Level Term Life Insurance Guide Discussion

carina62

I am 52 years old with a pre-existing medical condition. I am thinking about taking out a life insurance as I have some outstanding debts which I don't want to end up leaving to my daughter to end up paying off. Would this sort of Plan be a good idea? thanks

stephen_sewell

Our life assurance,origanley Black horse but now scottish widows was originaly gave us £79,000 of life cover with profits.Over time due to inflation it is now only worth £39,000.However every time we recieved an annual statement we are informed to discuss putting more money into the life assurance policy and we were informed that this type of policy will not allow us to put more money in.Is this a case of miss selling?

dunstonh

stephen_sewell wrote: »

Our life assurance,origanley Black horse but now scottish widows was originaly gave us £79,000 of life cover with profits.Over time due to inflation it is now only worth £39,000.However every time we recieved an annual statement we are informed to discuss putting more money into the life assurance policy and we were informed that this type of policy will not allow us to put more money in.Is this a case of miss selling?

Nothing you have said indicates any mis-selling. Not even sure what you think the mis-selling could be.

Black horse Life is closed for business. So, you cannot increment existing plans beyond the specific contract terms.

If you have a decreasing term assurance then it will decrease each year. That is how the policy works. If you no longer want a decreasing term assurance then you buy a replacement policy that fits your needs.

sckoobs

I've discussed life insurance policies with a Broker who has also arranged my mortgage. He is now looking at arranging life/income insurance for my wife and I. He has said that we shouldn't use any comparison websites to get quotes for us, the reason being that it'll affect our credit rating.

I thought up til I started looking that he was telling porkies but when I see the questions that comparison sites are asking I'm thinking they could affect our rating.

Is he really telling porkies?

stephenni1971

sckoobs wrote: »

I've discussed life insurance policies with a Broker who has also arranged my mortgage. He is now looking at arranging life/income insurance for my wife and I. He has said that we shouldn't use any comparison websites to get quotes for us, the reason being that it'll affect our credit rating.

I thought up til I started looking that he was telling porkies but when I see the questions that comparison sites are asking I'm thinking they could affect our rating.

Is he really telling porkies?

Yes he is telling porkies.

dunstonh

He has said that we shouldn't use any comparison websites to get quotes for us, the reason being that it'll affect our credit rating.

Comparison sites do use the credit agencies systems to do a check but its not a credit check. It is an enquiry. The enquiry does not hurt your credit status.

Some years ago, a few did make credit checks on purchase but that is not the case any more. So, he could be a bit behind the times or he could be making the same mistake many others make when they see comparison site entries on their credit record and think that is a credit check.

cookiemom1

Hi guys I am looking for a bit of help please. my 70 year old mum took out a policy nearly 25 years ago it turns out it is not worth the paper it is written on it has decreased in value from around 50,000 t0 10,000 and now every year she gets older will keep decreasing which means by the time anything may happen to her it will be worth nothing and we will not even get what she has paid in . we think the best thing she could do is cut her losses and surrender it just now and we would get about £4,000 which she would like to prepay her funeral with . this is a worry to her that we are left with this and its money we don't have .we know she would loose out doing this but the fact that we may not even get enough to bury her if we leave it another 5 years worries her. I hate talking about this but needs to be sorted out I'm an only child so it lies with me .she also would like to take out a small policy to leave us something but when looking into it these over 50 plans are not great and not cheap and whole of life are really expensive so I was getting quotes for 10 year or 15 year polices that would take her up to 80 or 85 which would pay out 10,000 and wouldn't cost her a fortune is this the way to go ? any help or suggestions would be much appreciated . I believe the original policies she had are no longer allowed to be sold.

dunstonh

cookiemom1 wrote: »

Hi guys I am looking for a bit of help please. my 70 year old mum took out a policy nearly 25 years ago it turns out it is not worth the paper it is written on it has decreased in value from around 50,000 t0 10,000 and now every year she gets older will keep decreasing which means by the time anything may happen to her it will be worth nothing and we will not even get what she has paid in . we think the best thing she could do is cut her losses and surrender it just now and we would get about £4,000 which she would like to prepay her funeral with . this is a worry to her that we are left with this and its money we don't have .we know she would loose out doing this but the fact that we may not even get enough to bury her if we leave it another 5 years worries her. I hate talking about this but needs to be sorted out I'm an only child so it lies with me .she also would like to take out a small policy to leave us something but when looking into it these over 50 plans are not great and not cheap and whole of life are really expensive so I was getting quotes for 10 year or 15 year polices that would take her up to 80 or 85 which would pay out 10,000 and wouldn't cost her a fortune is this the way to go ? any help or suggestions would be much appreciated . I believe the original policies she had are no longer allowed to be sold.

Does she need life assurance?

Is the existing policy the best option? (a lot of the older whole of life assurance plans had a maximum age you paid where after that you retained the life assurance benefit without the need to pay premiums)

Joanne_Glitter

Hi I really need some advice. My boyfriend died suddenly a couple of weeks ago and had named me on his Life Insurance but we weren't married and his family have all his paperwork and I'm scared they will benefit. Can someone advise me what to do ..../I'm pretty sure his life insurance was with his Bank.
Hope someone can help
Jo:(

dunstonh

Joanne_Glitter wrote: »

Hi I really need some advice. My boyfriend died suddenly a couple of weeks ago and had named me on his Life Insurance but we weren't married and his family have all his paperwork and I'm scared they will benefit. Can someone advise me what to do ..../I'm pretty sure his life insurance was with his Bank.
Hope someone can help
Jo:(

Sorry for your loss.

Can you explain how you were named on his life assurance?

i.e. was a joint policy? did it have you as owner and him as life assurance (known as life of another) or was it written in trust to you?