Life Life insurance policies

J

Just the One

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Can anyone recommend life policies. I am looking at multiple policies at the moment. It is a minefield really.

There are term life insurance

whole of life policies

Life assurance protection policies

Basically I want to make provision for my children when we die.

The term policies are generally for 40 years but if you don't die within that time you lose the money and the insurance company win.



any advice?
 
If you are looking to protect your children from the loss of your (and possibly your partners) income than a term policy for 20/25 years would normally suffice. Make sure to go for a dual policy (the policy will continue after the first death) and that it has a conversion option (this will allow you to continue the policy if you want at the end of the 25 years without the company asking any new medical questions). Regarding the company winning. It isn't about that, it is about protecting your children in the event of your death. If you want a savings policy, take out a separate savings policy don't mix up the two.
 
Agree with above, take out a policy for a term that should see your children independent.

You don't take out insurance and expect to win! Winning would mean dying, it's like saying I've paid house insurance all my life and the house never burnt down so I lost out, or paid car insurance for years and never had that crash. That's the whole point of it, it's insurance for something you hope will never happen.
 
Just the One said:
Can anyone recommend life policies. I am looking at multiple policies at the moment. It is a minefield really.

There are term life insurance

whole of life policies

Life assurance protection policies

Basically I want to make provision for my children when we die.

The term policies are generally for 40 years but if you don't die within that time you lose the money and the insurance company win.



any advice?
Click to expand...


How old are your children? If they are adults, is there a reason for making provision for them? If you want to ensure there is a pay out, you need whole of life cover, which ends on death. You need to make sure it's guaranteed premium so the cost isn't reviewed.

If you just want to protect family against premature death, get term cover until you expect to retire as you really need to replace lost income.

Monbretia is 100% about the purpose of life cover. It is insurance. I don't want my house to burn down so I can claim on my house insurance or crash my car so I can claim on my car insurance. Life cover is there to provide a lump sum if you die! You will never get a benefit from it. And I'm sure your family would prefer for you to be alive than have a life cover claim. It is catastrophe planning, not a savings plan.


Steven
www.bluewaterfp.ie
 
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