Guaranteed life cover plans

edited 30 November -1 at 1:00AM in Insurance & Life Assurance
8 replies 704 views
catfordcatford Forumite
1.1K Posts
edited 30 November -1 at 1:00AM in Insurance & Life Assurance
Has anyone found any good deals on these plans ;)
I've been looking around and they all seem pretty much the same so I think some moneysaver advice is called for? :D
Any advice please?

Replies

  • catfordcatford Forumite
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    _Andy_ wrote: »
    Speak to an IFA.

    Are they free?;)
  • dunstonhdunstonh Forumite
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    Are they free?;)

    Nothing is free. DIY is not free nor is advice.
    Has anyone found any good deals on these plans ;)

    What do you mean by guaranteed life cover plans? Is this life assurance with guaranteed premiums or whole of life assurance where you pay the premium in one lump or guaranteed investment plans under the life assurance tax wrapper?
    I've been looking around and they all seem pretty much the same so I think some moneysaver advice is called for?

    Very few categories of regulated business are the same between the providers.Generics often are but the individual features and options can vary a lot.
    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.
  • catfordcatford Forumite
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    dunstonh wrote: »
    Nothing is free. DIY is not free nor is advice.



    What do you mean by guaranteed life cover plans? Is this life assurance with guaranteed premiums or whole of life assurance where you pay the premium in one lump or guaranteed investment plans under the life assurance tax wrapper?



    Very few categories of regulated business are the same between the providers.Generics often are but the individual features and options can vary a lot.

    I was looking at the sort of thing Parky is advertising for sun/axa--where you choose the amount you want to pay in and when you pop your clogs:eek: all your new friends :rolleyes: can have a good knees up.
  • dunstonhdunstonh Forumite
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    I was looking at the sort of thing Parky is advertising for sun/axa--where you choose the amount you want to pay in and when you pop your clogs:eek: all your new friends :rolleyes: can have a good knees up.

    Absolutely awful plans and should be considered last resort. Proper whole of life assurance or pre-pay funeral should be considered before those.
    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.
  • Wutang_2Wutang_2 Forumite
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    dunstonh wrote: »
    Absolutely awful plans and should be considered last resort. Proper whole of life assurance or pre-pay funeral should be considered before those.

    Hold on though - if Parky is involved it must be alright??
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • dunstonhdunstonh Forumite
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    Wutang wrote: »
    Hold on though - if Parky is involved it must be alright??

    He ought to be ashamed. Using crafty sales techniques to prey on the vulnerable generation with limited funds. AXA have to be commended for getting such an individual to promote their product. It just goes to show that if you get a naff product but a trustworthy media individual people will buy it.
    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.
  • dwsjarcmcddwsjarcmcd Forumite
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    As dunstonh says, they are expensive in comparison to other life products. There are several reasons for this
    1. As there is no underwriting the company takes more risk so the premiums need to reflect this
    2. The cover is for small amounts but the administration charges still need to be paid.
    3. There marketing costs (inc Parky) are very high
    4. They usually give you a crappy gift!
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