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Anyone got Life insurance?

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

  1. Kemik


    Joined: 7 Nov 2005

    Posts: 4,948

    Location: Widnes

    Just saved me £8 per month vs L&C for the exact same quote. Cheers!
  2. Yaayuh!


    Joined: 5 Nov 2010

    Posts: 21,878

    Mortgage protection and death in service. One of us dies and the house and funeral is paid for and then some. So all good.
  3. lunar


    Joined: 18 Jul 2015

    Posts: 407

    Location: London

    I took out life insurance in 2008. My blood pressure was normal and low cholesterol. Now my bp is high and I have high cholesterol. Surely my insurance cannot become void!
  4. Vern1961


    Joined: 29 Mar 2007

    Posts: 4,237

    Location: Swindon UK

    No life insurance per se but what's left of the mortgage has death protection and if I peg out prior to retirement wife would get a 4 x annual salary lump sum plus dependant pension. Post retirement the mortgage will be paid off, more than enough put by to cover funeral etc. costs and if necessary as we have no kids, when one of us dies the house value can be (carefully) drawn down into equity.
  5. Vonhelmet


    Joined: 28 Jun 2005

    Posts: 48,104

    Location: On the hoods

    Get life insurance and death in service through work. It’ll pay off the mortgage and leave my family a fair old wedge to keep them going.
  6. Semple


    Joined: 5 Mar 2010

    Posts: 9,057

    That's my thinking too!

    I'm only 28 and have just escaped a round of redundancies at work.

    From my perspective businesses nowadays are trying to be much more dynamic in their structure, and that means cutting staff costs when needed.

    Yes there's plenty of jobs out there, but some form of cover for your mortgage payments etc whilst out of work i think could be quite a lifesaver.
  7. Mr.Shabz


    Joined: 6 Oct 2016

    Posts: 77

    Used Cavendish for mine, brought the price down by £10pm, definitely recommend them.
  8. TallPaul1878

    Wise Guy

    Joined: 21 Oct 2012

    Posts: 2,332

    You should get life insurance if you don't have it. Here's why.

    When I first bought a house with my wife I was 24 and she was 22. It seemed quite young to be settling down in this day and age but we had been together for 3 years already so it was natural for us to buy a house.

    Part of the terms of getting a mortgage was to arrange life insurance with critical illness cover and so we did that. After a year we came to look at the life insurance as quite a big expense so we cancelled it and went a good few years without any life insurance at all.

    It was at the age of 27 that my wife was diagnosed with glaucoma and since then she has lost her eyesight, what remains is basically the equivalent of looking through tracing paper with a tiny pin hole pricked through it. She will never work again and eventually that sliver of vision that she has will be lost.

    Had we continued with the cover that we took out then we would have had our mortgage paid off.

    To cut a long story short, you don't know what the future holds. Even in your mid 20s and in good health you can be struck down.
  9. ubersonic


    Joined: 26 May 2009

    Posts: 21,147

    Nope, I thought about it but it doesn't seem like it will be useful to me after I die.
  10. Dan103


    Joined: 18 Feb 2017

    Posts: 475

    Location: County Durham

    25 bought house 2 year ago. basic life assurance as part of agreement. if me or the wife dies mortgage gets paid off no lump sum etc. When we have kids we will be reviewing and changing the policy to suit.
  11. Ace Modder

    Antec Rep

    Joined: 8 Sep 2003

    Posts: 22,606

    Location: 150 yds from OcUK

    I'm covered for £150k which is for 20 years, it costs £8.71 a month.
  12. Ace Modder

    Antec Rep

    Joined: 8 Sep 2003

    Posts: 22,606

    Location: 150 yds from OcUK

    Beagle Street.
  13. G-MAN2004


    Joined: 4 Jul 2004

    Posts: 30,299

    I can't spend it when I'm dead.
  14. Dynix


    Joined: 25 Feb 2004

    Posts: 2,801

    My partner has it, I don't yet.

    What prompted us was that her Dad had a huge heart attack last year and it's changed their (Mum/Dad) lives forever - neither can work again due to her Mum now essentially being a full time carer and sadly he is no way near as capable as he was due to severe hypoxia on the brain. Thankfully no mortgage, but having life/critical cover would've helped them a lot going into the future.

    I should have it as I'm GA pilot and anything could happen whilst I'm flying. We have a mortgage so I do want it being sorted if something did happen to me. Some of the quotes I did specifically exclude accidents/incidents whilst I'm flying which almost defeats the point of me needing cover so I've yet to find a suitable policy...

    They even bump up the price 3-5x compared to my partner just because I'm a pilot despite excluding it on the policy!
  15. signs

    Wise Guy

    Joined: 25 Oct 2016

    Posts: 1,538

    my wife has taken some out ...on me !
  16. Jono

    Man of Honour

    Joined: 18 Oct 2002

    Posts: 13,261

    Location: Northallerton/Harrogate

    Get life insurance with critical and terminal illness cover.
  17. Le Clandestin Brun


    Joined: 6 Sep 2007

    Posts: 9,071

    Those cheeky brokers who try to sell you a policy get quite a hefty bit of commission, Vitaity will give them 5-7k for each policy for example.

    You don't really need it unless you have kids. That's always been my train of thought anyway, if I went before then the wife could just sell up and downsize if she was struggling to pay the mortgage, however with all my extra rental income still coming in I think she'd have no need.

    Now that I've had my first son, it is time to look into this again. I'd like him (and any others) to want for nothing, the same as if I was still here.

    Any recommnded companies for those of us who contract and pay themselves via their own company (dividends etc.)?
  18. Steedie

    Man of Honour

    Joined: 29 Jun 2004

    Posts: 20,745

    Location: Oxfordshire

    Yeah I’m in the process of sorting Relevant life cover for me and my girlfriend as she’s an employee of my ltd company. I’m looking at around £25 a month to cover both of us for £300k cover each.

    I was originally going through Vitality but they are garbage, customer service is awful and the application was just full of obstacles in terms of lack of communication or errors on their part so binned them off. So in the market for a new company to use
  19. LeeUK


    Joined: 1 Mar 2008

    Posts: 5,738

    Why would you want £250K when you are 90. Surely your mortgage will be paid off by then.
  20. coolsurfer


    Joined: 11 Apr 2006

    Posts: 807

    Location: Yorkshire

    I later changed it to £400k for me and my wife each on separate policies till age 90. I guess the reason is be cause I can. Premiums low £29/month. Bonus money for the next generation(s). Policies put into trust to avoid inheritance tax. Also intend to have property assets higher than the inheritance tax threshold so it will be nice for there to be some tax free cash to contribute towards any inheritance tax due. Potentially intend to keep buying properties past retirement. Any life insurance will be useful to pay some debts off.

    Also If I tried to buy the same policy now just 2 years later it would cost me £45 as opposed to the £29 each we pay now so not a bad deal at the time at all. Also my wife now has a long term illness which she will be fine as long as she takes meds for life but has resulted in higher premium should we now wish to replace or buy additional cover.