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Life Insurance


av1
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Right then, I've recently started thinking about getting some life insurance so i can leave a bit of money to my loved ones should the worst happen. 

I've had a little look online today and it seems like a bit of minefield. Increasing policies, decreasing policies, do i want to be covered for 20yrs/30yrs etc (am i supposed to try and predict when i am going snuff it?) I filled out my details on a comparison site thinking I'd get some online information/quotes, instead, I'm just getting bombarded with calls and texts from sales reps. 

I'm not looking for anything complicated, I just want to pay x amount every month so the kids get a little something when i drop dead. 

Can anyone offer any advice and/or recommendations? 

Thanks.

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mines what i got with the mortgage + what i get from work, think it'll be mortgage paid off + 4x my salary

im worth a fair bit more dead than i am alive :( 

i've also got critical illness so if i have a heart attack or the big c etc then the mortgage is paid off, worked out at about £15 a month, looked at the job security one too but working in construction it was about £50 a month

Edited by villa4europe
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I've not got a mortgage yet, I've got a policy at work, Its 2 and half my salary i think, but i don't plan on staying at my place long term anyway. 

Not having my own house as well is part of the reason i want to get some life insurance sorted out, if i was to snuff it tomorrow (outside of work) I'd leave my kids exactly what my old man left me, feck all. 

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8 minutes ago, villa4europe said:

 i've also got critical illness so if i have a heart attack or the big c etc then the mortgage is paid off, worked out at about £15 a month, looked at the job security one too but working in construction it was about £50 a month

On the comparison thing i looked at, there were certain assumptions made. One was that my place of work was no more dangerous than working in an office. I work at a bloody Power Station, so I'm guessing that falls outside of their "assumptions"

 

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1 hour ago, villa4europe said:

mines what i got with the mortgage + what i get from work, think it'll be mortgage paid off + 4x my salary

im worth a fair bit more dead than i am alive :( 

i've also got critical illness so if i have a heart attack or the big c etc then the mortgage is paid off, worked out at about £15 a month, looked at the job security one too but working in construction it was about £50 a month

Probably worth creating a long-lost brother then faking your own death. Grow a moustache to throw people off the scent.

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best just to take out a flat rate x amount payable on death for x amount each month.

The most important thing is to make sure you put it into trust, otherwise the government will class it part of your estate and whoever the money is going to might have to pay tax depending on the size of the policy. I seriously cant stress that enough - get the policy put into trust almost immediately after taking it out. Your provider will help you with that, it costs nothing.

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also take it out for as long as possible because if you go for 20 years then in 20 years you are alive and decide you now need another one your monthly payments will be much higher as your are closer to death lol. Secure it now for as long as possible and be 100% honest about lifestyle and health questions.

Edited by AndyC
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Consider between insurance and assurance - you'll pay more for the latter. 

I think I have 2 life policies through work.. I have 10x salary on one and £250k on another. Plus £250k critical illness, £250k accident and income protection up to retirement (at 65% of current salary). One of few perks of my job

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1 hour ago, Xela said:

Consider between insurance and assurance - you'll pay more for the latter. 

I think I have 2 life policies through work.. I have 10x salary on one and £250k on another. Plus £250k critical illness, £250k accident and income protection up to retirement (at 65% of current salary). One of few perks of my job

Assurance is far more preferable than insurance and, depending on the difference, is often worth paying the extra premium. Especially when you have critical illness cover attached.

The key difference is with assurance you're under-written for the full sum-assured at the point of application prior to acceptance. With an insurance policy, you're assessed at the point of claim which gives the policy provider the opportunity to do all they can to avoid paying out the full insured amount.

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On 9/12/2016 at 16:03, av1 said:

Right then, I've recently started thinking about getting some life insurance so i can leave a bit of money to my loved ones should the worst happen. 

I've had a little look online today and it seems like a bit of minefield. Increasing policies, decreasing policies, do i want to be covered for 20yrs/30yrs etc (am i supposed to try and predict when i am going snuff it?) I filled out my details on a comparison site thinking I'd get some online information/quotes, instead, I'm just getting bombarded with calls and texts from sales reps. 

I'm not looking for anything complicated, I just want to pay x amount every month so the kids get a little something when i drop dead. 

Can anyone offer any advice and/or recommendations? 

Thanks.

If it's the kids you are worrying about you should insure both yourself and your wife because if either one of you dies there would be considerable costs and loss of income for the one left behind.

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8 minutes ago, MakemineVanilla said:

If it's the kids you are worrying about you should insure both yourself and your wife because if either one of you dies there would be considerable costs and loss of income for the one left behind.

Thanks for the advice mate. I did look into that but my partner earns very little, and she smokes. So i think a joint policy has more pros than cons. I got a couple of joint quotes yesterday and they were silly. 

As an example:

I could ensure myself for 150k for £21pm. 

A joint policy at £27pm came back 31k. 

They don't like smokers. 

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1 hour ago, av1 said:

Thanks for the advice mate. I did look into that but my partner earns very little, and she smokes. So i think a joint policy has more pros than cons. I got a couple of joint quotes yesterday and they were silly. 

As an example:

I could ensure myself for 150k for £21pm. 

A joint policy at £27pm came back 31k. 

They don't like smokers. 

have to disagree. I have 2 policies, a single one for me with 120k of cover, costs me £11/month and a joint with the Mrs for 150k, that costs £25/month. Both are smokers policies, I haven't smoked for 3 years but prior to that smoked for 10 years so thought it best to have a smoker policy.

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