Life Insurance

mahon73

Does anyone know where I can find low cost term life insurance?

dunstonh

pension term assurance or level term assurance?

I'mcomingbackasaman

dunstonh wrote:

pension term assurance or level term assurance?

Why can't insurance be simple. You ask about life insurance, are given 2 options and don't know which either of them means then the nice insurance man explains the difference and by the end you go off the whole idea.
Life would be simpler if you just get what you ask for ie. Life insurance to cover your life, ie if you die your house gets paid for, or your relatives inherit or the shetland pony sanctuary get it. if you live till 65 you get a little cashback for managing to survive long enough to pick up your pension all depending on how much you've paid in, would be ideal but I've yet to find a life insurance policy like this.
All the ones I've had quotes for especially household contents insurance, there's always added extras and excesses to pay for. After saying all that does anyone know of low cost life insurance I'm interested as well.:p

jasonking

try https://www.moneysupermarket.com for both types of life cover. You might want to do some research as well though about the type of cover you should have, size, term and using a trust as well as price isnt everything. If you are unsure an IFA should be able to give an equally good price with advice into the bargain

dunstonh

Why can't insurance be simple. You ask about life insurance, are given 2 options and don't know which either of them means then the nice insurance man explains the difference and by the end you go off the whole idea.

Why should it be simple? Different people have different needs and there are different versions to suit different needs. There are not just 2 but around 15 different types of life cover. One assumes that someone wanting to arrange it themselves knows what type of life assurance they want and what trust documents are required.

all the ones I've had quotes for especially household contents insurance, there's always added extras and excesses to pay for.

Household and motor insurance is much more standardised. Life cover has many more options.

After saying all that does anyone know of low cost life insurance I'm interested as well

Pension term assurance, level term assurance? family income benefit, whole of life assurance? decreasing term assurance, pension decreasing term assurance? ....and so on.

dunstonh

as an addon to that, I just read a financial paper that has an article that states that poor IHT planning is costing the consumer £1.3billion a year and the most widespread cause of this wastage was the inclusion of life assurance in estate due to the policies not being written in trust.

I wonder how many people have gone DIY with their life cover and are saving a pound or two a month only to face a possible 40% tax bill on the life assurance payout all because they didnt put the life assurance into trust. A £150k life policy would lose £60k in tax.