Active discussions

Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Talk
Money matters

Find financial and money-saving discussions including debt and pension chat on our Money forum. If you're looking for ways to make your money to go further, sign up to our Moneysaver emails here.

Original poster

How much for life insurance per month? Couple in 30s

30 replies

kate288 · 12/02/2023 20:28

Hi,

We are looking at ways of cutting back, as is everyone at the moment. I have been looking at our outgoings and we pay £113 per month for life insurance with legal and general which seems expensive? We are in our early 30s with no pre existing medical conditions. I wondered what others are paying per month? We chose legal and general as it was recommend by our mortgage advisor but I'm not sure if we could get similar cover cheaper elsewhere.

Thanks

OP posts:
DemonHost · 12/02/2023 21:03

I decided that insurance was legalised theft and got rid of life insurances 30 years ago.

Lenax · 12/02/2023 21:09

We are in our 30s and pay £18 a month, also with Legal & General. I'd say switch to a more economical plan

Sailawaygirl · 12/02/2023 21:10

I pay 40 with aviva. 20 is life insurance and 20 is payment protection for me as main earner. We were told we needed it when got mortgage by broker. But I think it was just another thing he could get a commission on. I'm planning to stop the payment protection plan. Ours is decreasing plan. Which i think means will just play of mortgage if either of us goes splat.

Whatevergetsyouthroughthenight · 12/02/2023 21:15

It depends what your insurance covers. There are three types, Life Insurance which pays out if one of you dies (usually enough to pay off the mortgage if you have one), Critical Illness Insurance which pays out a lump sum if you get a disease like cancer and Income Replacement if you are unable to do your job and will cover most or all of your normal income. If you have all three it can get expensive and obviously it depends on how much cover you have. Straight life insurance is the cheapest and I would expect to be maybe £30 a month for a couple with an average mortgage.
Like anything, shop around, try money saving expert.

Whatevergetsyouthroughthenight · 12/02/2023 21:17

DemonHost · 12/02/2023 21:03

I decided that insurance was legalised theft and got rid of life insurances 30 years ago.

I got a good payout when my DH died which was more than the premiums we had paid. It depends on your circumstances and attitude to risk.

arethereanyleftatall · 12/02/2023 21:39

I've never had it. Never thought to get it tbh. What does it actually payout for? I'm single, 47 and only have about 5 % of my mortgage left to pay.

Startuplife · 12/02/2023 21:42

We’re both early 30s, no kids and no medical conditions. Our life insurance that was arranged by our mortgage broker is about £20 a month. We did consider income protection and critical illness especially as DP is self employed in a physical job but the criteria for a payout was so specific we decided we would just save separately for emergencies like that.

Original poster
kate288 · 12/02/2023 21:45

Oh wow definitely sounds like we're overpaying then. We do have critical illness cover also so maybe that's why but still seems expensive. Will shop around!

OP posts:
Sweet89 · 12/02/2023 21:54

I'm with legal and general and I pay around £7 ish for life insurance and that covers critical illness and death, and mortgage cover which is about £4 or £5

Magenta65 · 12/02/2023 21:56

I used to underwrite life insurance. Depends on the cover, the amount, the term and if you’re smokers, bmi and underlying conditions. If your birth healthy sounds like you’ve got a hefty policy. L&G are one of the most competitive companies on the market and do have some of the better underwriting terms

Cornelious2011 · 12/02/2023 22:04

I pay £22 per month for great cover. I added critical illness on top which covers me and dependents for £6 per month. With vitality

JupiterFortified · 12/02/2023 22:11

Shop around and you may well be able to get it cheaper. For that level of premium I’d guess that your existing policy covers both death and critical illness.

I’d ignore anyone who tells you to cancel your cover altogether.

To me life and critical illness cover is absolutely essential - if either me or my DH got eg cancer or dropped down dead tomorrow we would be up shit creek without a paddle if we lost one of our incomes so that’s the way I think of insurance: an essential expense.

NoSquirrels · 12/02/2023 22:12

Depends how much you’re insuring, and what exactly you’re insuring, and for how long.

Our joint decreasing term life insurance to pay off the mortgage will pay out if either of us has a terminal illness (or when we die).

I also have a fixed amount (level term) until youngest DC is 21, then the policy will expire. Same terms as above, terminal illness or death.

Less than £50pcm combined, both taken out in my/our 30s.

Critical illness or income protection and whether it’s worth it to you depends on whether you think you could muddle through a period of ill health without a backup plan so look at employer’s sick pay policies vs your outgoings etc. Our mortgage is not huge compared to some and we can’t afford the premiums for critical illness or income protection.

