Life Insurance

[Flamesparrow]

Following on from MB's thread... I have none, how do I get some, and what is it likely to cost???

They vary so you need to shop around. I've got 150K from Natwest for £9 a month including terminal illness. They differ from place to place.

Try places like moneysupermarket - there's huge differences between what is covered, and for how long etc etc, so you should be able to make a lot of adjustments to alter the price. Come back if you have any questions we might be able to help with!

Oh, and try not to be tempted by critical illness cover, unless it doesn't add much (it doesn't appear to have added much to avenap's policy to cover terminal illnesses, for instance). Many companies will add loads on to the premium, but the policy will only cover a very narrow range of illnesses, and generally exclude back injury and mental problems, two of the most common life affecting illnesses in the UK.

Hi.

Definately look into it.

What type of insurance you need depends on your circumstances, who earns what in the household, how much debt you have, how much savings you have, how many children you have of what age, and of course your budget. Some cover is better than no cover, even if you can't afford the perfect solution.

If you really are a beginner, please do seek some advice. Go into any bank and ask to see an adviser. Some are good, some are rubbish, go and see two or three and choose the one who makes the most sense and LISTENS to you.

Just for clarity for the people who posted above TERMINAL illness cover is different to CRITICAL illness cover.

Terminal illness cover means that if you are given less than 12 months to live through any cause, they pay out your sum assured straight away rather than waiting for you to die before releasing it.

Critical illness cover means they pay out of diagnosis of one of the listed illnesses whether or not you die.

So, you could be diagnosed with breast cancer, receive a lump sum which means you can take time out to concentrate on getting better, and then resume life pretty much as was. The money is there simply to help you financially though a tough few months or years.

Terminal illness cover should be included at no extra charge in any life insurance. Critical illness cover will usually double or triple the cost of life cover.

1 in 17 life policies are claimed on. 1 in 3 critical illness policies are claimed on. Hence, the difference in costs.

If you tell me more about your circumstances, I would be happy to help you out more or answer any questions you have.

Duke