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  1. #1
    Senior Member Rank = Supreme Champion Ajm's Avatar
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    Morbid but essential

    Life insurance people . Who do we use and what do we need to look for in a policy??

    First time looking for some now as got that lethal weapon feeling ( am to old for this shit ) and with little legs ect I need to protect her as much as possible but just haven't got a clue on what's needed ect

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    Johnathan

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  3. #2
    Extreme Koi Member Rank = Supreme Champion john1's Avatar
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    Hey Johnathan it's a big minefield out there mate.
    John

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  5. #3
    Senior Member Rank = Adult Champion Twhitenosugar's Avatar
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    Hi AjM.

    You get whole of life which is generally quite expensive. I don't know too much about this type but it is usually underwritten (they ask questions so they work out the risk of early death) and set the premium accordingly. It can also come with various options (such as with-profits).

    If you go for this type you really need to get advice from a qualified advisor, as it is a bit of a quagmire.

    Or you can get life insurance for a set period of time, this is known as term assurance. This is usually designed to cover a mortgage, so your family have a roof over there head if the worst we're to happen.

    Term assurance comes in two types -

    Level term assurance (where the amount it pays out stays the same the whole duration of the policy). This means the more the mortgage is repaid, the more of the 'sum assured' is paid to the beneficiaries.

    Or

    Decreasing term assurance (where the amount paid out by the policy reduces over the duration of the policy) - the point being that as you repay the mortgage, the less cover you need. This is cheaper than the other types, but is intended to only cover the outstanding mortgage balance, so if you wanted some money left over, this is not your best bet.

    Generally any of the policies are cheaper the younger you are when you buy them. Also if you smoke, have any long term conditions, family histories etc, this can increase the premiums.



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    Last edited by Twhitenosugar; 05-02-2024 at 11:10 PM.
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  7. #4
    Senior Member Rank = Supreme Champion Ajm's Avatar
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    Cheers Tom . Haven't got a mortgage and no plans to get one so sounds like I need to be looking towards level term make sure they have some coin to help them by

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    Freddyboy the legend

    "we are water keepers first"

    Johnathan

 

 

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