i want to take out an insurance policy that will ensure my boys get a good lump of money each in the event i die. The only problem is i haven't got a clue abou insurance stuff. Does anyone know what kind of policy i will need and could you guys suggest a helpful website i could check out? The mortgage is already covered if i bite the dust but i just wanna make sure the kids will have some cash and security xx

 

legal and general. Death and critical illness cover, depending on the payout you want it should cost circa tenner per month - used to be in that business in a round about kind of way. Also, if you want to shop round money supermarket should be able to give some ideas, I shopped round but L&G were best for me xx

 

Funnily enough we're sorted with L&G as well

I sorted mine through my mortgage advisor who also happens to be my cousin

 

Yeah I took advice from an associate who was a financial adviser. Well a bloke who I used to flirt with on the phone quite a lot basically lol. Good advice tho! X

 

i'll have a look at L+G, thanks lasses xx

 

We're with L&G too.

Do you have a pension? They often pay out a lump sum on death and you'd be looking after your retirement too. By the time we retire I doubt the state pension will cover the milk bill, if indeed it even exists by then. I'd look at pensions too.

 

Pension is a great idea, cheers lise, never thought of it xx

 

Although it's not cheerful to think about, if you can do so get the policy written 'into trust'. You nominate one or more adults to look after the cash on your sons' behalf (called trustees) and it means that it gets paid out a lot easier and quicker than a policy not written in trust.

If it's not written into trust whoever is managing your assets will have to include it in all the formal legal processes necessary on a death and that can take many months to reach a conclusion and payout. Putting it in trust ought to bypass that.

I think most companies send a short form once you've taken out a policy, which enables you to put it into trust if you wish. But they're not very good about advising you why you should do so, so most people innocently ignore it.

I hope that helps.

 

We went to an independent financial adviser they were a great help broke everything down so even i could understand it