What type of Life insurance

Cee

We bought our house last year, it was valued at £53,000 althought the mortgage was for £41,000.

We are not married and both have a son each from different relationships.

We both took out seperate £80,000 life and critical illness cover it costs us just under £80 pm.
Because i had an investigation into my stomach a few years ago and was found to have reflux indigestion and a small hernia, some companies were prepared to higher the charge on the premium. My partner smokes and never got anything because at the time he had stopped smoking!!

I therefore went searching myself and learnt a lot about these plans. The doctor said that my results should not be considered for such a thing as a life threatening illness can't come from it. So i applied for a new one and omitted that from the application thus receiving the policy i have now.

Look for ones that aren't reviewed after 10 years if you've had surgery in this time your premiums will rise if you take out this cover.

The upside of this i was told when first applying was ( if you call it an upside) a story about a chap who only had his house a week and had a heart attack, within a month the house was paid for and the outstanding figure he lived on happily after that.

We were advised to ask for more money so that we could be left with half of that figure incase the other partner was left to look after the children and couldn't go back to work.

Also if we bought a new house sometime in the future, and it wasn't over £80,000 we had to borrow, we wouldn't have to rush into getting a new policy drawn up.

Life insurances with payment after 15 years are a waste of time these days, the FA told us that, i had one and it hadn't made a penny in the 6 years i'd had it. Due to the current interest market I wouldn't have got all that out of it come the due date either.

dunstonh

I therefore went searching myself and learnt a lot about these plans. The doctor said that my results should not be considered for such a thing as a life threatening illness can't come from it. So i applied for a new one and omitted that from the application thus receiving the policy i have now.

It is not your place to decide to leave things out. I strongly recommend you tell the insurance company now about this as you have made a false declaration which could invalidate your claim. If it is not a life threatening issue then it wont affect your premiums. However, as it stands, you have given the insurance company a good reason to not payout in the event of your death.

Always let the insurance company decide what is important and what isnt.

payless

Must admit I also had concerns about Cees post,

As DD states non-disclosure is a major issue

also

Look for ones that aren't reviewed after 10 years if you've had surgery in this time your premiums will rise if you take out this cover.

Reviewable premiums ( whilst not what I prefer) review premiums across the board, not on individual's medical history.

dunstonh

Reviewable premiums ( whilst not what I prefer) review premiums across the board, not on  individual's medical history.

Also, reviewable plans can not only adjust premium but exclusions on the plan as well.

To be honest, its only really tied providers that sell reviewable plans nowadays. An IFA can supply a list of the best quotes and its unusual to see a reviewable plan make the first page, let alone be the cheapest.

payless

To be honest, its only really tied providers that sell reviewable plans nowadays.

However many major providers now offer both options ( more on the Crit Ill side) and guess people buying direct / execution only with no advice may not fully understand the differences , and perhaps buy the wrong type.