Don't have any, but as a parent I feel I should.

Spoken to a financial advisor, seems very helpful.
Suggested Life cover and critical illness cover, with the setting up of a discretionary trust for the wean's benefit.

What kind of percentage would this advisor be on if I were to take on the policy?

What kinda questions should I be asking him, or the potential insurers?

Apart from the obvious (stay healthy and active, don't smoke and stay alive if you can), what advise might you give to a chap in my postition?

(If living in Scotland makes a difference – in legal terms as opposed to life-expectancy terms, just to pop the balloons of the smart-arses – that should be taken into account)

Am I worrying too much? Is it really quite simple?

Thanks for any helpful info.

life insurance – buy the cheapest possible policy. they can't really dispute your dead.

critical illness – a bit more complicated, took a while to find one that offered the right balance of cover for cost.

Most Critical illness policies only pay out if its terminal don't they?

as well as these, are your wills in order – have you set up trusts for the little one and also appointed guardian(s) for them? Quite horrible thoughts to consider, but worth doing now imo, so that your wishes can be respected and everything can be sorted fairly easily (I speak form a non legal point of view – just from the pov of being a dad myself – glad I know what will happen should me and sons mum die – who they will live with etc)

The critical illness cover is, I'm told, a terminal illness payout, yes.

Uhm, no will either 😕

Didn't think I had much to leave – three bikes (too big for her the now), circa 1500 CDs/records/tapes (dad music), a handful of books (?), an air-rifle (her mum would burn it), a small pension (and I mean small), and other accoutrements of a middle-class, middle-age, western man's life.
Don't own my house either.

God, how depressing a thought that is.

I presume they don't pay out on suicides then? 😥

Make sure that whatever you do for yourself, also do for your other half.

Lots of people only think about the 'wage-earner' but forget that if the other half died, will you still be able to earn (as much)?

Basic death cover is cheap, and based on age (with some differences for smokers etc). Do individually, although dearer than as a couple, so even if one dies there is still a policy in place.

I wouldn't bother with other types of cover, just save the premiums instead – you're only really insuring money anyway.

Avoid "critical illness" (too specific and limited to specific diseases etc.) Look for "income protection" much more wide ranging and less likely to fail when you need it.

You wouldn't want to bugger everything up by dying of the wrong thing now would you :o)

Actually, her mum and I separated recently, and she's more organised than I am, with all these things in place.
I'll need to talk to her again to find out, but I don't think I'm named as an appointed guardian or as a nominated trustee administrator.

Hay-zeuss Kreesto, that is doubly depressing!

As for the advisor who sets something up, he's keen to get something in place which makes me wonder what's in it for him. I know a person's got to make a living, but is anyone aware of what he may be after (yes, my cash, but what percentage – does it depend on an agreement with the policy provider?)

IIRC the insurance guy has to tell you his % take.

I have a critical ilness policy that definitely covers non-terminal cancer diagnosis. There are a couple of specific exclusions and the definitions are very specific, but I DO remember my financial advisor saying this policy was very thorough and covered more than most. I'm looking through the policy document now and it does look that way.
(It's called Skandia Protect – info here if you want to check it out for yourself.Skandia clicky)

Our critical illness cover is defined as being any illness that requires a stay in hospital of ten days or longer.

In reality, that's going to be a dreadfully serious illness. I am not sure if that includes things like serious RTAs or not. Practically speaking, I think the critical illness cover is most relevant for things like terminal cancer that can take maybe 18 months to run its course. I've had a few close friends and relatives die like this and the fact that their mortgage was taken care of almost immediately was of huge importance to them. The last thing you want to worry about it paying the mortgage when you've got to nurse a dying spouse.

MikeT – forgot to say, we did our wills last year thrtough the will aid scheme – where you make a donation to a charity (list of 5 or 6) rathe than pay the solicitor their fee. Might be worth considring.

We mainly did it to sort out what would happen with our son if anything bad happened – have set up a trust for him and also specified who his guardians are to be, and a second pair of guardians just in case the 1st lot arent around. Glad we did it properly looking at the situation my SOs gran is in after her tight fisted 2nd husband wrote his own will to save £300 – his estate is currently paying about £150hr to sort out his doings (and dont even get me started on the fact he said it was all of his house, when there is clear proof his wife owned and paid for >75% of it!!!)

I did start to go through a broker for life and critical cover – got fed up with the insurance company not being willing to talk to me about a couple of issues, so found another company myself and went with them (think it was friends provident???) thus broke rlost his fee and I saved a packet

MikeT YGM