Life Assurance Advice Please

willy100_2

Hello,

I have a Progressive Protection Policy with Pheonix Life. I started the policy in 1996 and my monthly premiums are £68.02 and the life cover is for £287338. The cover is also for Critical Illness. The monthly premium is revised on an annual basis.

Please can anyone advise me whether I should keep this policy or whether there are other products on the market offering better value for money. I was once told that this type of product is no longer available to new customers and is worth keeping, but I'd appreciate any advice.

Many thanks,

Mark

dunstonh

Please can anyone advise me whether I should keep this policy

Not on the forum no. What you are asking is regulated and anyone doing that would be breaching FSA rules. We can discuss and comment only but no advice.

There are going to be pros and cons to rebrokering the plan. It sounds like you have a yearly renewable term assurance (from the annual price change). These are cheap in the early years but expensive in the later typically.

CI definitions are going to be better than what you can get today but products are typically cheaper today. So, you need to consider if you are happy to downgrade your cover for cheaper premiums. Obviously your state of health comes into play with insurability as well. Plus, there may be some guaranteed insurability options on the plan which may not be available on the alternative you chose.

I was once told that this type of product is no longer available to new customers and is worth keeping,

Thats the sort of thing a tied agent tells you. Its complete rubbish. A plan is either worth keeping or not. The fact it isnt retailed anymore doesnt give any indication of quality.