life insurance with pay out

lazybones_3

Hi

I'm hoping somebody on here can help me. 10 years ago I took out a savings plan that included life insurance and this is about to mature, so I am looking to take out more cover. I don't seem to be able to find anything like this around now. The company it was with was taken over by Liverpool Victoria, and they no longer offer the same policy.

All I seem to be finding is life insurance with no payout at the end of the term or savings plans with no insurance.

I'd be really grateful for some advice as I'm virtually housebound so can't trawl around places, but my illness is not life-threatening, I have a very small mortgage which would be covered if my property were sold and have no dependants, so I don't think I really need just life assurance. It would be great to find something like I have so that the lump sum would be as welcome as the one I'm about to receive!!

Thanks for any help.

Debt_Free_Chick

lazybones wrote:

Hi

I'm hoping somebody on here can help me. 10 years ago I took out a savings plan that included life insurance and this is about to mature, so I am looking to take out more cover.

Basically, it's an endowment policy and you can still get them.

However, you often end up with two bad deals - life assurance that's expensive for what it provides and a savings plan with a poor rate of return.

You should really split the two out. Look for the cheapest possible life assurance and then put the balance of the money (deduct the monthly cost of the life assurance from the total you want to pay) into a savings plan. A cash mini-ISA is the first place to start as it's tax-exempt.

You can do all the research online without leaving the house.

I wonder if you really need life assurance at all though? What do you want the life assurance to do, if you die?