Life insurance help (UK)

[AnneD]

I need life insurance and I don't know where to start. I've done the online calculators but I can't quite wrap my head around all of it (blind panic takes over). I am the breadwinner for my family and I don't want to leave them in a lurch when I pop my clogs. I intend to live for a long long time yet (ha), and I don't see the point of paying in for 30 years and getting nothing if I don't die before I'm 70. (I'm 40 now.)

Do you know who I go to for advice, except those online calculators? (and phone lines - I'd rather not be advised over the phone as my hearing is shot.) What information should I gather before I start? Would anyone be willing to share what policy you have yourself, and who/where did you get it from? Tia.

 

[xxmyheartxx]

We have got ours through legal and general, took it out about 5 years ago, we pay £14 a month which will pay out a lump sum of £150k if either me or hubby dies, which would cover the mortgage and then some left over xx

 

[Lisa40]

I have some life cover through my employer as I'm in the pension scheme which is 8x salary. It's worth checking what you would have there first and then getting some independent advice. There's all kinds of different cover you can get from critical illness to life cover. Your bank will be able to offer you something but they are generally tied to a certain company & won't be independent. Have a look on yell.com for an independent advisor. Legal & general are good though, as are friends provident. Good to be thinking about it as many people don't.

x

 

[Ceejay123]

I took out mine through my bank. If -touch wood- something were to happen to me, my kids would get £159k x

 

[Pearls18]

Life cover is a very personal thing dependent on your own circumstances, I would speak to an independent financial advisor. I would also make sure your husband has cover, perhaps look at a joint policy the only reason we don't have a joint policy is because my husband's job makes him much more expensive. it's equally as important for your husband to have cover because if he was to die even though you are the breadwinner you are essentially going to lose everything he offers which enables you to be the breadwinner, so if he was a househusband you'd now need to pay for childcare, you'll have to do all the cleaning, cooking etc yourself whereas a good policy may allow you to have a cleaner etc, or if he works you will lose his wage. I like to think of life cover as way of ensuring the spouse can have the same standard of living as they had before, so for example my cover is for £350,000 which is meant to essentially be able to give a second wage every year like a 2 income family despite the fact my husband would be a single parent.