I have a joint policy with my husband that is life cover and critical illness. We pay £28 per month. We’re 32/31 and both healthy/normal.
As you’re a single person and healthy, I would expect your policy to be cheaper however it depends on the cover you are choosing. I used to work in mortgages and do the insurance quotes and applications, and it does sound a lot you’ve been quoted in all honesty but it will depend on the cover you need. Seeing other comments here the cost does vary but it doesn’t have to be crazy expensive.
Life insurance is usually chosen to cover the mortgage should anything happen to you. You can pick a lump sum or a decreasing amount (that decreases in line with your mortgage as you pay it). This will affect the cost the most as it depends on the amount and the number of years you want the cover for. A lump is usually more expensive than one that is decreasing. If you died, would you want your family to have your house? Or would they sell it and repay the mortgage that way? This is a good read
https://www.legalandgeneral.com/lif...life-insurance-guides/life-insurance-singles/
Critical illness shouldn’t be too expensive for you due to your age and being healthy. Our mortgage adviser says that due to our age, it would be unlikely for us to get seriously ill and if we did we might need say a year off and then we’d go back to work which I think is a practical way of looking at it especially to keep costs down. So we go for £50,000 cover as that would be a years wages.
There are also other factors for us. My husband gets death in service and something else (can’t remember the name) from his job. So we are also covered that way as he is the higher earner. Do you have anything like that? We are currently remortgaging and will re look at your cover just to see if there is somewhere cheaper than our current policy. We’ve been in our house for 6 years and always re-done it but it has creeped up over the years as we’ve got older.
You can always ask your adviser what other places came out (just like mortgages they work out the best rate/price for your circumstances). If he comes back with £76,£81,£89 etc then maybe life insurance has shot up
alternatively could you have a good compare yourself online? That would be the best and easiest way if you think he’s picking too much cover or trying to push an expensive policy that you don’t think is necessary. You probably already know but advisers get commission and a monthly portion of whatever policy you take as they are the intermediary. I’m not saying he’s being unethical but it’s unfair to push an expensive policy if it doesn’t suit you and your needs.
