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My life insurance policy Can anyone help??
get_me_debt_free
Posts: 311 Forumite
Hi all,
I have a critical illness policy with HSBC, which I took out about 6 years ago,
I have £130,000 cover for £26 a month,
I recently asked for a quote to up this amount to 160k the quote came back as £37 a month, till 10th september 2027
Is this a good Deal?
I asked for the increase as I have a Mortgage of 112,000 and various debts of £10k and legal fees attached to the house of 12k, I am a single mum with 2 very small children and I worry that they would have enought to live on, I have to reply by 8th August as they dont do this cover anymore.
Could do with some help off you guys...
Thanks:j
I have a critical illness policy with HSBC, which I took out about 6 years ago,
I have £130,000 cover for £26 a month,
I recently asked for a quote to up this amount to 160k the quote came back as £37 a month, till 10th september 2027
Is this a good Deal?
I asked for the increase as I have a Mortgage of 112,000 and various debts of £10k and legal fees attached to the house of 12k, I am a single mum with 2 very small children and I worry that they would have enought to live on, I have to reply by 8th August as they dont do this cover anymore.
Could do with some help off you guys...
Thanks:j
BR on 21st December 2009.. life begins!
0
Comments
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HSBC, like the rest of the banks, retail their products at much higher prices than the whole of market options.
IIRC, current HSBC CI policies are also reviewable and HSBC have activated the revew in the past to increase premiums.
So, based on the limited information, I would say no. Its not a good deal.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
As dunstonh says, if the quote is from HSBC it's unlikely to be particularly competitive. It's worth shopping around a few brokers and see what difference they can make to the premium - I'd start somewhere like MoneySupermarket.
Was it a pure criticall illness policy or life insurance (level/decreasing term) with critical illness?0
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