gingerprince
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| posted on 18/3/09 at 01:45 PM |
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Life Assurance/Insurance
One of those dull subjects that no-one really wants to think about, and until now I never really have. However now having a Mrs and young child, I
have to consider what would happen if one of us pegged it.
If I peg it, the Mrs gets a lump sum from my pension fund (which will pay off the mortgage with some to spare). If she pegs it, I get sod all.
Either waywe would have to find hundreds a month for childcare whilst we work to earn a living.
So looking at life assurance, there's loads of different types - fixed term, level term, increasing value (to match inflation), decreasing value
(to just cover mortgage etc).
So, just doing a straw poll really to see what other people (esp. with kids) have done. i.e. what kind you've taken out, how you decided it was
suitable, and what sort of duration etc. (until dependants 18,21? until you retire?)
Also, what about things like dangerous passtimes? For example I (and a lot on here) do track days - how does this affect the position. Do you tell
them and they shaft you with costs? Do they refuse to pay out if you get run over by a bus but by-the-by didn't mention you're a
snowboarder/rock climber/track dayer etc?
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JoelP
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| posted on 18/3/09 at 04:17 PM |
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definatley time for a financial adviser! Thats how i sorted mine. 
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Guinness
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| posted on 18/3/09 at 04:48 PM |
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I have a fixed term, fixed value policy, which wil cover the mortgage and pay SWIMBO enough to see her and Ben through until he is 18.
Yvonne and I also have a joint policy to ensure that he is OK if we both peg it.
HTH
Mike
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adithorp
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| posted on 18/3/09 at 04:52 PM |
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If they don't ask don't tell them, just watch out for catch-all questions. Sports generally, no matter how dangerous, increase life
expectancy...any form of exersize being healthier than sitting on the sofa getting fat and the statistics bear that out and the insurance companies
know it.
When was the last track day fatality?
"A witty saying proves nothing" Voltaire
http://jpsc.org.uk/forum/
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Paul TigerB6
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| posted on 18/3/09 at 08:17 PM |
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as above - best to speak to a financial advisor about whats best to meet your needs (i've worked in Financial Services for 5 years before my
company went under!!). There are so many types of policy and its also worth considering critical illness (approx 5 times more likely to claim on that
then a life policy - hence the higher premiums). Some policies pay a lump sum, others a monthly income so get some advice. The advisors will be glad
of the business at the moment!!
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