Personal insurance - need some - Contractor UK Bulletin Board

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kaiser78 replied

13 November 2014, 19:06
Originally posted by TheCyclingProgrammer View Post

Level term policy for me for the next 20-25 years or so (can't remember the exact term) and soon to also have a joint decreasing policy for my wife and I once we complete on our house purchase, to cover off the mortgage balance.

My broker had to shop around a bit for me because even though I had quotes as cheap as £10-15/month the cheaper insurers wanted to load my policy due to some previous health issues. Ended up with L&G at £19/month for £400k level term cover. Relevant Life was an option but due to above issues, there wasn't one that would work out cheaper overall after the tax saving.

I considered things like critical illness cover but decided I was happy to maintain my savings and war chest at a reasonable level instead.

Critical illness shoots up the premium, but worth having a level of cover as well as life IMHO.
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TheCyclingProgrammer replied

13 November 2014, 12:07
Level term policy for me for the next 20-25 years or so (can't remember the exact term) and soon to also have a joint decreasing policy for my wife and I once we complete on our house purchase, to cover off the mortgage balance.

My broker had to shop around a bit for me because even though I had quotes as cheap as £10-15/month the cheaper insurers wanted to load my policy due to some previous health issues. Ended up with L&G at £19/month for £400k level term cover. Relevant Life was an option but due to above issues, there wasn't one that would work out cheaper overall after the tax saving.

I considered things like critical illness cover but decided I was happy to maintain my savings and war chest at a reasonable level instead.
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kevpuk replied

13 November 2014, 10:18
What these guys said ^^
MyCo has a Relevant Life plan in force - kind of replaces the Death-In-Service benefit that permies have - as it is the most tax efficient way to have life insurance cover for me. Wifety and kids are set up as Trustees.........speak to IFA
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Alan @ BroomeAffinity replied

12 November 2014, 17:45
Was just about to mention Relevant Life Cover. Life insurance paid by the company with no BiK. Not every company offers it though.
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kaiser78 replied

12 November 2014, 17:22
Have you considered Relevant Life Assurance Cover, which is supposed to be a good life cover offering for small number employee ltd company set ups ?
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TheFaQQer replied

12 November 2014, 14:46
Term life insurance to cover me until I'm 65. Same for my wife.
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NonnyMouse replied

12 November 2014, 14:39
Originally posted by Pondlife View Post

Of your salary or total income including dividends?

I dont know - will check.
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Pondlife replied

12 November 2014, 14:36
Originally posted by NonnyMouse View Post

which typically pays up to 60% tax free whilst unable to work, which i guess would pay most of the mortgage/bills.

Of your salary or total income including dividends?
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NonnyMouse started a topic Personal insurance - need some

12 November 2014, 14:26
Personal insurance - need some

I have none and i'm not sure what exactly need.

I was thinking level-term for the mortgage (with add on critical illness) and a medium level PMI. However FA has suggested Permanent Health Insurance (aka long term Income Protection) which typically pays up to 60% tax free whilst unable to work, which i guess would pay most of the mortgage/bills.

What do other folks do?
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