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Life Insurance


muldoon74

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After some health scares last couple of years I'm looking to get Life Insurance so that I can leave a good bit for wife etc when it happens..

 

The problem is there is simply far too much choice these days! it seems every other week there's a new advert for a new provider on TV, finding it hard to keep.

 

Another thing that puts me off is I dont want to speak to someone, unlike car insurance where you get a quote instantly with this they seem to want to phone you and talk you into paying more etc.. 

 

What's peoples experience these days? Are the new companies better or am I better sticking to one of the old companies (Scottish Widows or whatever).. 

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4 minutes ago, muldoon74 said:

After some health scares last couple of years I'm looking to get Life Insurance so that I can leave a good bit for wife etc when it happens..

 

The problem is there is simply far too much choice these days! it seems every other week there's a new advert for a new provider on TV, finding it hard to keep.

 

Another thing that puts me off is I dont want to speak to someone, unlike car insurance where you get a quote instantly with this they seem to want to phone you and talk you into paying more etc.. 

 

What's peoples experience these days? Are the new companies better or am I better sticking to one of the old companies (Scottish Widows or whatever).. 

Its not like car insurance though. 

 

Speak to an IFA for independent advice

 

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22 minutes ago, muldoon74 said:

After some health scares last couple of years I'm looking to get Life Insurance so that I can leave a good bit for wife etc when it happens..

 

The problem is there is simply far too much choice these days! it seems every other week there's a new advert for a new provider on TV, finding it hard to keep.

 

Another thing that puts me off is I dont want to speak to someone, unlike car insurance where you get a quote instantly with this they seem to want to phone you and talk you into paying more etc.. 

 

What's peoples experience these days? Are the new companies better or am I better sticking to one of the old companies (Scottish Widows or whatever).. 

 

Depending on what your health scares were, you may need to declare them and that'll push your premiums up.

Do some research whether you need to declare whatever was wrong with you, because if you do and you don't declare them, then the insurance company more than likely won't payout.

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WorldChampions1902

If you have a company pension scheme, check that it doesn’t already provide Life Cover. Usually somewhere around 2-4 times salary. Even if it doesn’t, some companies provide Life cover as part of your contract, so worth checking that too.

 

Failing those options, get some independent financial advice. Pre-conditions will bump up premiums and depending on the severity of those pre-conditions, may make cover unaffordable or not even available.

 

Good luck.

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Got my first mortgage last year so also signed up to my first life insurance policy. Went with Virgin and can't recall having to speak to anybody.

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Samuel Camazzola
2 hours ago, Jamie Walker Tash said:

Me and the mrs are with Aviva. No idea if they are any good but that's who she signed us up with.

I met with an IFA who explained there is a list of common illnesses that all the insurers consider to include. He provided a matrix which detailed these and which insurer covered what.

 

Scottish Widows are expensive and only cover for around 35 of these. Legal & General are a lot cheaper than SW and cover for around 68. Aviva are roughly the same price as L&G and cover 75 from the list. 

 

Ultimate advice is still speak to an IFA to see what is best for the individual's needs and understand the terms. 

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1 minute ago, BarneyBattles said:

 

That's critical illness rather than life cover. Critical Illness pays a lump sum if you suffer a certain illness (from a list as you say), e.g. Heart attack, stroke etc. 

 

Life cover / assurance pays out if you're deid, not because of what caused it. 

 

To the OP - I personally wouldn't take financial advice if it's only life cover you need (but by all means do if you need wider advice). 

 

You don't get many IFAs who only do life cover as unless you need a sh*tload of cover, there's nothing to it really, or much in it for them (mortgage advisers will try to sell you it though).

 

Life cover is the simplest product out there and relatively inexpensive if you only want to insure yourself until say age 65 or when the mortgage is paid off - underwriters use stats to work out how many people are likely to die - and there's not much chance of an average Joe popping their clogs before then. To decide if you need it consider the following:

 

- How much do you think your family will need? Pay off mortgage, support the kids / spouse for x amount of years.

- How much do you already have? Ask HR at work if they cover you and if any life cover is included in your pension (unlikely these days but possible).