Wednesday6 · 12/02/2023 22:32

Our mortgage provider pushed for life insurance but when questioned said it's not a requirement. So we never got around it. I recently checked and I'd pay £10 or so a month on a cheapest plan (pays out 50K if I die or critical illness, not full mortgage). We're both in late 30s. But because DH smokes his payment on the cheapest plan was over £90. We've got cheaply legal with the house insurance and decided not to have life insurance...

mycatsanutter · 12/02/2023 22:35

That seems very expensive I pay £10 a month with L& G for £100k worth of cover

YukoandHiro · 12/02/2023 22:37

We pay about the same but I am in 40s and Dh in 50s and he has an underlying condition. So I think you're overpaying. Get some more quotes

blebbleb · 12/02/2023 22:42

We set ours up at 34, to finish when we are 64. It was for our mortgage value which is 318k. Not reducing balance so if anything happened the other would have some extra to fall back on. Unless you could easily afford to live without the other it's essential if you can afford it. We pay £28 a month all together. I think it was higher as I've had mental health issues in the past. No other health issues.

Pinkishpurpleyblue · 12/02/2023 22:46

We pay £70, 200k fixed term til we are 70
Critical for 40k . We are in our 30s with a pre existing medical condition for one party. With legal and general for the past 2 years.

For anyone looking at LI. Make sure your policy payments are fixed for the term with no clauses. We were with vitality originally but if you dont keep up to their specific requirements the premium goes up each year and can end up being triple the original price you are paying.

greenspaces4peace · 12/02/2023 22:49

my bank mortgage included a life insurance policy (mortgage paid off if one person dies) it was very inexpensive.
then we both had workplace coverage (no fee) and now our pensions continue to the surviving partner in full should someone pass this is with the pension company (no fee)
lastly dh past employer plus our government plan have one time pay outs upon death (not huge but with the mortgage paid and pension deposit ongoing not really needing more).
long and short of this is do you need additional life insurance?

arethereanyleftatall · 12/02/2023 22:49

'I’d ignore anyone who tells you to cancel your cover altogether.'

Depends entirely on your own particular set of circumstances, doesn't it, if I'm understanding the comments on this thread correctly? It seems it's mainly for paying off a mortgage if one of you dies early. So, sure, it seems you need it if the lowest earner then couldn't afford to pay the mortgage on their own. But, if they can, or if your mortgage is nearly paid off compared to its equity, then it isn't necessary is it?
If I'm reading this correctly, it certainly isn't a one size fits all.

sevenbyseven · 12/02/2023 22:56

Work out what cover you actually need and pay for that. For example the higher earner may be able to cover the mortgage on their own and wouldn't need it paid off. Factor in any death in service payments either of you would get from your employers.

firsttimemama · 12/02/2023 22:59

@Sweet89 i would be astonished if you have CI cover for £7 - perhaps you mean Life cover with terminal illness benefit. This is quite different from Critical illness cover.

Critical illness cover is not only for the mortgage, it can be used for private treatment, home adaptations, debts, cover time off work whilst recuperating. Help with child care costs if one parent is unwell, a holiday etc.

i would carefully consider it before you cancel.

JupiterFortified · 12/02/2023 23:03

arethereanyleftatall · 12/02/2023 22:49

'I’d ignore anyone who tells you to cancel your cover altogether.'

Depends entirely on your own particular set of circumstances, doesn't it, if I'm understanding the comments on this thread correctly? It seems it's mainly for paying off a mortgage if one of you dies early. So, sure, it seems you need it if the lowest earner then couldn't afford to pay the mortgage on their own. But, if they can, or if your mortgage is nearly paid off compared to its equity, then it isn't necessary is it?
If I'm reading this correctly, it certainly isn't a one size fits all.

It was me who said that - sorry, I should have said that I was saying that to OP based on the fact that she has a mortgage (or I assume she has because she mentioned her mortgage advisor). I also assumed she would want the mortgage paid off if she died (or vice versa for her husband). And similar with critical illness.

Obviously different considerations for people who eg have no mortgage/wouldn’t be affected by the loss of one income/have no dependents etc x

MKD1 · 12/02/2023 23:05

We were looking and I was quoted roughly £135 a month.

Now it's making me wonder what I was actually quoted for considering how much everyone above are paying.

But it is something I need to get sorted ASAP.

maeveiscurious · 12/02/2023 23:48

kate288 · 12/02/2023 21:45

Oh wow definitely sounds like we're overpaying then. We do have critical illness cover also so maybe that's why but still seems expensive. Will shop around!

Critical illness is why you are paying more. Please don't cancel it.

Cancer is 1 in 2 as you get older.

I claimed mine a decade ago and was relieved I had the cover.

As for the comment "legal theft" 🙄

Find out what it cover and make a informed decision