My company provides 4x annual salary for free, and disability insurance. However, as a single guy with no kids, no mortgage and virtually no debt, I have no need for anything else right now. In the future, if I am no longer single and have kids, I'll get term life insurance.
Anyone got Life insurance?
- Thread starter coolsurfer
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Soldato
What you will probably find is that the broker is whole of market for mortgage products but for the life assurance and critical illness they will probably only offer you products from one company. Don't feel pressured into taking out those products, take some time to do your own research and make a decision. If you are interested in those products then you might be able to get a better deal shopping around.
Yeah, that is the case. I have done some preliminary checks on comparison sites and have already knocked £10pm off his price for a slightly higher level of cover (this is life and critical illness).
They also did me a quote for home insurance which I knocked £120 off in one search.
Not going further with any of them until the mortgage decision though.
Soldato
Through work for free. 4x salary.
I used to have Critical for the last 5 years or so. It's WAAAAYYYYY too expensive though, for me and the wife, so I binned it. Especially as they still consider vapers the same as smokers, so that was extra cost for the reduced risk.
Anyway, I got rid of critical illness, and saved about £130 per month.
Anyway, I got rid of critical illness, and saved about £130 per month.
Caporegime
I could never really understand what critical illness really gave you if you had income protection. Yes you get a big lump sum if you lose a leg, but provided you're still getting your normal income this would normally keep you pretty comfortable unless you had huge nursing costs.
I took it out initially for the extra cancer cover, since I was a relatively heavy smoker. But since I have stopped actually smoking, but they don't recognise this, I felt I never needed the cover anymore. It only covers you for certain, specific cases anyway, so if you catch something rare, your hooped anyway.
Wasn't worth the £130 per month for the wife and me.
Wasn't worth the £130 per month for the wife and me.
Soldato
I've got 3 different policies/cover. Mortgage gets paid off, 10x salary and a six-figure lump sum. Should I pop my clogs Mrs N gets just shy of £1million. Nobody tell her..!
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Soldato
Critical illness is just a one off lump sum payment if you are diagnosed (and survive) a listed event. Normal stuff would be heart attacks, strokes, some cancers etc.
It pays out and then cover stops.
Income protection pays a monthly amount if you're unable to work due to a specified condition. It stops when you can work again but cover remains in place.
So, they cover similar events but quite different potential outcomes. I could have a heart attack and, in my job, be back at work in a few weeks. Income protection wouldn't pay out but critical illness would.
I could also be off work for 12 months with a stress related illness. Critical illness would likely not provide cover but income protection would.
They're two different things.
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Got life insurance to the tune of 10x my salary. Pay25 euro a year for it. Perks of my job I guess!
Not that its of any use to me seeing as its only of use if I die.
Got 75% income protection in case I get I'll though which is nice.
Not that its of any use to me seeing as its only of use if I die.
Got 75% income protection in case I get I'll though which is nice.
Soldato
We have a joint policy and I have another through work.
Not me, but I'm not really one for taking out insurance/warranties etc unless required. If myself or my wife were to die, a few extra quid isn't going to make a massive difference to the life of the widowed party as we'd already have more than enough to cover all debts and funeral expenses etc.
Cancelled my income protection with PG Mutual today as premiums go up every year.
Took out income protection today with LV. £32/month for £2000 cover on a self-employed (LTD basis) and includes dividend income too.
Premiums guaranteed (stays the same) all the way to age 65.
Thinking of revisiting life insurance as perhaps its too long a policy. Can't make heads or tails of what to do.
Took out income protection today with LV. £32/month for £2000 cover on a self-employed (LTD basis) and includes dividend income too.
Premiums guaranteed (stays the same) all the way to age 65.
Thinking of revisiting life insurance as perhaps its too long a policy. Can't make heads or tails of what to do.
Soldato
Used to have it through my old employer at 11x salary, since going self employed I've taken out personal cover to clear down the remainder of mortgage and provide a lump sum for the family. Hopefully that plus access to my pensions should see them right...no actually....hopefully none of that will need to be called upon for some time yet. 
Soldato
Yes - We both have a policy in place for £100,000 each (We both get a lump sum of £70k each through work). We got it when we had kids as its the right thing to do and gives us peace of mind if something ever did happen.
Man of Honour
I think it was a stipulation of my mortgage mammy years ago and I've never cancelled it. It's only about £6 a month.
Associate
I've got a policy to clear my mortgage and there is also an in work death policy on my head. If I snufc it tomorrow I'm going to haunt this thread but Mrs FluffySheep would have the house clear and about £70k in the bank
FluffySheep
FluffySheep
Caporegime
I do through work, think it's 3 x salary.
I've cancelled my old policy. Got a new one for me and the mrs.
£400,000 for £29.16/month till age 90. Plan to eat great food in my retirement. Won't last till 90
£400,000 for £29.16/month till age 90. Plan to eat great food in my retirement. Won't last till 90
Soldato
Work had 7x salary but I left, so I'm trying extra hard not to die atm