Life Best Company for Life Insurance

Hi I am 30 year old married man and we have three children. We have some life insurance as part of our mortgage but that will mostly only cover the mortgage if one of us die during the term of the mortgage. I just wanted to get some advice I would like further protection for our family against death and critical illness of my spouse or I any recommendations we cant afford a huge premium. I have heard of some companies years ago that use to get some money back at the end of term of a policy do these policy's still exist also. What is the best insurance company etc.?

IMO income protection is better than critical illness cover although I don't bother with either. I tend to favour dual convertible, but not indexed, term policies which are relatively cheap and provide cover for myself any my wife until the children are into adulthood. I have found LA Brokers good to deal with (execution only) and they offer instant online quotes, seemingly competitive pricing and sizable first year discounts. If you search Askaboutmoney you should find plenty of threads relevant to your query.

I don't think you should ever go into insurance based on what you might get back at the end of the term, insurance is something you hope never to claim on. There is nothing back on house insurance or car insurance ever if you don't claim which is the best outcome. If the policy has a savings element (not sure if they do those anymore) which gives you money back then I still wouldn't go for it, would prefer to keep savings and life cover separate.

Critical illness cover is not cheap, if your spouse is a homemaker then income protection would not cover them, only the earning spouse. Get quotes for them all from a broker and see what your budget will dictate.

On Critical Illness Cover;
Looks like Heart Attacks as understood by lay -people is now difficult to get paid out on.
So if you go for Critical Illness , ensure you fully understand the Insurers meaning not the laymans understanding .

Check out the online sites, they deal with pretty much all companies. Chill.ie 123.ie, low.ie etc that way you can keep costs down

Take out a decreasing cover plan, aka mortgage protection plan.

Your need for cover is probably at its highest now but as you and your family get older, the need for cover reduces.

With a mortgage protection plan, you can take out a higher and affordable level of cover now and the premium won't change over time.

You could also take out an income on death plan where instead of getting a big lump sum, which you then have to manage and draw an income from, the insurance company pays you a specified monthly income for the remaining term of the policy. It is a lot easier to understand.

Price wise, it all depends on what you are looking for on who the cheapest is.

Steven
www.bluewaterfp.ie