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Original poster

Life insurance

5 replies

popsycal · 10/01/2004 14:05

We have life insurance to cover our mortgage but are consdiring getting something extra now that we ahev our ds. He is now 17 months and have stalled it long enough.
I have no experience of this kind of life insurance and would appreciate any advice on:

various options
general costs per month
good companies to provide insurance Thanks in advance Pops

OP posts:

Original poster

popsycal · 10/01/2004 16:38

anyone??

OP posts:

BadHair · 10/01/2004 16:55

We got ours through our Mortgage adviser, but my friend used these people and got a good quote. She's not taken the actual policy out yet, but was happy with it, whatever it was.
Personally I'd suggest speaking to an independent advisor and let them do all the trawling for you.

Original poster

popsycal · 10/01/2004 17:01

badhair thanks for advice!
we thought of that so might explore that further thanks

OP posts:

Browbeaten · 10/01/2004 17:06

We used an independent advisor who discussed with us what we could afford to pay per month and what cover we would need if one parent were to die. In the end we settled at cover of £200K which costs us just under £50 per month. We also have separate mortgage cover. We may increase this in the future as I think it's important to review these things - saying that our home contents insurance is way off at the moment. An independent advisor won't charge you as they get their commission from the insurance co. It's a minefield or jargon out there so the IA was a blessing to us.

zebra · 10/01/2004 17:22

I guess basically we looked at the scenarios if either of us died. We concluded that if I died DH would ask his mom for help with the kids... so, I'm not insured. Plus my pension plan pays out a lump sum in the event of my death which would probably (just barely) cover childcare costs until kids were in school. DH is insured with Tesco, for about £5/month, would pay out £100k if he died. We didn't consult an IFA... but I think we basically looked at what our debts were, and also what his salary would be over the years before the kids started school and I could work during their in-school hours to support the family. On that basis, should have been more like £200k, but that seems to need 4x the premium, and I knew we could get by on the £100k.

DH does a lot of cycling so he also has personal accident insurance (with Nationwide), which is about another £5/month. You have to assess your particular situation.

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