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Engage Mutual life assurance
Jeannie123
Posts: 50 Forumite
I hope someone can give me some advice, I need to take out an over 50's life assurance and had a quote from Engage, which seems reasonable, is this firm well known as I have not dealt with them before. please help.
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Comments
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Most over 50 plans are a bit of a con. That is why the FSA forced increased compliance warnings on them. Dont go for one of these unless you cannot get proper underwritten life assurance.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
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I am a bit naive about these plan's, in what way are they a con, I am only worried about having enough so as not to leave anyone with the costs, should anything happen to me. I am older now and the bit of assurance I have will not be enough. Where would I be best to look.0
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The over 50 plans are not medically underwritten. So, there is a period when you are not covered for any pre-exisiting conditions. Indeed, some dont cover you at all for anything other than accidental death for the first few years.
Also, the amount you pay for the level of life assurance you get is really low compared to a conventional whole of life assurance. And after all that, you usually find that after 10-15 years, you have paid more into the plan that the sum assured on the policy.
They really ought to be considered only if you cannot get conventional whole of life assurance.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 -
Thank you for your help.
The one I was going for Say's I am only covered after two years unless I have an accident. I have nothing wrong with me at the moment as far as I know, so will they pay the assured amount should I die 10 or 20 years on, you see I am really naive on this. I have retired you see, so a bit hard to get insured0 -
I am on a fixed income0
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Get a local IFA to give you a quote on a whole of life assurance policy. The terms should be better than the over 50s plans as your health is good. Plus you are covered as soon as the plan goes on risk.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
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Thank you so much dunstonh for all your help and patience, I will do as you suggest, thanks again.0
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