Life Assurance: when to pay Cavendish...

paulgreco

Hi,

I'm buying Life Assurance through Cavendish which is recommended on here. I got a quote I'm happy with but the next stage worries me - I have to arrange a time when Legal & General can ring me to go through a few questions, and it asks me to pay Cavendish their £35 in the mean time.. immediately!.. as soon as I click submit.

I am worried when I go through my medical history, L & G will want to bump up the premium, and I won't want to go through with it, which means that I will have paid £35 for nothing. Can I put off paying Cavendish until I definitely know I'm going through with it? Or will L & G definitely offer the Life Assurance at the price they quoted, in which case I'd be happy to pay them up front?

Thanks for any help..

Paul

dunstonh

Have you asked Cavendish?

lisyloo

Do you have any medical conditions that might affect your life expectancy?

Remember this is only insuring you for death, so it's not the same as sickness insurance.
So they will only be interested in things that might kill you.

paulgreco

Well, not sure how much detail you want.. I had an "indeterminate colitis" that could have been crohns or ulcerative colitis which led to major surgery. I don't suffer symptoms anymore, though I've had a few complications from the surgery.. fistuli etc.

Needless to say, my medical history isn't as clean as a whistle, but I suppose I could be seen as some kind of a risk?

I've decided I'll probably blow off Cavendish now - you can get the same price on MoneySupermarket without having to pay a broker as far as I can see.

dunstonh

I've decided I'll probably blow off Cavendish now - you can get the same price on MoneySupermarket without having to pay a broker as far as I can see.

Cavendish should beat moneysupermarket. Moneysupermarket dont rebate the full commission.

paulgreco

Well, MoneySupermarket are offering the same monthly premium (virtually) over the 20 years, again through Legal and General, without wanting any money upfront. Maybe I'd save through Cavendish in the long run - but as the payments are almost the same and I don't have to stress about whether my £35 is going down the drain, it's a no-brainer for me.

Antman171

Cavendish Online's refund policy:

Fee Refund Policy
If your policy is declined* you can either apply to another company or ask us for a full refund of your fee. If your premium is increased due to health / lifestyle* reasons or deferred then you again can apply to another company or ask us to refund one half of your fee. If your premium has not increased but you decide not to take up the policy we do not offer a refund.

* Life Assurance companies use similar underwriting criteria. Therefore if you are declined by one then you will probably be treated in a similar way by the others. If you do decide to apply to another company we recommend speaking to the underwriters at that company to ask how they will treat your situation before applying. For more information regarding this please visit our underwriting information page or contact us.

paulgreco

Thanks, mate. So you do lose money (half of it) if they bump up your premiums and you decide not to go ahead and ask for your money back. You could try for the same deal with someone else but what do you do if nobody else will give you the deal you can afford? You're snookered and Cavendish are still quids in. I think the lesson is, if you're not a banker to get the carrot they're dangling, don't use Cavendish.

dunstonh

You're snookered and Cavendish are still quids in.

Hardly. Cavendish have still had to do the work.

I think the lesson is, if you're not a banker to get the carrot they're dangling, don't use Cavendish.

I still cant see how moneysupermarket can beat Cavendish. You pay the £35 to get the policy on nil commission basis. So, unless Cavendish have stopped offering it on nil commission basis, moneysupermarket shouldnt be able to beat them unless they are giving it away for free.

I think you are being very harsh and totally unrealistic in your criticism of Cavendish. £35 for a nil commission policy is damned good value. Its not their fault if it doesnt proceed but they still refund half of it.

bunnyears567

if you apply to any Legal & General and they increase your premium because of medical history it won't make any difference who you use to apply, Cavendish or Moneysupermarket. You are still applying to Legal & General and they are still the ones who decide if your premium goes up and by what percentage.

Considering that the Cavendish quote starts lower because of them giving up all commission, that means the final offered premium must end up lower regardless of any increases at underwriting.

Also, underneath their refund policy (which you clearly have not read fully before posting) they actually tell you to call the insurer and discuss your medical history before applying and incurring the fee. I imagine this is to stop people having the problems you are expecting.