Found 2nd Feb 2010
I am looking at changing life insurance, I am wondering if its best to set it at a long term cover of something like 30 years? ( I am only 26 at the mo )

Or if its best so keep it at short term? We have a mortgage and kids so we need to make sure we are fully covered for their sake.

9 Comments

Banned

remember the older you get the more you pay, so taking out a ploicy now is going to be way cheaper than in years to come, i personally would go for long term

Original Poster

sassie;7726580

remember the older you get the more you pay, so taking out a ploicy now … remember the older you get the more you pay, so taking out a ploicy now is going to be way cheaper than in years to come, i personally would go for long term



Thanks, I will change it to maybe 35, im not sure of their year limit. But saying that I am only moving it due to getting £50 cash back, plus if I move again in a years time back to tescos Im sure they will have their £50 gift cards again. Im not sure if moving too often is bad for you when it comes to life insuance as each year I change my car insurance company lol

Banned

beth3735;7726599

Thanks, I will change it to maybe 35, im not sure of their year limit. … Thanks, I will change it to maybe 35, im not sure of their year limit. But saying that I am only moving it due to getting £50 cash back, plus if I move again in a years time back to tescos Im sure they will have their £50 gift cards again. Im not sure if moving too often is bad for you when it comes to life insuance as each year I change my car insurance company lol



well if you plan on moving it each year then it doesnt really matter what plan you have, you may as well go for the cheapest option, as in years

ive just gone with legal and general for under £10 a month for 80000 pounds cover for 40 years, im 26 too, plus 50 quid cash back through quidco x

Original Poster

sassie;7726632

well if you plan on moving it each year then it doesnt really matter what … well if you plan on moving it each year then it doesnt really matter what plan you have, you may as well go for the cheapest option, as in years



:oops: very true, I will probably settle down as soon as we see the prices shooting up with our age.
wondering though if its advisable to swap life insurance companies so often though.

Original Poster

Tazx;7726677

ive just gone with legal and general for under £10 a month for 80000 … ive just gone with legal and general for under £10 a month for 80000 pounds cover for 40 years, im 26 too, plus 50 quid cash back through quidco x



ta, its legal and general I would be going through for the £50 cashback with greasy palm. I put in £100000 for 40 years and its £12 odd so not too bad on amount and years. but like sassie says i would be best doing it at low amount of years but for the price amount i need x

Banned

beth3735;7726686

:oops: very true, I will probably settle down as soon as we see the … :oops: very true, I will probably settle down as soon as we see the prices shooting up with our age. wondering though if its advisable to swap life insurance companies so often though.



i dont know on that, but you do need to be careful that the policy is payable immediately, some are you are only covered after say 28 days, or a year, so your stuffed if you should die before that time, not something we want to think about but thats what cover is for and if it aint covering you from day one them pretty pointless doing what your doing, as noone knows whats round the corner

does any one know of any gud deals on cash back etc for payment protection deals? i currently pay £14 per month for protection in case im ill,get made redundant etc? any advise will be repped,thanks

You should really at least have one policy covering the mortgage - if repayment mortgage you can go for a decreasing life policy. Remember not always good idea just to take a long term policy as your needs change and if you cover yourself for say, £80k, that is not going to be a huge amount in 20 years allowing for inflation

You can also take out relatively cheap policies to cover the family that would pay a set income (you choose) to one of you if either died for the term of the policy. Common to have these to cover you until children say 18, so if one dies inbetween a set income paid until that end date as helps replace a loss of income - good in conjuction iwth mortgage life cover so would have no mortgage cost, monthyl income to help with kids and cope with loss of income if one of you did die unexpectedly
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