- Bear in mind any personal pensions or stakeholder pensions would be paid out to your family too - they could take a lump sum (tax free if you die before age 75!), or use the fund to provide an income.

 

If someone came to me and asked for life cover only I'd probably tell them to go onto moneysupermarket or so and get the cheapest guaranteed rate for the level of cover they want but if you do have any pre-existing conditions that will make an underwriter jitter it might be tricky to get cover at all, or expensive. 

Absolutely. Life cover is a very simple product though the OPs previous health issues/scares may well impact the cost. 

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4 hours ago, Jamie Walker Tash said:

Me and the mrs are with Aviva. No idea if they are any good but that's who she signed us up with.

If your Avia experience is the same as mine then they are certainly good at sending an extraordinary amount of letters, on a serious note though have us fully covered so can't complain.

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Samuel Camazzola
9 hours ago, BarneyBattles said:

 

That's critical illness rather than life cover. Critical Illness pays a lump sum if you suffer a certain illness (from a list as you say), e.g. Heart attack, stroke etc. 

 

Life cover / assurance pays out if you're deid, not because of what caused it. 

 

To the OP - I personally wouldn't take financial advice if it's only life cover you need (but by all means do if you need wider advice). 

 

You don't get many IFAs who only do life cover as unless you need a sh*tload of cover, there's nothing to it really, or much in it for them (mortgage advisers will try to sell you it though).

 

Life cover is the simplest product out there and relatively inexpensive if you only want to insure yourself until say age 65 or when the mortgage is paid off - underwriters use stats to work out how many people are likely to die - and there's not much chance of an average Joe popping their clogs before then. To decide if you need it consider the following:

 

- How much do you think your family will need? Pay off mortgage, support the kids / spouse for x amount of years.

- How much do you already have? Ask HR at work if they cover you and if any life cover is included in your pension (unlikely these days but possible).

- Bear in mind any personal pensions or stakeholder pensions would be paid out to your family too - they could take a lump sum (tax free if you die before age 75!), or use the fund to provide an income.

 

If someone came to me and asked for life cover only I'd probably tell them to go onto moneysupermarket or so and get the cheapest guaranteed rate for the level of cover they want but if you do have any pre-existing conditions that will make an underwriter jitter it might be tricky to get cover at all, or expensive. 

Apologies for the confusion. This was in relation to CI. 👍 

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13 hours ago, davemclaren said:

Absolutely. Life cover is a very simple product though the OPs previous health issues/scares may well impact the cost. 

Justti clarify, my health issues were nothing serious or irreversible (in fact I have reversed them) so can't see them being an issue. They were just a sort of wake up call if you like that got us thinking. 

 

I defo think speaking to an ifa is a must. Its a mine field out there for this stuff and would be easy to get led down a path that's not right for us. 

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  • 1 year later...
henrysmithsgloves

Beware of certain policies,the one I got for the Mrs years ago now costs over £100 a month. I bought it at the time because I was the breadwinner and would have to stop working to look after our kids. The premiums rise every year until she reaches 70 after that I get hee haw🤣 plenty time to look up how to get away with murder before she reaches that age, she's been killing me slowly with her cooking over the years.....

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On 26/01/2021 at 04:08, muldoon74 said:

After some health scares last couple of years I'm looking to get Life Insurance so that I can leave a good bit for wife etc when it happens..

 

The problem is there is simply far too much choice these days! it seems every other week there's a new advert for a new provider on TV, finding it hard to keep.

 

Another thing that puts me off is I dont want to speak to someone, unlike car insurance where you get a quote instantly with this they seem to want to phone you and talk you into paying more etc.. 

 

What's peoples experience these days? Are the new companies better or am I better sticking to one of the old companies (Scottish Widows or whatever).. 

Most people over rate insurance imo. If you have health issues, you're premiums will be affected.

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7 minutes ago, Section Q said:

Most people over rate insurance imo. If you have health issues, you're premiums will be affected.

You're certainly best to get it before health issues or dying.  😎

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4 hours ago, henrysmithsgloves said:

Beware of certain policies,the one I got for the Mrs years ago now costs over £100 a month. I bought it at the time because I was the breadwinner and would have to stop working to look after our kids. The premiums rise every year until she reaches 70 after that I get hee haw🤣 plenty time to look up how to get away with murder before she reaches that age, she's been killing me slowly with her cooking over the years.....


