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I am a man in his mid (OK, late...) thirties and am thinking it might be about time I took out some life insurance. I have no dependent, but do have a wife who earns somewhat less than me and so it would be a challenge for her to cover the mortgage if I were to pass away. For the same reason I'm also looking at some income protection insurance as I have a distinct fear about the state of the economy in the coming years and that may well affect me.
I'm intending to do some proper research and likely speak to an IFA over the coming days but in the mean time, as it's the bank holiday and I have little else to do, I thought I'd ask STW for advise.
So, questions:
What type of life insurance would one go for?
Go through a broker or direct via the comparison sites?
Is income protection worth the paper it's written on?
Any other general advise.
Thanks all!
I personally would go via an Independent Adviser - seems there are lots of small nuances in cover out there, and you need to be clear about what you want.
Last bit of advice - keep on going with what you have lined up. We had a financially tough time when my business went belly up. I cancelled our life insurance that had critical illness cover. It took 18 months to get the funds back together to restart life cover. In that time mrs_oab was diagnosed with a long term issue that she will have forever - and the old cover we had would have paid out in full. We were uncovered....
If you are employed (i.e. not self-employed etc) then check your employers policy, many cover some life insurance as part of job/pension.
Also if you have a mortgage do you already have some kind of life cover? I am older with child and do the sensible thing...did the income thing for a while but now just save an amount so not reliant on policy.
Make sure any questionnaire form you fill out with regard to health questions is done completely honestly ..*
Make an appointment to have a medical at your GP's..
I was made aware of a condition I didn't know I had as a result of the insurers requesting a medical report
*This could invalidate any claim made by your wife should ( god forbid ) its ever needed ..should you not have disclosed a known medical condition .
I don't have any adviCe with regard to insuring loss of earnings ..other than read the small print carefully !
Life insurance or critical Illness? Very different things.
I got advised to take for life insurance, take out the cheapest policy that’ll pay what you want. When you dead, you dead. Not much wiggle room for the insurance company.
For critical illness, the devil is in the detail and what they will and won’t pay out for.
Is she is the one who cant cover the mortgage then surely she needs to be the one worrying about life insurance? I would save my cash & spend it on something more interesting.
Ive got no dependants but have a life insurance through work.
I did look at redundancy cover, but the majority only pays out for 12 months and you usually cannot claim for the first three months, So in effect you’ll only get 9 payments. imo i wouldnt bother and try and keep the equivalent in savings to one side.
I did get critical illness cover, it will cover my mortgage if i couldnt work because of serious illness.
I've just been declined by Royal London for life insurance/critical illness cover. Did to my last bp reading being 155/95.
I'm only 32, in the process of buying house, just waiting for the mortgage offer.
I have term assurance with Cavendish, so called because I am insured for a fixed term of 30 years. If I peg out before 2028 the missus gets a healthy sum. If I don't then it's money down the drain. The policy was only taken out to cover the mortgage but now that's paid off and my heart is a bit dicky it's probably worth the £30 a month for £300,000 cover, which at the time was substantially cheaper than anything else available.
I pay out about £70 per month for life and critical illness cover. The saddest part is that, financially speaking, Mrs F and the kids would be better off if I shuffled off this mortal coil. Gives me piece of mind that they’ll be okay without me.