Life Insurance

dizzybuff

Okay i am reviewing all of our insurance which I do every year ior so , We have life assurance term over 25 years with critical illness cover with legal and general

Only thing is this was done through a FA , he came up with this policy at 117 a month as they generally always pay.

Just need a bit of advise, do I approach Leagal and general to see if they can reduce the payments to keep our buisness , or do I start to look around.

I have looked on smartspend and L&G are currently doing cashback of 50 quid but u have to phone em for a quite for critical illness.

I feel this is one of our essential spendings , just in case anything happens to us I know muy son will be fine. ( Life changes once u have kids)

Anyhoo, need to try and get this sorted

The will is in the process ( got this free through UNISON)

Any advise would be lovely

ME

dunstonh

do I approach Leagal and general to see if they can reduce the payments to keep our buisnes

You are a client of the IFA, not L&G. The only way they will consider what you want is to cancel the insurance and start again. However, L&G prices using their own staff are more expensive than an IFA.

dizzybuff

thanks for that , may see what our ifa says ...

dizzybuff

Okay approached the IFA and he says it will be more for a like for like policy ... Its the criticqal illness cover that hikes it up..

Soo not quite sure what to do now

naijapower

Yes it is critical illness cover (CIC) that takes the price up.
It would be higher now as it is age related as well. i.e. cheaper when u took it out cos u were younger

dunstonh

CI cover has increased in cost in recent times and the levels of cover on new business is not as good as it was years ago. Existing plans in force get the level of cover that was in place when they took the plan out. So, changing to save some money can also mean you reduce the cover as well.

dizzybuff

Thanks we are leaving as it is for now , gonna review other insurance lol