Level Term Life Insurance Guide Discussion

oilit

dunston, kingstreet,

thank you for both the answers - I realise it may seem strange that I dont want to answer all the questions, but I get so annoyed that people always want to collect so much information that it only helps them to profile me for what else they can sell me !! (I guess we are all different....)

FWIW I am happy to talk about it with a lawyer to set up a trust - I just dont want to get endless bombardment from financial companies trying to sell me stuff in the future ;-)

You have helped focus the issues tremendously - thanks !

dunstonh

thank you for both the answers - I realise it may seem strange that I dont want to answer all the questions, but I get so annoyed that people always want to collect so much information that it only helps them to profile me for what else they can sell me !! (I guess we are all different....)

The adviser is profiling you so when you complain, they can prove that the advice they gave was correct for the circumstances. if you want best advice then you cannot expect to get it if the adviser doesn't know your circumstances.

FWIW I am happy to talk about it with a lawyer to set up a trust - I just dont want to get endless bombardment from financial companies trying to sell me stuff in the future ;-)

For most people, a solicitor arranged trust is not required and would be an unnecessary cost. An off the shelf trust can suit many needs and the insurers usually have a range available. If you dont want mailshots then you opt out of them. Most local IFA firms dont waste their budget on pointless mailshots as they dont need to get business that way. its the larger regional and national firms that need to do that.

kingstreet

oilit wrote: »

I just dont want to get endless bombardment from financial companies trying to sell me stuff in the future

I think you're missing the point here. You're going to take out two life policies. It is this which may end up with you under endless bombardment, not the issue of the trusts.

Why not simply take out your cover with your choice of insurer(s) then pay an IFA to write the trust forms for you on an execution only basis? You tell the IFA your trustees and beneficiaries and that's it - forms written up and you get the trustees to sign, then you sign them.

oilit

hi

thanks for your reply.

re:- I think you're missing the point here. You're going to take out two life policies. It is this which may end up with you under endless bombardment, not the issue of the trusts.

why would two life policies each on a different life result in more bombardment?

I just consider this for the minimal incremental cost over joint cover on a single policy to be a 'no brainer'.

re- Why not simply take out your cover with your choice of insurer(s) then pay an IFA to write the trust forms for you on an execution only basis? You tell the IFA your trustees and beneficiaries and that's it - forms written up and you get the trustees to sign, then you sign them.

This is along the lines I am thinking - the costs from the likes of Cavendish are considerably better than I have seen from the likes of SJP and my pension IFA etc. As I have eluded to before, its the whole 'how much do you earn/what assets' BS that puts me off going down the advised route.

kingstreet

I don't know if we're talking at cross-purposes here. I assumed your comment "I just dont want to get endless bombardment from financial companies trying to sell me stuff in the future" meant you wanted to avoid marketing and junk mail?

The trusts (and who writes them for you) aren't going to create the junk mail, it will be taking out the life cover that does. You'll have to give some information to the life offices you use, such as your name, address etc and unless you opt out of whatever marketing schemes they run, you'll get the bombardment.

So going to a solicitor for a trust will cost you considerably more and won't reduce the risk of the marketing junk you get. I'd say the same about IFAs. As dunston has said, IFA practices aren't normally the kind of people who cold-call their clients with marketing ideas. They don't have to do that.

Hope that clears it up.

When you decide which insurers you'll use for your cover, ask them for a copy of their form and see if you feel you could complete it yourself.

Cavendish has a copy of the old Axa form on its site, I've just googled it. Have a look and see what you think. Don't try and use it though. Axa is now Friends Life and I think the trust has been replaced.

http://www.cavendishonline.co.uk/media/pdf/life_assurance_trust/AXA%20Trust%20and%20Guide.pdf

myshall

i have had life assurance since 1992 ,terms of assurance 20 years,what happens when the 20 years expires.

kingstreet

Assuming is has no option to convert it to something else (see policy documentation) it will cease with no value on the expiry date.

N_Hall

Hi I was wondering if you could help. My wife has recently had her life insurance cancelled by her provider as she has been diagnosed with Fybromyalgia. She also has to go into hospital for an operation because of the Fybromyalgia in the next 2 months and is trying to find cover incase something happens. Most companies so far will not insure her as she is going into hospital. Do you know of any companies who provide cover for these situations.
Many Thanks

dunstonh

My wife has recently had her life insurance cancelled by her provider as she has been diagnosed with Fybromyalgia.

Life companies dont cancel policies because of a medical condition that occurs after you start a policy unless the medical condition was pre-existing and you didnt declare it on application.

So, why did they cancel it?

gerrimire

Both my wife and I are looking for a level term assurance we are both in our late 60's obviously on a pension, we are the kind of pensioners that have just the pension to live on so it needs to be fairly cheap,it is to bury us should anything happen, it sounds morbid but thats a fact of life we do not want to rely on our kids having to fork out, any suggestions.
Gerrimire