OV9

Holley wrote: Mon Nov 09, 2020 9:09 pm 12 years on the forum and finally my speciality comes up
If you want pointers just give me a call, I run an insurance shop in Northants. Also feel free to ask questions here or PM me.

Simon wrote: Mon Nov 09, 2020 9:06 pm What's the standard work package nowadays? I get 4x gross salary, including bonuses and car allowance etc. It means that the Mrs would be able to clear the mortgage and have about £125k left over. Add in selling my car etc and she should have enough for 5-7 years or so of living, mortgage free. I'd like to extend that too, what with the little'un is around.

V8Granite wrote: Tue Nov 10, 2020 7:20 am Life insurance is silly money for me, so any advice for someone who can travel to every country would be much appreciated.

I think the last quote I had was for £250 a month or so.

Dave!

JonMad wrote: Mon Nov 09, 2020 9:45 pm

Holley wrote: Mon Nov 09, 2020 9:09 pm 12 years on the forum and finally my speciality comes up
If you want pointers just give me a call, I run an insurance shop in Northants. Also feel free to ask questions here or PM me.

Will try and remember that, some of our policies are expiring soon so need to work out what to do next.

Simon wrote: Mon Nov 09, 2020 9:06 pm What's the standard work package nowadays? I get 4x gross salary, including bonuses and car allowance etc. It means that the Mrs would be able to clear the mortgage and have about £125k left over. Add in selling my car etc and she should have enough for 5-7 years or so of living, mortgage free. I'd like to extend that too, what with the little'un is around.

duncs500 wrote: Tue Nov 10, 2020 6:23 am

Simon wrote: Mon Nov 09, 2020 9:06 pm What's the standard work package nowadays? I get 4x gross salary, including bonuses and car allowance etc. It means that the Mrs would be able to clear the mortgage and have about £125k left over. Add in selling my car etc and she should have enough for 5-7 years or so of living, mortgage free. I'd like to extend that too, what with the little'un is around.

You obviously have a good mortgage to earnings ratio!

Good advice guys, thanks.

Holley wrote: Tue Nov 10, 2020 9:05 am

JonMad wrote: Mon Nov 09, 2020 9:45 pm

Holley wrote: Mon Nov 09, 2020 9:09 pm 12 years on the forum and finally my speciality comes up
If you want pointers just give me a call, I run an insurance shop in Northants. Also feel free to ask questions here or PM me.

Will try and remember that, some of our policies are expiring soon so need to work out what to do next.

my website is www.holleyprotect.co.uk if you want to bookmark (I haven't updated it in a while, but I think I'm one of the few places you can play with quotes online without having to input your personal data).

Although I have a shop just off the high street, 99% of what I do is over the phone (the shop was really an investment instead of paying rent all the time)

Holley wrote: Tue Nov 10, 2020 9:22 am

duncs500 wrote: Tue Nov 10, 2020 6:23 am

Simon wrote: Mon Nov 09, 2020 9:06 pm What's the standard work package nowadays? I get 4x gross salary, including bonuses and car allowance etc. It means that the Mrs would be able to clear the mortgage and have about £125k left over. Add in selling my car etc and she should have enough for 5-7 years or so of living, mortgage free. I'd like to extend that too, what with the little'un is around.

You obviously have a good mortgage to earnings ratio!

Good advice guys, thanks.

Work packages generally tend to have death in service (life cover, typically 4xsalary), sick pay (but normally for a limited period, typically 3-6 months) and occasionally private medical cover. What's rare to see is work places giving critical illness cover or long term income protection.

The only drawbacks for just relying solely on works cover is if you suffer adverse health and change occupations that no longer gives the same benefits. It could make it difficult to buy your own coverage. *Most of my clients will typically view their works package as extra family protection and have their own policy to cover the mortgage

Also I made the mistake of never advising clients to purchase income protection if they already had this as a benefit through work. In my time I've had 2 clients lose that benefit whilst claiming on income protection as the company was forced to make cut backs through large scale redundancies (the employer generally owns the plans, not you).

Now I don't tell people they should have it anyway as it's likely a rare occurrence, I just point out the potential drawbacks and let them decide for themselves as everyones attitude to risk is different.

*most is not actually a fair view as I'm aware that clients that contact me are doing so because they want or considering additional cover. If I conducted a survey of the general public, it would probably be very different.

Simon wrote: Tue Nov 10, 2020 9:48 am

Holley wrote: Tue Nov 10, 2020 9:22 am

duncs500 wrote: Tue Nov 10, 2020 6:23 am

You obviously have a good mortgage to earnings ratio!

Good advice guys, thanks.

Work packages generally tend to have death in service (life cover, typically 4xsalary), sick pay (but normally for a limited period, typically 3-6 months) and occasionally private medical cover. What's rare to see is work places giving critical illness cover or long term income protection.

The only drawbacks for just relying solely on works cover is if you suffer adverse health and change occupations that no longer gives the same benefits. It could make it difficult to buy your own coverage. *Most of my clients will typically view their works package as extra family protection and have their own policy to cover the mortgage

Also I made the mistake of never advising clients to purchase income protection if they already had this as a benefit through work. In my time I've had 2 clients lose that benefit whilst claiming on income protection as the company was forced to make cut backs through large scale redundancies (the employer generally owns the plans, not you).

Now I don't tell people they should have it anyway as it's likely a rare occurrence, I just point out the potential drawbacks and let them decide for themselves as everyones attitude to risk is different.

*most is not actually a fair view as I'm aware that clients that contact me are doing so because they want or considering additional cover. If I conducted a survey of the general public, it would probably be very different.

Your quote pages are broken

Delphi wrote: Tue Nov 10, 2020 10:25 am I need to sort out some life insurance but it seems very expensive for a man of my advanced years (52).

Holley wrote: Tue Nov 10, 2020 12:56 pm

Delphi wrote: Tue Nov 10, 2020 10:25 am I need to sort out some life insurance but it seems very expensive for a man of my advanced years (52).

Life Cover shouldn't be too expensive. Rough figures would be £14-18 for every £100k of cover for a non smoking 52 year old. Admittedly critical illness does get pricey in your 50's.

Worth considering AIG's Start range as instead of the traditional fixed premium, prices are cheaper and increase with age. Some don't like this but over the years I've found half of my clients seem to change plans every 1-4 years (house move, remortgage, divorce, job move etc) so it can be a cost effective way to cover yourself

JonMad wrote: Tue Nov 10, 2020 1:29 pm Holley, this is probably one of those 'how long is a piece of string' questions, but I'll ask it anyway. Is there a rule of thumb for how much cover to go for? For life and/or critical illness? Any remaining mortgages cleared + X year's worth of take home pay, for example?

I suppose you might make some cut backs if you were forced into other expenses such as additional care costs, but might not want to have to really cut back.

Good point about kids' ages being a factor as you might choose to cover enough for your other half not to have to work until they're old enough to fend for themselves.