Life Insurance

[Marlon Brendo]

How many of you have life insurance and when did you finally realise it was time to take some on?

I've recently taken out home insurance and pet insurance and to be honest i do feel better having them in place.

with life insurance, i hate the thought of me dying or contracting a terminal illness and leaving the girlfriend having to pay for the house and everything on her own with me not there to help, but i'm only 25 so is it worth getting now or do people generally wait until they are older?

also, what amount of coverage would i need? I was looking at amounts round about £250,000, is that too much or pretty standard? and is it worth taking out a policy that has us both on?

[daveydavey]

As a rule you'll always get it cheaper when you're younger. Get what you'd like to have now while you're young IE enough + luxuries. As you get older the value of money will decrease and that policy will probably just cover the essentials.

Then when you're older you can either change your policy or simply purchase a new policy to cover any luxuries you want.

These policies are not ISA's, have as many as you like, chop and change etc.

But now would be a good time to get a "big" payout policy in place.

[Marlon Brendo]

Originally Posted by daveydavey

As a rule you'll always get it cheaper when you're younger. Get what you'd like to have now while you're young IE enough + luxuries. As you get older the value of money will decrease and that policy will probably just cover the essentials.

Then when you're older you can either change your policy or simply purchase a new policy to cover any luxuries you want.

These policies are not ISA's, have as many as you like, chop and change etc.

But now would be a good time to get a "big" payout policy in place.

thanks mate. i'll get it sorted this afternoon