How much Life Assurance?

property.advert

Gatser wrote: »

Oh dear.... now I am concerned!

Are Scot Prov not a rock solid operation to depend on for Life Assurance payouts?

Perhaps dunstonh will elaborate but for certain types of policies, some providers may be more generous than others in their interpretation of whether the event is covered. Critical illness and the exclusions is one which comes to mind.

However, for term assurance, you either have a dead body or you do not; there is no room for ambiguity. Without supporting evidence, one must therefore assume it has something to do with their ability to pay out, which casts doubt on their financial stability.

I am not in this business but would also like to know why one may choose another provider for such a policy.

property.advert

dunstonh wrote: »

That doesnt surprise me. The IFAs (and mortgage advisers) on the board have in the past compared their nil commission terms with Cavendish nil commission terms and I think we all beat them.

Scot Prov would probably not be my first choice. So, don't let premium be your only guide. No point saving pence when it could cost you in the event of a claim.

OK then, male, 44, 500k, 28 years, guaranteed, no waiver, non smoker.

ACG

I agree with Dunston, i would on very rare occassions use Scot Prov.

On the few occasions i have i have not had great service and ive also heard a lot of bad things regarding peoples claims experience.

That being said stand alone life insurance is the one thing i would use them for. As property.advert has said if you die you die there is no argument really.

weighty1_2

^ Think you're being rather kind by saying you "have not had a great service". I can categorically state that they have offered me the worst service of any life company I have EVER used!!

They out source a lot of their services so one department doesn't know what another is doing, the underwriting turn-around times are ridiculously long and their application system completely antiquated. The most recent case I submitted to them took over 2-weeks longer to underwrite a life policy than a PruProtect took to underwrite a life & serious illness cover plan. They also have the audacity to post out a flyer for their "premier" service stating how they are improving things.....I've yet to see any indication of this improvement!

However, dead is dead and there isn't any ambiguity therefore I do use them when they are the most cost effective provider and there aren't any underwriting issues necessitating use of another provider.

Bigsmak

property.advert wrote: »

OK then, male, 44, 500k, 28 years, guaranteed, no waiver, non smoker.

One quick quote with 1 provider (a good one) could get that for £59 per month.. Might find it cheaper but I'd need to look around.

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With regards to the rest of the discussion. Yes you can find things for a few pound cheaper with anything in life. But I would always go with the company that you can actually speak to someone who knows what they are doing (and can often actually Help you) rather than a company that is saving money left right and centre to save a few bucks.

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I think the answer has been given about how much you should cover yourself for ... I like the 5% approach (as you can always invest the lump sum to provide a 5% payout per annum and have the chance at some growth as well.

And yes.. I would also take into account IHT planning should you exceed the limits.