life insurance
 

looking for some advice from anyone with experience of sorting out life insurance. shockingly i have nothing in place and the recent loss of a long time friend really hit home how fickle life is and i need to get something sorted out. just ideas of what kind of cover i should be looking for, extras that are good to have etc and what kind of premiums per month it would roughly cost. any help appreciated and i can use google but would like to hear from someone who has maybe recently done the same and can offer some tips/advice. cheers :thumb:

Best tip?

Don't die before you have sent the forms off :)

key factors will be your age, health and family history.

You to work out what amount you would like to leave to your family to pay off mortgage etc etc. Allow £5k for a funeral. Best do a will at the same time.

Stay healthy :thumb:

D

Each to their own but i have never been a believer in life insurance.

It very much depends what responsibilities/dependants you have and what your financial situation is.

If it helps, I can tell you that my partner and I just took out life insurance, of a sort, with our mortgage. It was £23 per month and is designed to pay off the mortgage should something happen to either of us. It's on a decreasing cover so after 20 years the amount paid out is less because the outstanding mortgage will be less.

We have separate cover via work which would also pay out on death for other expenses outside of the mortgage.

I'm not a massive fan of the insurance industry as a whole but I do have some kind of satisfaction knowing that if something happened to either of us there at least wouldn't be any money worries especially with young kids.

This is one case where I hope we pay this for the next 25 years or so and never need to use it

Life insurance like all insurances are a bit of a scam, hopefully life insurance unlike motor would be pretty cut and dry (seeing as you wouldn't be around to contest anything), I have the same as above to keep the cost down its just a single policy to cover the cost of paying the mortgage off plus 10k for other bits like funeral, etc.. its a sliding scale and tails off as the mortgage gets paid off over time. I also have cover with work which pays out x times salary in event of death, which hopefully would see the family right for a few years, the two combined should provide enough funds quickly to lessen the distress should anything happen. The last thing you want people worrying about is how to pay the mortgage or put food on the table when all they want to do is grieve.

We have 2 policies one for the mortgage but it's not on a sliding scale, it's for the full amount of the mortgage when we took it out, and another one for £100k which runs until my wife is 75yrs old, so either one pops it, the other gets the house paid off and a chunk of change plus £100k on top.

Personally I think anyone with a family that doesn't have it is either stupid or totally selfish.

Of course the Elephant in the room, as they say, is insurance if you are ill and cannot work. An extreme would be a paralysing stroke when death would be better.

Cover for this gets pricey the older you get. d

Of course the Elephant in the room, as they say, is insurance if you are ill and cannot work. An extreme would be a paralysing stroke when death would be better.

Cover for this gets pricey the older you get. d

Critical illness cover and income protection is what you're talking about.
I'll not go into the details, but my wife had both these policies, and one of life's unexpected curve balls was thrown many years ago.
She was hospitalised for about 7 months, and unable to work, and still unable even to this day.
Income protection paid out, but the other policy say her illness wasn't classed as a critical illness on their list of whats covered (its symptoms are/were similar to that of a stroke)

So they do what they can to avoid paying out also, just like in the motor industry

Oh, and 5K for a funeral, must be awful expensive on the mainland

About 2- 2.5k in NI.
We get you in the ground or burnt in 3 days, think it takes about a week on the mainland

Very upsetting for me as I had to pay for my darling's funeral. I was pretty broke and couldn't even afford a church service.

But my boy played Hotel California at the graveside as they buried her (which is tricky to play properly) but my wife's favorite tune.

d

Agreed but when you are dead most women find new men and life goes on so in my view why should i be paying for that.

tell me about it.
My mother, father and a brother all died within 6 months.
The undertaker did well at about an average of 2.2k a time

Oh dear... you're a happy chappy aren't you... I bet she really loves you... :Suspiciou wouldn't you want to make life easier for her at the point of your death... it also works both ways as you can get a joint policy like I have... either one pops it and the others life become a little easier for a while.

Life is for living and not worrying about death.

thanks for the comments guys. guess i,ll have to get on some web sites and check out the options.

We took out a policy for life cover.
If either die before mortgage is paid off it pays out £250k to the remaining person.
Figure doesn't reduce as mortgage is paid down so always pays the initial sum insured.
Premium set at £34 for the duration of the policy.
Not overly keen on insurance to be honest but when we had a large mortgage it would really have left us in the **** without this cover ,so was an essential element im afraid.
Not keen on leaving a fairly wealthy widow behind if I go first..! Especially with all the sharks about these days..! Waiting to enjoy my hard work...!

thanks for that, your figures give a rough idea of the amount of cover and monthly payments. tonights mission will be trying to get something in order, with a few beers to help obviously :)

I have had regular calls from insurance companies wanting to quote on the same insurance but non of them have been able to match it let alone beat it.
It is what it is.
Never want to claim on it but it does offer some comfort.
Although its shocking to know im worth more dead...!
I best sleep with one eye open..!

Me and the Mrs have just taken out our 1st mortgage and I've just found out due to my size that I cannot get life insurance.

Now before anybody thinks I'm just a big fat lump let me explain that I'm 6ft 9 and 30 stone, I can run up and down stairs, swim,recently started a bit of strongman training and go to work 6 days a week but as they work off the out-dated bmi scale I'm deemed as morbidly obese so I'm being tarred with the same brush as somebody who IS morbidly obese. For what it's worth.....i take no drugs, don't drink and Don't smoke.

I'm currently looking for a specialist if anybody knows of one.

strangely most rugby players according to the BMI are also obese.

Fat b@stard ;) :lol1::lol1::lol1:

I used to work with a guy of similar build, just not quite as heavy - mid 20's
Don't recall any chat about life insurance.
Seems strange to simply refuse it, but the fact that you've been refused insurance probably causes other flags being raised - assuming you declare this of course.

Lol if I was 5ft 9 and 30 stone then yeah I would be a bat-fastard