Ok, so who has it? Who do you have it with? How much do you pay and for what? Do yu think it’s worth it? Who would you recommend?

We have it because you have to if you have a mortgage.  Ours is with ReAssure formally Windsor Life.  We pay about £20 a month.  Would look around if you don’t have a mortgage as it depends what you need/want it for?

I’ve had it since I had dd1 - I just think it’s wrth it for peace of mind. Now dh and I have a joint policy, £15 a month through Bright Grey. We use an Independent Financial Adviser (free to us) who finds us deals on this and on the mortgage - I’ve done a lot of research myself and her recommendations come in much cheaper every time!

Hth xx

We are just thinking about this now too, so I’m watching the replies here with interest.

And can you get a product that pays out a lump sum at the end of the policy even if you don’t die, or is that just wishful thinking?

I don’t have any.

I don’t have any either, and dread to think what my quote would be given my scare last year. :(

Heggle - 29 February 2012 01:18 PM

And can you get a product that pays out a lump sum at the end of the policy even if you don’t die, or is that just wishful thinking?

Yes you can, but it’s MUCH more expensive, like triple the cost. After looking into it I found it was much cheaper to save money elsewhere and treat the insurance the same as car or home insurance - after all, we don’t get a payout when we don’t make a claim on those! I think it’s just one of those things that’s designed to give you peace of mind. The cost depends on your age and the term - we are almost 30 and have a 25 year term I think - but ours reduces the payout in line with our mortgage - it’s enough that the remaining partner would have no mortgage and a small amount of money for living costs. That’s all the insurance we can afford right now, in later years we’ll take out another policy if we re-mortgage but it’s really only for security for the children as that’s really the only thing we need it for.

Claire xx

DH has it as a perk through work and his employer pays all the contributions.

Yes we have it. Its around £16 a month and covers our mortgage but also a big lump sum extra so whoever is left behind doesn’t have to worry about childcare payments etc as obviously there would only be one of us to work/care.  I *think* it was through Churchill but we renew it every year so we always get the best deal. Wouldn’t be without it to be honest, not even if we had no mortgage as I dread to think what would happen to our children if one of us wasn’t here. House would have to be sold and the children would have to go to childcare all day so whoever is left could work full time.

My husband has his with the bank and its 14 per month. Mine is with scottish widows and it is 30 a month but only because I have a blood disorder and so they charge more as I suppose they think I am more likely to die. Both of these are just to cover the mortgage. My husband also has 100,000 cover with Axa for about 7 a month but I can’t get any more because of my condition. If I want 100,000 cover I have to pay about 100 quid a month and can’t afford it. If money was no option though I think I would pay it for peace of mind that my husband wouldn’t be left with nothing.

I got some just before I turned 30 (makes a big difference how old you are) with Scottish Equitable and got a fixed price (so my contributions don’t go up over time) which is really important.  Mine is critical illness as well as life insurance as we wanted to cover me if I was unable to look after the kids, we pay more for this of course, it is £28 per month.  We often “self-insure” but something like this there is no way you could cover yourself, I seem to remember we have got very generous terms so it pays out quite a lot.  DH is covered through work.

Diana

We have 3 policies. A personal one each that would pay a lump sum on our death and a joint one that would pay off the mortgage.  I think we pay £35ish/month for all three (combined price).  That means that if I die, the mortgage is paid off and there is some money for child care so Sam can carry on working.  If Sam died, the mortgage is paid off and we have something to live on and if we both died, the mortgage is paid off and there is both our policies to pay to raise the kids with enough money to pay for further education.

I would say you really need to see an independent financial advisor.  When looking at this sort of thing, I always look up the advice on Money Saving Expert.  You don’t want to find you aren’t as well covered as you thought you were.
http://www.moneysavingexpert.com/savings/best-financial-advisers
http://www.moneysavingexpert.com/insurance/level-term-insurance

We have 1 policy with Bupa and the other 2 with Bright Gray.  They were the best policies for the price.  But these things are always changing.  And an important thing, I own Sam’s policy and he owns mine.  A little thing that an online company might not point out to you (and why I’d say you need to see someone in person).  If he died and he had owned his policy, I would have to wait till all the details death were sorted before I got any money (i.e. if there were an inquest).  Because I own the policy, it is mine to claim as soon as the terms are fulfilled.  So the day after his death, I could have the money in my back account.