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  • Insurance

    Life Cover

    Hi All,

    Any of you know what's a reasonable monthly amount to be paying for Life Cover? Non Smoker, late fifties.

    Say 200k, fixed term 13 years

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    Paul,

    as brokers with a holistic approach, we not only advise on mortgages, but we also look at being able to protect your mortgage, family or income.

    As such, we would be happy to quote from a range of insurers to meet your needs.  Please feel free to give us a call on 07751 042485.

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    BTL's, residential mortgages, bridging, life cover and estate planning  

    http://www.hdconsultants.net        

    For Commercial Finance, complex BTL and HMO funding, development finance, international and expat mortgages, and portfolio BTL mortgage services Assured Funding website.

    Telephone: 07751042485      01206 654444


    Paul,

    I have just run a quick generic quote, assuming a birth date of 01/01/1960, and results returned are from £60-  £80 per month.  This is based on level term, as opposed to decresing term, which is cheaper.

    Our advice goes beyond just life insurance.  We'll put this policy in Trust for you too, at no cost.  There are two advantages to this.  The policy proceeds are outside of your Estate, so there will be no IHT paid on the proceeds, and secondly, the policy can pay out very quickly to the Trustees.  Some insurers can pay the proceeds out within a week.  With a standard policy and no trust arrangements, they can't pay out until the terms of the persons Will (if they have one) has been dealt with.  This can take months, 6 to 9 being typical.  We make no charges for our Life and Protection advice.


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    __________________________________________________________________

    BTL's, residential mortgages, bridging, life cover and estate planning  

    http://www.hdconsultants.net        

    For Commercial Finance, complex BTL and HMO funding, development finance, international and expat mortgages, and portfolio BTL mortgage services Assured Funding website.

    Telephone: 07751042485      01206 654444


    It depends on a lot of things, some insurers even base premiums on where in the country you live.

    A quick generic quote, the top result is from £53 per month (3* Defacto) or £60 (4* Defacto) or £62 (5* Defacto Gold).
    Based on the level term, as opposed to decresing term, assuming a birth date of 01/01/1960, male. 
    As though you can look for the cheapest life cover, you can pay a little bit more for a little bit more protection.  The £62 one, for example, comes with Health & Wellbeing Services.

    Hope this helps.


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    My posts are not financial advice, just a rambling guy passing time on a coffee break.
    The team at Bespoke Finance offers advice, including Limited Company Buy-to-Let , HMO Conversion and Cheap Life Insurance.

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    Main thing to remember when applying for life cover is to declare every possible element of especially your medical history - even if you consider it to be trivia - as there is now a higher declinature rate for death claims based on non disclosure.

    Same thing applies to occupational risks/hazardous sports/hobbies eg sky diving etc.

    You will also find that an Insurer who is not perhaps the very cheapest in the market may be less stringent in their medical underwriting - eg if you are a few stones overweight in relation to height - though anyone who has a BMI over say 40 (clinically obese) should expect at the very least a big premium increase and even a declinature.

    If you take regular prescription meds for eg hypertension/hyperlipidaemia or diabetes - or if you have a close family history of early death from a circulatory disorder then also expect an extra premium to be charged.

    Also make sure to declare any regular use of over the counter treatments for eg indigestion/persistent cough as that could be masking underlying pathology.

    Having said all that - apply as soon as possible as base premium rates increase by around 10% pa and some Insurers make allowance for half years of age - hence at say 58.5 you get 5% discount versus being 59 next birthday (age next being the normal basis for calculating premiums)

    If you have any of the flagged medical issues (including BMI over 25) it may be better to use a broker who will best know which insurers to approach for the cheapest overall net premium after adding any medical extras.

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    Life cover at the present time is very cheap so look around .

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