Life insurance

Life insurance advice please. Never had it before, but me and my partner have just had our first child so I know I need to pull my finger out and get some cover.

We own our house, worth £160k, none smokers, no health issues etc.

Any recommendations on who to go with? How much cover I need to take out etc?

Roughly how much a month it'll cost etc?

Thanks for any help / advice!

9 Comments

Have a look at Cavendish online as detailed on moneysavingexpert.com. Premiums depend on your age and the length of cover. I would say you need to look at how much money you will need if one of you was to die. pay off mortgage plus leave money to pay bills etc for a while

You should have mortgage protection to repay your mortgage so you just need cover to ensure your family have something to live on until the kiddies have grown up a bit.

Original Poster

Ok, thanks for all your help. How long do you roughly get the cover for? Someone told me the length of your mortgage (25 years) that correct?

I think I've read so much about this that I've confused myself.

most people have insureance that will pay off their morgage wherby payout gous done as each year passes until your morgage is paid i have this plus 100k in a seperate policy if the missus cant get by on no morgage and 100k tough lol

we went with legal and general but went through topcashback so we got £110 cashback. its worth doing as it paid for our insurance for the first 5 months

oh and i took it out for 25 years to cover 75k each (myself and my husband) as well as 25k critical illness cover. it means the mortgage isnt paid off but payable on one income or paid off if anything should happen to both of us. we pay £12.50 each a month. hope that helps

Worth updating your wills and stipulating who will have responsibilty for your offspring should the worst happen.

Make sure you give full disclosure to everything health wise, or if the fateful day arrives, the insurance company will squirm their way out of paying.
I gave mine access to my medical records so they know everything.

i assume you do not have a mortgage?

i also assume that you are self employed?

otherwise most people would have life insurance already. what sort of payout are you looking for?
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