i know, i am such a young spritely thing surely *i* don't need one () but does anyone know anything about them? me and hubby are thinking it's probably a good idea to take one out, but really don't have the first idea of what type of policy (are there different types???) we should look at??? we don't have loads of money but it's probably a decent investment (or is it???) haha help help!

James and I have a couples policy where we pay something like £15 a month and we are both covered for £150,000 if either one of us dies.

You can also get the policy for critical illness, but this costs more.

x

OH and I have policies with Legal & General. I think we pay about £40 a month and the payout if either of us croaks it will be enough to pay off all our mortgages plus a fair bit left. If we both go together there is enough to clear all debts and fund Wil's education plus some left for his and the animals care.

Your best bet is to see a local independent financial adviser. They generally work on commission so it won't cost anything for their services. Ours does home visits.

We are looking into to too as we are getting a mortgage, our financial advisor said it shouldnt be more than £30pm.

We have policies with Legal & General too, we have 2 going at the moment where if either one of us dies the mortgage is paid off, also another one where it would pay something like £150,000 lump sum. We only sorted them out in October (been running on a really basic crappy one for the last 7/8 years) but I cannot for the life of me think how much we pay

Like Gill said, the best person to talk to would be an independant financial advisor. xxx

hmmmm i think my dad has a financial advisor so i will ask for their number, don't think we could afford £40 but i'm sure we could find something thsnks

Haha when I first read that I thought you put 'I think my Dad IS a financial advisor', I was thinking well surely she should know

You can reduce the levels of cover to suit you and your budget so I'm sure you'll find something hun. xxx

If you just get a basic one in place now, youcan always uprgrade when your in a beter financial position x

Mines only about £6/7 a month mari. I dont have a mortgage to cover though. If I die before Caitlin is 21 or 25 cant remember, there is £100k payable to a trustee to look after her. Its a basic policy that doesnt have critical illness and if I dont die (fingers crossed!) there's nothing payable at the end (some have a bonus/loyalty pay out eg 10% of policy value if you dont croak).

Mine is inflation linked so that the payout is always worth the equivalent of £100k which means that the payments go up slightly each year eg they might go to £10 a month in 10years time but the payout would increase to £110k if that makes sense! Mine is through Abbey insurance brokers, possibly a local company, (dont know who the actual policy is under though)

hmmmmmmmm i looked at tesco and for a 'level' (non-variable?) policy for 160,000 it's 20 a month for a joint policy - or for including critical illness its a 34,000 payout...hm i need to look at what critical illness includes! will continue to ponder our limit will really be £20 a month though for sure.

If it's not to protect a mortgage then you want whats known as a level term assurance preferably with guaranteed premiums. That means that the amount you are covered for stays the same and your monthly cost can't increase either. When I used to advise clients on life insurance who were on a tight budget, I'd get their budget and get them as much cover as possible for as long as possible. Most companies have a minimum £5 per month premium and how much cover you will get for your budget will depend on your age, whether you smoke, medical history etc. Shop around though, moneysupermarket.com is a good starting point to get an idea of prices.

thanks mandy! we have seen a couple that look ok and affordable, just need to figure out what the differences/details are it is definitely level assurance that we want as it won't be mortgage related

Ours is a lot because the payout is a lot. We have mortgages totally about £650k (not all on one house ) and the policies are to last for the life of the mortgages.

If you are not covering for mortgages then I guess you just need to cover your living costs for as long as possible.