Life Insurance help please.

di3004

Hi folks

Just a bit of info/advice if possible please.

My hubby has a life insurance with our bank of Lloyds TSB, when he had taken this out a few years ago, he was a Steel worker, so high risk basically when he taken this out.

He pays almost £45 a month for this cover.

Unfortunately over a year ago the steelplant went into administration, where he is no longer a steel worker, even though he has had contracts here and there since with other companies (not steelworks), he's unfortunately unemployed again due to masses of job losses at the company.

I understand that everyone's policy will vary from one to another, but apart from depression which was only diagnosed last year, he is not under a specialist though, he has no serious health issues, such as family history illnesses etc.

Do you think it would be wise for my hubby to check out new cheaper quotes now that he is not a steelworker and not working as well, this should save money also?

And I don't think he is tied into this cover either.

Will be happy to hear your suggestions on this matter, thank you.;)

di3004

Bumpety Bump

stephenni1971

Usually when you take out life insurance in a high risk occupation out will have a 'loading' placed on the premium over that for a standard occupation.

If you go back to your existing insurer and tell them that the higher risk loading no longer applies then they should be able to look at it for you.

di3004

stephenni1971 wrote: »

Usually when you take out life insurance in a high risk occupation out will have a 'loading' placed on the premium over that for a standard occupation.

If you go back to your existing insurer and tell them that the higher risk loading no longer applies then they should be able to look at it for you.

Thank you.:T;)

OshayAway

If like many insurers they don't allow existed policies to be ammended but simple re-quote for a new replacement policy, you would do well to look start from scratch via a whole of market broker.

di3004

OshayAway wrote: »

If like many insurers they don't allow existed policies to be ammended but simple re-quote for a new replacement policy, you would do well to look start from scratch via a whole of market broker.

Yes I agree, thank you.;)