Life Assurance

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[timwilky]

Does your pension not include a life insurance provision?.


I am probably over insured as I (Well the missus) would get 6 time my salary in the event of my death. I also have a separate policy that would pay out £25,000 per annum for the next 19 years. I took it out 6 years ago to replace the salary I would be down in the event of my death upto my pensionable age. The wife would also get about £15,000/year from my pension.

So in the event of my death she gets a lump sum of £300,000 plus about £40,000 per year for the next 19 years and then once she also gets her pension she has to survive on £15,000 per year from me. plus of course her own pension provision

I also have a critical illness policy that would pay out £150,000 to enjoy in my last days assuming I survive a month from diagnosis of impending death.

Based on the above. I always give my bike a thorough check before setting out as I would hate to think of her being a merry widow at my expense

We are in the middle of reviewing ours at the moment - was going to ask the same questions on who is best. At the moment we use a broker as there are so many products on the market. Initially we rang about locally to ask for recommendations and went with a chap in Ascot to do the whole life story review and policy recommendations.

I never thought about this stuff before having kids and getting a mortgage - it can start getting plenty complex with the variations of cover. I leave most of it to the wife now but I think we have:

Life Insurance - Pays a lump sum annually for X years (maybe irrelevant to you as we have only to help either of us with the kids if one goes).
Mortgage Protection & Critical Illness - Cover the mortgage on death or critical illness. Note that critical Illness will make the premiums high - if its just Mortage Protection it is reasonable.

Income protection maybe one relevant once you have a mortgage to pay - We didnt go with this.

Don't forget the Building - Home & Contents - Fires/Floods/Burgs.

If you're looking for mortgage protection, you could try Liverpool Victoria. A mortgage protection policy is usually (used to be) slightly cheaper than straight life insurance, as the amount payable on death is designed to decline as the capital of the mortgage is repayed.

i stopped mine because my work pension more than covers it.

I was thinking about this the other day.

AFAIK I have no life insurance at all. Given that I still live at home with parents, if I *heaven forbid* meet my maker, would my parents be liable for stuff that I owe (i.e. balance on credit card & finance on the SV)?

If so, anyone got any tips on getting some insurance?

u got a works pension?

[embee]

Possibly some useful background here

Originally Posted by embee

Possibly some useful background here

Well that's a classy looking website...

Originally Posted by Ping

Well that's a classy looking website...

Maybe he saved some money there too!