Following on from Mb's advice, where do you start with buying life insurance?

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Any advice welcome. Neither of us has any.
TIA.

Use one of the price comparison sites such as this one

IIRC when we last updated it M&S was cheapest.

You really only need to check that the insurance company is pretty much financially sound because one life insurance policy is pretty much the same as another - i.e. you die - you get stated amount of money.

Thanks Soapbox, am on that very site in another window and it's coming up at £661 a month, which seems high. How do you decide what amount you want to insure yourself for?

We got ours through Legal and General, it's very reasonable and it's enough to cover our mortgage, leaving about £30,000 over. It stops when we have paid off our mortgage.

We don't have a mortgage, but expect to next year sometime. What I want covered is my life since I'm the higher earner.

And his, since I can only earn that due to his doing childcare etc.

You can get one from your mortgage provider when you take a mortgage out.

WHat did you put in to get to £66o a month

I can get £500k cover for 20 year term for between £40 and £50 per month. And I am older than you!

You have to declare it, it might put your premium up. I don't think you can get it if you are seriously ill when you apply.

£661 per month seems v v high.

I think I am paying about £20/month for £50K cover on DP...but I get a preferntial service through my employer.

On top of that our endowment is a life policy too.

My cover is for £100,000 and we pay £18 p. m.

that must be whole of life, you might want term assurance, far cheaper

tesco
me £100 000 for 20 years

£8

I only have my death in service cover through my employers pension scheme....

(and our endowment)

£100000 very low cod! Have you cover from else where?

I have level term insurance with Legal and General, 20 yrs from age 44 costs £16 pcm for £100K cover

NB I am SAHM but have life insurance as it would cost a lot for childcare whilst dh works (no mortgage to consider)

We are well covered with insurance - took some out when DD was born, life and critical illness to last until DD finished uni.

Then when we moved we took out more, for whole of life for both of us. It was expensive for DH and we eventually cancelled that policy.

Our mortgage is also covered to be paid off and we have various investments which have v small sums of life ins attached.

Our decision about how much to take out was based on the amount DH earned and our future plans for DD/our family. So we had to know the mortgage could be paid off plus (as had v little equity at the time) an amount in cash which could be invested to ensure an income whilst the property was sold and a smaller one purchased - this house was on the market for a year before we bought it. Also enough to ensure an income which would cover DD's school fees as we always planned private ed and building this in meant even if we changed our minds there would be more income iyswim.

YY
dh has it in job.
so its only me
am not worth much

BTW I don't think that you can 'take insurance out' on anyone other than your self or a dependant. But am happy to be corrected on this.

Worth seeing an independent financial advisor/solicitor if you can front up the cash.

Anyone found anyone that will cover you with a significant psychiatric history and/or diagnosis?

Seems impossible to get cover even with suicide ruled out.

You also want to look at decreasing term (i.e. starts off at the same level as your mortgage, amount covered gradually decreases in line with your decreasing mortgage) versus level term (i.e. covers you for the same amount throughout the lifetime of the policy). It makes a big difference to the premiums.

DH gets 4x salary death in service cover through work. We have joint decreasing term life cover for the mortgage, and I have 100K cover.

We also have critical illness cover.

£100k won't cover the cost of replacing the things you do as a mother though (assuming you are SAHM) or your earnings (if a WOTHP). It will be no where near enough!