£100 a month… surely this is with Critical Illness cover. If not shop around you’ll get a much much cheaper deal tbh 

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9 minutes ago, Greedy Jambo said:

Mugs game. 

I've never had to claim from any insurance in my life, i'm not gonna start paying them more. 


Do you not have kids? A mortgage? 
 

It’s a must have tbh 

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Just one or two bits of advice. 
 

1. Do you actually need insurance ? By that I mean what financial impact would your death have on the ones you leave behind. If you are a bit older and they’re not going to be overly adversely effected financially, frankly don’t bother. It’ll cost you an arm and a leg.

 

2. Declare EVERY health issue honest and openly. Miss something out and they’ll bend over backwards not to pay out. Let THEM decide what is relevant. If you die of a pre existing condition you haven’t declared, you’re fecked

 

3. Make sure you get the kind of policy that pays out immediately to a named beneficiary. Some policies you need to wait two years and your dependents will have to jump through hoops to get the money paid out.

Edited by JimmyCant
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3 minutes ago, JimmyCant said:

Just one or two bits of advice. 
 

1. Do you actually need insurance ? By that I mean what financial impact would your death have on the ones you leave behind. If you are a bit older and they’re not going to be overly adversely effected financially, frankly don’t bother. It’ll cost you an arm and a leg.

 

2. Declare EVERY health issue honest and openly. Miss something out and they’ll bend over backwards not to pay out. Let THEM decide what is relevant. If you die of a pre existing condition you haven’t declared, you’re fecked

 

3. Make sure you get the kind of policy that pays out immediately to a named beneficiary. Some policies you need to wait two years and your dependents will have to jump through hoops to get the money paid out.

This.

Insurance companies are a racket. But if you must get it, be completely up front with them, otherwise it's wasted money. They'll use any excuse not to pay out. Also anyone who just rolls over house insurance every year will find it goes up automatically for no extra benefit. I get new quotes every year.

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38 minutes ago, Greedy Jambo said:

Mugs game. 

I've never had to claim from any insurance in my life, i'm not gonna start paying them more. 

It's helpful for cars, homes, foreign travel amongst other things. 

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henrysmithsgloves
On 22/11/2022 at 22:31, PTBCAL said:


£100 a month… surely this is with Critical Illness cover. If not shop around you’ll get a much much cheaper deal tbh 

Gonna have to look around for a cheaper deal now she's the breadwinner,plus the fact she doesn't want the skydiving lesson or the lion taming courses I got for her Xmas🤣🤣 "only joking"...

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13 minutes ago, henrysmithsgloves said:

Gonna have to look around for a cheaper deal now she's the breadwinner,plus the fact she doesn't want the skydiving lesson or the lion taming courses I got for her Xmas🤣🤣 "only joking"...

 

Surely skydiving over the Serengeti would be a marvellous experience!

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henrysmithsgloves
1 minute ago, redjambo said:

 

Surely skydiving over the Serengeti would be a marvellous experience!

With a couple lamb legs attached to her suit😅 and mince in her pockets 

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33 minutes ago, henrysmithsgloves said:

With a couple lamb legs attached to her suit😅 and mince in her pockets 

 

To aid her aerodynamically, of course. :)

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henrysmithsgloves
7 hours ago, redjambo said:

 

To aid her aerodynamically, of course. :)

I was more thinking along the lines of a softer landing when the parachute mysteriously fails to deploy.....

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On 22/11/2022 at 22:45, Section Q said:

This.

Insurance companies are a racket. But if you must get it, be completely up front with them, otherwise it's wasted money. They'll use any excuse not to pay out. Also anyone who just rolls over house insurance every year will find it goes up automatically for no extra benefit. I get new quotes every year.

 

I normally do this every year with my house and the car insurance, always check to see if I can get it cheaper elsewhere, sometimes there can be quite a saving, sometimes not much if any.  This year I did stay with the same companies, simply because the premiums were lower than last year with the same benefits.

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