how much do you pay for life insurance?

[charliegal]

Am doing a desperate revamp of our finances. DP and I are each paying around £50 a month for life insurance, I realise now this is way too much (curses on the IFA who sold it to us). What are you paying? Is it easy to switch? I have crohn's deisease and also have had depression in the past, not sure if that will make things harder.

@WorkingDadandHusband This post is from 13 years ago. i imagine the OP has sorted her life insurance issue and is not interested in your spam.

To counter your spam, one could use an IFA, obtain an advised and personal sale, from a whole of market adviser and not pay the IFA as they will receive comission from the provider.

www.unbiased.co.uk/

I can't remember exactly how much we pay but it's maybe £60-70/month for both of us not including critical illness or any additions, and we have no health issues.

However, it's pointless comparing numbers here as the price of the policy depends on so many variables. Our death in service benefits would pay off our mortgage with some left over, but we wanted a life insurance policy which would 'keep the kids in the style they are accustomed to' until they turn 18 or thereabouts. That doesn't mean anything lavish but it more or less replaces an income for those years if my husband or I were to pass away, so the other one wouldn't struggle to provide nice things, holidays etc.

So while we could pay £10/month, we would have a much smaller payout in the event of a loss.

As such OP, i don't think you're necessarily overpaying. If you have health conditions and have children to consider, it may well be that your IFA actually did a good job in working out the cover you require.

I pay £95 per month for £100k of level term life cover and critical illness for the life of my 20 year mortgage. Both parents died of cancer young, and both cancers can be hereditary. What really bumped it up is my flipping PCOS - it literally doubled the premium.

I shopped around and couldn’t get it any lower but have stuck with it - I’m not married, no kids, and my likelihood of getting cancer is high. My previous employers sick pay policy was woeful and I need to know that if I have to take a massive chunk of time off for treatment, that the mortgage is going to be paid and I’m going to have enough to live on. And the way I see it, if I don’t use it, it’s because I didn’t get cancer, which, in my family, is a bloody big win.

£12 a month life insurance
£38 a month for critical illness