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With everything that has happened and not having life insurance previously, it's something I have been thinking a lot about lately. One conversation myself and Lyanda had a few weeks before she passed away was about life insurance. My (stupid) reply to her was 'don't be daft, we've got plenty of time yet' which sadly wasn't the case. Something I look back at and wished I'd have taken her seriously at the time. Hindsight is wonderful, isn't it?
Who do you use?
I listened to a podcast on this very subject last week when walking the dog (I know rock & roll life or what!)
It's the meaningful money podcast - was quite interesting & quite a good podcast series to listen to in general...
https://meaningfulmoney.tv/2019/05/01/building-on-a-sure-foundation/
It's not a dreary subject matter, it's an important thing.
Bog-standard life insurance is much of a muchness across any insurer, you can literally just pick the cheapest quote from CompareTheMarket or MoneySupermarket or any other comparison site of your choice. This will pay out a lump sum of your choosing on death in return for a monthly premium. Obviously, the bigger the sum you want, the more you'll pay.
From that point it gets a bit more complicated and progressively more expensive...
Some insurers will pay out when a terminal illness is diagnosed, rather than waiting for the actual death. The list of conditions they'll pay out for like this will be listed, some will cover loads, others not so much, and the cover prices will vary accordingly.
You can then get critical illness cover, which will pay out for an illness that (probably) won't kill you, but may stop you working. Again, the list of covered conditions varies between insurers.
First question is to ask yourself a) what level of cover you'd like and b) how much you can afford for the premiums. Obviously, b) may have an impact on a)
Contact nealglover from here. He helped me sort my options out- was very patient while I weighed up pros & cons and explained the various terms and no pressure.
I use the NFU Mutual (got 3 life policies with them) - proper, honest company and there will be an office somewhere near you ...
https://www.nfumutual.co.uk/life-cover/
The most important thing you can do is make a will - no point having life cover if the beneficiaries aren't clearly known. This is also vital for who would take care of your kids, and who controls the money - "Auntie Joan", may have said she would take care of them, but if there's nothing in writing Local authorities could take over.