richardworrall
Premium Member
Registered: 20th Sep 05
Location: Derby
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Not had any before, now married and purchasing house so need to get some.
Done the usual research and bit confused.
Whats best?
Joint - Is ok if one of you dies as it pays out to the other party, but is then no longer valid if partner dies later to pay out to kids etc.
Single x 2 - Is saying its better as either will pay out and still be valid for other partner as they have their own policy as such to cover kids.
Critical illness - what are there get out clauses like, is it worth it?
Level Term Cover or decreasing
Was your choice based on level of cover or cheapest monthly payment?
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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Ive just addressed this recently. I was paying almost £40 a month for a policy (2 singles) which was set up by a ifa and was a policy to pay off the mortgage on a reducing scale over the 25 years.
Cancelled that as I decided it was too much a month and got a new policy through protected.co.uk with legal & general. 150k lump sum paid on death or terminal illness, 15k critical illness cover, 25yr level term. £15 a month.
Recommend them, don't be fooled into paying loads, just think about what you'd need to cover the enduring shit storm should the worst happen!
[Edited on 23-04-2014 by Colin]
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Andrew
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Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
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I've got the policy in front of me at the moment. Start paying £64 a month to AVIVA on the 1st. I need to go through it as it seems a lot compared to what Colin is paying! As far as i know, it's just Critical Illness cover and they will pay off the house if one of us becomes ill.
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Gaz
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Registered: 24th Aug 03
Location: Widnes, Cheshire
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We pay £40 a month for a joint... don't think it covers critical illness
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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£64 a month :-/ fuck me, I'd be gutted if I didn't die during the term!
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Pop
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Registered: 8th May 03
Location: Reading
User status: Offline
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Both my wife and I have life cover through our different employers as part of our benefits. Both are approx 3 times our salaries.
Looking at the monthly costs in this thread I'm pleased it's an expense we don't have.
[Edited on 23-04-2014 by Pop]
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M2RTY
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Registered: 25th May 01
User status: Offline
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We have 2 single 30 year policies
With Zurich that dont depreciate over time. They have the highest rate of paying out and cover the largest range of illnesses etc
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Ben G
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Registered: 12th Jan 07
Location: Essex
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quote:
Originally posted by Colin
Ive just addressed this recently. I was paying almost £40 a month for a policy (2 singles) which was set up by a ifa and was a policy to pay off the mortgage on a reducing scale over the 25 years.
Cancelled that as I decided it was too much a month and got a new policy through protected.co.uk with legal & general. 150k lump sum paid on death or terminal illness, 15k critical illness cover, 25yr level term. £15 a month.
Recommend them, don't be fooled into paying loads, just think about what you'd need to cover the enduring shit storm should the worst happen!
[Edited on 23-04-2014 by Colin]
How did you go about cancelling it, Colin?
I was under the impression (and my mortgage provider/bank told me) thats life insurance is compulsory and can't be cancelled before the end of the mortgage term.
They probably would say that though, as I took out life insurance with them at the time of the mortgage application.
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Colin
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Registered: 4th Apr 02
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Compulsory......not that I'm aware, buildings insurance is compulsory. Read your mortgage key facts, should say in there.
I just phoned up LV and cancelled, the cover was paid up a month in advance so I just got the new policy to coincide with the date of cancellation.
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pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline
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Nothing is 'compsulary' - they just like you to have it
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dannymccann
Member
Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline
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quote:
Originally posted by pow
Nothing is 'compsulary' - they just like you to have it
Pretty sure buildings insurance is a condition of most mortgages due to the bank owning the house, not you...?
You could cancel it in theory, but then they could pull your mortgage on you, which kinda leaves you up a certain creek without a paddle 
Life insurance is something I need to look into but I think our joint policy is only £18 a month at the moment so it's not key for me, certainly not while I've got 3 accountancy exams to revise for, a promotion at work and a baby at home 
[Edited on 27-04-2014 by dannymccann]
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pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline
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Yeah - sorry - buildings is but nothing else is, they just want to flog you more shite
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Online
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quote:
Originally posted by Ben G
I was under the impression (and my mortgage provider/bank told me) thats life insurance is compulsory
Certainly not for mine - I don't have it. But its just me paying it and I've no kids. Not sure if its different with two people although my suspicion is that although its wiser, you don't have to have it.
Could be a condition of that provider though - which doesn't make it compulsory as such, but the decision to lend is based on it. If they'd even get away with that.
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Cavey
Member
Registered: 11th Nov 02
Location: Derby
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Also, "compulsory" to have some life insurance, but Colin cancelled and took it with another company, so still has it
Ours was done through the IFA. Who was a prick. With Zenith, pay £30 a month for the two of us, but only clears half the mortgage if one of us dies. Pretty sure I could find a far better deal
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Graham88
Member
Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
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quote:
Originally posted by Colin
Ive just addressed this recently. I was paying almost £40 a month for a policy (2 singles) which was set up by a ifa and was a policy to pay off the mortgage on a reducing scale over the 25 years.
Cancelled that as I decided it was too much a month and got a new policy through protected.co.uk with legal & general. 150k lump sum paid on death or terminal illness, 15k critical illness cover, 25yr level term. £15 a month.
Recommend them, don't be fooled into paying loads, just think about what you'd need to cover the enduring shit storm should the worst happen!
We're being quoted £40 a month for life & critical by the estate agents, just did it on that site and put 150k in and it's £10 a month, think I need to do some shopping around! Just long trying to read through every policy to see what is and isn't included.
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dannymccann
Member
Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline
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Yea never take it from an EA or IFA, but obviously always read the small print to see exactly what's covered in your cheaper policy to make sure it covers everything you need 
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Graham88
Member
Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
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Got a phone call from protected.co.uk and sorted a policy out, so instead of £90 a month for me and the Mrs, it's working out £12.50 a month instead! With Legal & General, 150k payout if either of us dies, 300k if we both die to a trustee. 30 year policy guaranteed to stay the same price. It's just life insurance and terminal illness, but I wasn't bothered about critical illness anyway. And for the money it's saving I'm well happy!
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Gary
Premium Member
Registered: 22nd Nov 06
Location: West Yorkshire
User status: Offline
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Tempted by insurance recently after going self employed. Any cover about just to cover if I cant work for any reason?
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Graham88
Member
Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
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Unemployment cover?
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dan_m1les
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Registered: 8th May 06
Location: Burnham, Buckinghamshire
User status: Offline
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I've also just moved to protected.co.uk, gone from £22 a month with L&G to £7.80 a month with zurich for cover of £150k
Thanks Colin lol 
[Edited on 30-04-2014 by dan_m1les]
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DC90
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Registered: 14th Nov 07
Location: Bedfordshire
User status: Offline
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Covered by critical insurance with a work policy, got life insurance with legal & general. Got the same deal as Graham.
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John
Member
Registered: 30th Jun 03
User status: Offline
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I got a quote with protected.co.uk earlier on, they phoned within 5 minutes with the hard sell.
Did anyone do any research or just go with what the guy told them?
I'm always wary of taking anything out with pushy companies.
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dan_m1les
Member
Registered: 8th May 06
Location: Burnham, Buckinghamshire
User status: Offline
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I hung up on the once john, they called back with a different pitch
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