Amount of life cover??/

[Im a BusyBee]

I am looking to get life cover on my husband but i have no idea at what level i should consider?! What is the level of cover on your policy?

[redcrx]

get life cover for both of you (may be cheaper with a joint policy)

work out what youd need cover for (mortgage, loans, funeral expenses etc) and then perhaps a little bit on top as a lump sum. If you have children then perhaps add on funds to support them if you are not or unable to work

[Im a BusyBee]

thanks for your quick answer, i do realise that but just wondered what a kind of average or reasonable amount would be. It would be far too expensive to use the formula you gave vibra. i am in contact with ifa but again just wondering whats 'normal' as i have no idea what cover any one else has.

[Im a BusyBee]

i dont need it on my life i just need it on his, it would a pot for me lto ive on without his income.

[danchip]

the majority of people these days go off how much they can afford per month

for 250k your looking at �13-15 per month with a reputable company

[Im a BusyBee]

oh rite thanks for that danchip i thought it would be much more expensive than that - he is older (although not retiring age for a few years yet) and he does smoke, could you tell me then the kinda difference in premium in term assurance or whole life? and which would you think is best to take out?

[danchip]

that amount was for a non smoker with no existing medical problems and who isn't into extreme sports, obviously if your any of those then the price will go up!

suprisingly smoking makes the price go up more than being a base jumper

[buildersmate]

I see no point in using an IFA for this. They take a commission on each and every premium you pay (or agree a fixed fee for the advice and ask what rebate the company will give you back - its a competitive world out there for your business)
Term Assurance runs for a fixed length of time - say 15 years until hubby would normal retire (when one presumably becomes entitled to pension from hubby's contributions in any event). That is what one would normally be seeking.

[buildersmate]

Fine in cases of real advice. Term Cover is merely a one-off set-up of a contract, committing the punter is a fixed amount per month in exchange for a fixed value of life cover. Obviously one has to read the T&Cs, but they aren't exactly difficult to understand.
Just because it comes under the auspices of the FSA doesn't mean an IFA is good value in every case.

[danchip]

i went to an IFA to get advice of life insurance and managed to find significantly better deals myself on the internet, better cover and for a lot less money per month

IFA's are all very well and good but you'll be hard pushed to find a truly independant one who wont try and push you towards companies who pay them the highest commision

[buildersmate]

Precisely.