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life insurance needed asap

Last post Fri, Sep 02 2011, 8:22 AM by Zeb. 3 replies.
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  •  Fri, Sep 02 2011, 8:22 AM

    Re: life insurance needed asap

    Correct, but because to the lay person this is quite complicated is why I advised they they go and see a mortgage or financial adviser to explain and demonstrate the benefits and the costs associated.
    • Post Points: 5
  •  Thu, Sep 01 2011, 10:37 PM

    Re: life insurance needed asap

    Firstly, what do you need the cover for?

    If it is to cover a mortgage or other debt that you are repaying each month, then it is decreasing term assurance that you will need, with the term to match that of the outstanding loan.

    If it to cover any debts that you might have that might not be decreasing each month, e.g. credit card & overdraft, and perhaps leave a lump sum for your kid(s) then level term assurance is a better bet.

    If you are wanting to leave a sum of money to cover the bills incurred by whoever you have named as guardians to look after your kid(s), then look at family income benefit.

    You should have a will in which you have named the guardians for your kid(s), along with Trustees to hold any money and / or possesions on their behalf until they reach the age of 18 or 21 (you can specify in the Trust). This trust can also receive any payment from the life assurance policy.

    • Post Points: 20
  •  Thu, Sep 01 2011, 4:56 PM

    Re: life insurance needed asap

    Speak to a mortgage broker or financial adviser. There is more to this than just applying for it. They will be able to go through the neccessary options with you first and give you a choice of providers and options
    • Post Points: 5
  •  Thu, Sep 01 2011, 4:29 PM

    life insurance needed asap

    Hi

    Trying to get life in order -looking for a good deal on life insurance single parent ( 40s) so can pay £5-£10 a month any suggestions.

    Thanks

    • Post Points: 35