Iwan

After working 14 years at a company which has life insurance and healthcare as one of its benefits, I'm about to be made redundant.

I need to sort out some life insurance for myself, but I've never done this before.

1. First question is the biggie, I need a company that will cover me for skydiving, snowboarding and scuba - any recommendations?

2. How much cover is enough, does it depend on your own circumstances i.e. mortgage? Or should I just just pluck a figure out of the air, £100k, £250k etc?

3. What term should I go for, one that lasts until I'm really old or one with a shorter term, and then shop around when it ends?

4. Anything else I need to be aware of?

Thanks.

speedking

Do you have dependents? If not, why bother?

I got an article from Which? magazine that led you through adding up income, outgoings, what you want to cover, etc. and recommended a figure.

Think I went for £100k for me and £200k for the missus. I am covered by work life assurance as well.

Took out to cover 20 years until my son is no longer a dependent.

Tesco (Norwich Union) were the cheapest at the time.

IANAFA etc.

Iwan

Thanks. Yes I have 2 dependants now who I should have mentioned, GF and GF's kid.

Ok I'll think about it some more, I think insuring for a lower amount say £100k is probably more realistic for now, I could always take out another policy later if circumstances change.

Cocker

iTrader: (3)

i have 200k cover for £14 a month including a yearly RPI increase

i.e if i die in year 1 its 200k, year 2 204k, year 3 207k etc etc

Patt@firstime

Send Fast Bloke a PM, he's a life insurance expert

MattW

You should have a Will as well then.

The Snug Rhino

£100k? doesnt sound like much.

If your dead what does the Mrs need? Does she work? are their debts?
If she has her own income and there are no debts/mortgage then maybe you need nothing - if she would have to stay home and raise the kids then £100k is going to last a couple of years.

I always work on the basis that if i or wifey goes then the other has enough money to never need to work again...ever.

Ans the risky hobbys are not to big a deal....how many people die scuba diving or skydiving??? They will be more concered if your a fat biffa heading for a heart attack at 40.

Diesel

Missus and I have £250k cover each for £34pm with Norwich Union. Find out what you want and shop around as quotes vary a lot. Forgotten when it ends but it was to run for 25 yrs I think. D

***Nemesis***

See a good IFA. The right answers depend on your personal circumstances.

You need separate policies for the mortgage and your other needs. Family Income Beneft may be more suitable and cheaper than lump sum
depending on your circumstances. You may also need to put the plans into trust - take advice.

Patt@firstime

Bluie

Have to agree with this, seek professional advice

I've been in the industry for 15 years, now specialise in IHT and Investments but it still amazes me how many people seek advice from their mates down the pub and wonder why it all goes pear shape