The best way to find out the cheapest price and best product is to contact a reputable independent broker. You wont be charged anymore than dealing direct with a company unless you agree a fee in advance. There are numerous online brokers who also offer special offers which would reduce your first year costs.
In regard to convertible policies, personally I feel they are good as they dont cost an awful lot extra and allow people to get additional cover when they might not have been able otherwise. I have several clients who have excercised conversion policies in the last few years because their health changed and they could not get acceptance for cover normally.
In regard to the sum assured, I dont like just quoting figures as an ideal amount as everyone has different circumstances. Things to consider though would include;
- do you have any other outstanding borrowings that you want to clear in the event of death.
- do you have savings that you could fall back on.
- do you have any dependents (child or adult) that may need care facilities/college tuition fees covered.
- Do you both work? If only one of you works or one of you earns a lot more than the other you may consider insuring their life for a greater amount.
- What you really want to budget for as an ongoing expense, everyone wants the cheapest price possible but the greater the cover, the more expensive the policy will be.
Hope this gives you some food for thought.
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