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Anyone got Life insurance?

Discussion in 'General Discussion' started by coolsurfer, 10 Aug 2014.

  1. cheesyboy


    Joined: 7 Dec 2012

    Posts: 15,304

    Location: Gloucestershire

    Got £150k each on me and Mrs Cheesyboy. Costs approx £6/month each. Only runs until about age 55, when the mortgage will be clear and the kids will be 21+.

    Those policies, coupled with our respective death in service cover with our employers means we're pretty decently covered even if one of use were to snuff it tomorrow. Enough to pay off the mortgage and have some change to live on.
  2. DRZ


    Joined: 2 Jun 2003

    Posts: 6,986

    Location: In the top 1%

    I've got cover through work. I get to choose my level of cover so for the moment it is 2x my salary. Should I need to increase it, I will do.

    Critical illness and income protection is far more relevant at this stage.
  3. coolsurfer


    Joined: 11 Apr 2006

    Posts: 807

    Location: Yorkshire

    Added on another £400k life insurance.

    I’m worth £800k to my family dead.
  4. lunar


    Joined: 18 Jul 2015

    Posts: 407

    Location: London

    I pay 14 per month for Life Insurance worth £100k, which would go to my wife. Also, pension scheme will pay out £150k, again to my wife.
    I now have high cholesterol. I asked my wife to start using extra virgin olive oil. She responded by stating "lets stick to the vegetable oil."
    I think she can smell money!

    Just a matter of time before insurance companies insist on receiving a genetic profile.
    However, you do have to inform them of any genetic problems in the family.
  5. Selekt0r

    Wise Guy

    Joined: 18 Oct 2002

    Posts: 1,733

    Location: Kent, UK

    Could be worse - she could be switching to Lard :D
  6. robj20


    Joined: 9 Apr 2007

    Posts: 10,936

    Nope seems a waste, well it is if you don't die in the term. Rather just pay it towards the mortgage and stick it in a pension. At least then you get value no matter what happens.
  7. Jono

    Man of Honour

    Joined: 18 Oct 2002

    Posts: 13,261

    Location: Northallerton/Harrogate

    Same - payout covers 2x the amount owed on my mortgage when I took it out. Also worth getting Terminal Illness cover on it too, maybe. If not critical. I pay about £22 a month.
  8. Rifte


    Joined: 17 Sep 2010

    Posts: 2,785

    Location: Somewhere in Asia

    Myself and the wife have life insurance in the sense that the mortgages to two of our UK properties are paid off and the remaining partner gets a lump sum of 75k if either of us die or get a critical illness.

    Its costs about 85 quid a month (which goes up every so slightly each year) if i can remember correctly.
  9. Josh


    Joined: 23 Oct 2013

    Posts: 10,540

    Location: Surrey

    Not yet but will be sorting it out at the end of this month.

    Legal and General seem to be a good price for what I need.
  10. robj20


    Joined: 9 Apr 2007

    Posts: 10,936

    I do have volcano insurance though.
  11. terley


    Joined: 3 Feb 2010

    Posts: 2,988


    My dad took £200,000 life insurance out in November 2015, then in January 2016 he was diagnosed with cancer, and by December 2016 he passed away.

    Without his life insurance our house would have been repossessed and we wouldn't have been able to afford the £10k funeral to give him a proper send off.
  12. Pawnless Endgame


    Joined: 10 May 2004

    Posts: 11,710

    Location: Sunny Stafford

    I don't really know what life insurance is, but I was refused it in 2006 because I had high blood pressure. I'm still alive now though :p

    Surely I can write a will? That is similar isn't it?
  13. Mike1983


    Joined: 16 Nov 2007

    Posts: 779

    I effectively have this as part of my pension scheme. If I die in service, my wife gets 6x my salary or 3x + my pension pot, whichever is the highest value at the time. Call me suspicious but since I told my wife this I started seeing more toys being left out untidied around the stairs and she no longer insists that I'm not allowed to go up ladders......
  14. Glanza


    Joined: 13 Mar 2007

    Posts: 11,050

    Location: South Yorkshire

    Set up a policy with Aviva last year, cost me £5 a month and I got £100 of Amazon vouchers after I'd paid for the 5th month.
  15. neviditelny

    Wise Guy

    Joined: 15 Oct 2015

    Posts: 1,456

    Anyone who can recommend a good company for a life/health insurance?
  16. 413x


    Joined: 13 Jan 2010

    Posts: 23,482

    Location: Llaneirwg

    Don't need it.
    Always seen it that you only need it if you have kids
  17. coolsurfer


    Joined: 11 Apr 2006

    Posts: 807

    Location: Yorkshire

    Money world or Cavendish online. I used money world, prices were half that of the banks.
  18. neviditelny

    Wise Guy

    Joined: 15 Oct 2015

    Posts: 1,456

    Would should I actually look for? I'm turning 35 in May, single guy and no kids. Not having a mortgage but got a couple of credit cards. I'm thinking about a life insurance with a critical illness cover as well, but what would sums should I look at? Never really thought about looking into this before to be honest so got absolutely no idea.
  19. Maccy


    Joined: 23 Nov 2004

    Posts: 38,950

    Location: Herts

    I have mortgage protection insurance that pays off the mortgage if one of us dies and income protection insurance (inc. critical illness) if we are unable to work for a long period of time.

    Think I also have a death in service benefit via work (5 x salary to spouse) and also some level of income protection insurance as well via work.
  20. mid_gen


    Joined: 20 Dec 2004

    Posts: 11,993

    I get a policy from work.

    Apparently my life is worth 50k Euros :'(