarain

Is the cover for yourself? Have you

A mortgage
Dependants
Partner

Who is the beneficiary of the policy?

Yes the cover would be for myself.

I don't have a mortgage, I do have a child.

Beneficiary would be child / DH.

@Viviennemary

I remember this from years ago. Insurance is insuring against something that might happen like having an accident or being burgled and so on. Assurance is policies for something that will happen eg death. So its life assurance policies AFAIK.

Thank you, that really helps

@ChristmasPlanning

If you bank with a high street bank they will often free of charge complete a protection review and put policies in place for your situation. They will offer more limited products than going online but you will have the benefit of advice if you feel overwhelmed.

Alternatively source a financial advisor their fee structures vary

Thank you

You would need a life assurance policy. I would encourage you and your husband to take out a dual life policy. Basically this means that in the event of the 1st death a cash lump sum is paid out to the surviving spouse. On the death of the 2nd spouse the lump sum is paid to the beneficiary,this would be your child.

Most policies go up to the age of 75,whole life policies are very expensive. There is an option to convert policies, which means when you come to the end of the term you have the choice to convert it to a new policy without having to undergo any additional medical tests. The premium would go up though.

My best advice is to ring a financial advisor and go through an application with them. They would be able to advise you on what would best suit your family.

Thank you all for your help, clearly lots to consider

Talk it through with a broker, they will listen to your requirements, talk about your lifestyle, what is important to you, and suggest what policies would be best for you.