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Life insurance with a lump sum??
Jalna
Posts: 1 Newbie
I am looking for a life insurance policy that will payout a lump sum after 10 or 15 years does anyone know if this kind of thing still exists.
When I was in my late teens I took out one of these policies with Refuge assurance but they are no longer in business, 20 years on I would like to start another one, Thanks
When I was in my late teens I took out one of these policies with Refuge assurance but they are no longer in business, 20 years on I would like to start another one, Thanks
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Comments
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For many years, hybrid products have been thought of as poor value due to upfront loadings for commission and being tax inefficient.
You would now probably be advised to separate out the life cover into a term assurance and the savings element into an ISA.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I am looking for a life insurance policy that will payout a lump sum after 10 or 15 years does anyone know if this kind of thing still exists.
The last mainstream provider withdrew endowments back in 2003 (standard life for reference).When I was in my late teens I took out one of these policies with Refuge assurance but they are no longer in business, 20 years on I would like to start another one, Thanks
They no longer exist as they are neither tax efficient or sensible. If you have a life assurance need you take out a life policy. If you have an investment need, you take out an investment. Trying to use one product that does both just fudges it and instead of getting the best of both worlds you end up with the worst of both.
BTW, the cost of endowments would be around 10 times higher than the cost of a pure term assurance.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
AkashRamchurn wrote: »Hi, i would be more then happy to help to help you we DO NOT offer endowment life insurance but can set up a straing forward life insurnce policy! , i am a Life insurance Broker that looks at the whole of the UK, if you would like i could look into this for you in greater detail?
We would have to ask a few MEdical Questions but its something i would be more then happy to assist you with.
please email me on [EMAIL="akash.ramchurn@topbranchfs.com"]akash.ramchurn@topbranchfs.com[/EMAIL] and i would be able to speak to some underwriters for you and assist you in getting some life insurance in place.
That made me laugh!I am a Financial Adviser specialising in Mortgages, Protection, Health and Medical Insurance. I also write wills. All information posted on this site is for discussion only, and should not be taken as advice.0
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