Life insurance for £1 a week. too good 2b true?

nellypops

Hi All!
I just got a quote from comparison site save-simply.com after someone on money supermarket forums recommended them, the quote worked out as about £1 quid a week!! seems cheap to me! :eek::T

I have to admit this is my first life insurance policy so I have no idea what the going rate is... and I am probably just used to seeing whopping car insurance quotes! :rolleyes: I'm 35/don't smoke/keep fit etc...does this sound right?
Appreciate any advice on weather i should bite their hands off on this one!!?

Cheers

Emma x

[Deleted User]

Hi,

you don't say whether it is for £1 milllion or £1000, is it term, 10/20 years, is it with profits/endownment?

Admiral_Burrows

Hi Nelly,

Tbh that sounds a little shifty. Most insurance companies have a minimum premium of about £5.

Which insurance company is that quote with?

dunstonh

I am not aware of a single insurer that will collect weekly premims. Monthly is the normal maximum frequency.

£1 a week could relate to the equivalent minimum monthly premium that is available with some providers. Of course, the sum assured would reflect a low premium.

stephenni1971

I smell spam on this one....

New user joins in middle of the night,makes 10 posts in 10 minutes about nothing in particular,then puts up a great reccommendation for a comparison site...

Maybe that's just the cynic in me

dunstonh

I smell spam on this one....

You are not the only one. That site has been mentioned a few times in the last few days. All from new sign ups.

The site is poorly written (spelling mistakes, doesnt work on firefox) and doesnt seem to offer anything that cannot be obtained better elsewhere. It seems to be a re-direction for a number of other links as well.

Admiral_Burrows

Ug can't believe I got taken in by a spam post.

moggitymog

someone pm'd me about the same website today

dunstonh

I have just got a great deal online from cashsavingexpert.com where I got 50% of the brokers commission back for taking their policy. I thought that this was too good to be true but wasn't. I got money back which is very useful at the moment. Worth taking a look.:T

The seems like a very foolish business model and could potentially bankrupt the firm if people went there took a policy out, got the cash back and then cancelled it.

Its not a very good deal though really as other discount brokers can do better and IFAs already largely discount to some degree with their better clients anyway.

GeorgiaPie

Has anyone seen any sites offering commission rebates and cashback on life insurance?

GeorgiaPie

I've just had a look at the site you're talking about and it appears that they are offering cashback over four years or, probably more of interest, a monthly saving on the premium.

dunstonh wrote: »

The seems like a very foolish business model and could potentially bankrupt the firm if people went there took a policy out, got the cash back and then cancelled it.

Its not a very good deal though really as other discount brokers can do better and IFAs already largely discount to some degree with their better clients anyway.