When should we start looking for life insurance?

I should have read my question before pushing the button :)

Asked by Seb Bally

3 Answers

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Answered by D C, IFA in Bristol, DEVON
See my other answer!

As a general point, life insurance is really part of your overall financial management and long-term planning. It should be considered alongside savings and other long-term plans. Life insurance is needed when (as with most of us!) you have insufficient savings to meet future needs in case of adverse events. If you are saving steadily, as well as making those insurance premium payments, then eventually your savings might take over all (or much) of the need for life insurance. You become, in a sense, 'self-insured'. | 12.20.10 @ 19:28
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$commenter.renderDisplayableName() — {comment} | 11.18.17 @ 13:45
Answered by Matthew Burman, IFA in Sandbach, CHESHIRE
As soon as possible ! Some insurers will not offer terms until the baby is born just in case there are any problems with the pregnancy, but most will be fine. The questions should be How much do I need ? as this will be more debateable and important to calculate taking into account any existing cover, death in service etc and working out how much you would need in the unfortante events of one of you dying. You will need to ensure all debts are covered and have enough to bring up your new arrival until are no longer financially dependent. Good luck with the pregnancy | 12.20.10 @ 19:33
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$commenter.renderDisplayableName() — {comment} | 11.18.17 @ 13:45
Answered by Paul Ross DipPFS CII(MP&ER), IFA in Bourne, LINCOLNSHIRE
I agree with Matthew. I have just had 2 client, one who became anaemic during her pregnancy, and another developed diabetes. Both have had problems with getting life cover afterwards and nearly impossible to obtain critical illness cover, so I would strongly advise doing something now. I would look at a term to 23 years of age, as your child is likely to be dependent on you if they go to university until this age. Without knowing your personal circumstances, the sum assured is difficult to recommend for any adviser.

If you are placing the plan in your own name, I would definitely recommend it is placed in trust for beneficiaries - this is because the plan can be paid to your beneficiaries without going to probate | 12.21.10 @ 17:54
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$commenter.renderDisplayableName() — {comment} | 11.18.17 @ 13:45
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D C
D C, IFA in Bristol, DEVON

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