life assurance

J

jonny5

Guest
Im setting up a term life assurance policy for a 48yr female smoker,im not sure if it will be cheaper to set it up for 10 or 20 years? Also if a serious illness policy is set up for her husband which she pays for and is stand alone,and he gets a serious illness,is the claim cheque issued to him or is there a way to get it issued to her
 
> Im setting up a term life assurance policy for a 48yr female smoker

Do you mean as a favour or in some sort of capacity as a professional intermediary?

> im not sure if it will be cheaper to set it up for 10 or 20 years?

Life assurance will always be cheaper the shorter the term. However I'm not sure if you mean set it up now for 10 years and then renew in a decade for another ten years? I doubt that this would work out cheaper in the long run. Have you shopped around widely for quotes for 10 and 20 year terms?

Is this general life assurance or mortgage protection life assurance?

I can't answer your second question I'm afraid.
 
life

Not acting in professional capacity,just trying to provide a little guidance.Its general life assurance,not mortgage protection,ive told her that a 10yr convertible term seems the best option,her kids will be workin by then so she can increase it/switch to whole of life.Haven't been able to acquire many quotes,123.ie keeps giving me system error messages when i try to get a quote and labrokers have gone on holiday or something.
 
Life

(1) 20 year term will be more expensive than 10 years.

(2) Standalone serious illness is a waste of money, what would happen if she has a heart attack and dies after 13 days ! Life/serious illness is only a liilte more expensive.

(3) Husband should be grantee on the wifes policy. ie husband owns policy.
 
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