Hmmm...... life insurance advice

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gelfy666

gelfy666

Über Member
Location
telford
Right then......

Me and the wife, weve had our fair share of employment bad luck etc over the years and dont have alot put away for a rainy day.
We live in the wifes house which she has a mortgage on........ she recently moved job and now earns less, shes worried that anything happens to me she wont be able to make ends meet.

So ive decided to do something so that she has piece of mind etc, luckily we have no kids.

Can anyone suggest what i need to get?? i assume its something that covers me for getting run over or if i catch a deadly disease etc.

Any help is welcome.
 
byegad

byegad

Legendary Member
Location
NE England
Or rob the nearest RBS branch, after all, most of it already belongs to you. :wacko:
 
palinurus

palinurus

Velo, boulot, dodo
Location
Watford
Ms P and I have a joint level-term life policy (pays out amount initially borrowed on mortgage on death of either of us, with a few exemptions like suicide). You can also get a decreasing-term life policies where the amount paid out decreases approximately in line with the outstanding amount on the mortgage, that way is cheaper. We used a financial advisor for this and a few other things we needed to sort out at the time.

You can get also get policies to cover long-term illnesses (critical illness cover) but these cost more and pay out for certain listed conditions only- they can be pretty complicated, and also income protection policies which can provide you with up to about half your salary if you can't work for certain reasons- these (depending on circumstances) often tend to be cheaper than critical illness cover. If you have some savings you can reduce the cost by putting in a deferred period- e.g. no payout until you've had no salary for 18 months.

If you are employed then check what your employer offers you, how long they pay you if you are unable to work, whether there are other benefits- death in service etc. If you use a financial advisor it's useful to know this in advance.

I'll bore you people no longer.
 
swee'pea99

swee'pea99

Squire
One key consideration if you do approach an advisor: make sure at the outset you know whether they operate on a commission or fee basis. Commission may seem preferable, on account of you don't get billed by the hour at some extortionate rate, but with a commission-based earner you have to be very wary. To what extent are they motivated by your real interests, as against what they stand to make out of selling you stuff?
 
byegad

byegad

Legendary Member
Location
NE England
gelfy666 said:
she used to work for RBS lol
Click to expand...
So now we know who's fault it is!
We have seen all the top brass in RBS get golden goodbyes to go away and annoy another company, but the OP also worked for them...:rofl:...and now wants to insure against a disaster. Pity she didn't think about that before we had to cough up £billions! :cursing:
 
OP
OP
gelfy666

gelfy666

Über Member
Location
telford
byegad said:
So now we know who's fault it is!
We have seen all the top brass in RBS get golden goodbyes to go away and annoy another company, but the OP also worked for them...:rofl:...and now wants to insure against a disaster. Pity she didn't think about that before we had to cough up £billions! :cursing:
Click to expand...
 
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