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Scottish Widows LIfe Assurance
mkeane16
Posts: 43 Forumite
Hi
I took out a Life Assurance policy for myself and partner when my daughter was born in 2003 (just in case anything ever happened to one of us).
I have never had any further contact (apart from automatic renewal information) from Scottish Widows since.
Should i contact to review my policy? As payments go up slightly each year? Term of policy it up until she is 18 and it includes critical illness cover. I currently pay £52 combined each month - is this a lot? (cover payout is £100,00.00). We have NO MORTGAGE.
Many Thanks
Karen.
I took out a Life Assurance policy for myself and partner when my daughter was born in 2003 (just in case anything ever happened to one of us).
I have never had any further contact (apart from automatic renewal information) from Scottish Widows since.
Should i contact to review my policy? As payments go up slightly each year? Term of policy it up until she is 18 and it includes critical illness cover. I currently pay £52 combined each month - is this a lot? (cover payout is £100,00.00). We have NO MORTGAGE.
Many Thanks
Karen.
0
Comments
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It does sound on a little on the high side but it depends on your age/health/smoker status etc.
If you bought it from a bank then i would think you could probably get it cheaper. But as its from 2003 there could be conditions that are no longer covered on new Critical Illness policies or the conditions could be worded more in your favour on the policy you have now - in paticular cancer and mastectomy cover so double check those.I am a Mortgage AdviserYou 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.0 -
I am 38 and partner 32 - both good health and non smokers.
I remember at the time, the agent saying that critical cover would cover all types of cancer etc - but notice that looking on some sites, that only certain types are covered?
Do you think i should contact Scot Widows to ask for a review?
ta0 -
I think you should speak to a Mortgage or Financial advisor.
Scot widows can only recommend their own products. You may as well speak to someone that can compare it to other companies.
It might be worth keeping that product, but it will only get more expensive the older you get. It could be reducing the benefit on what you have and taking another to run along side it (to get the best of both worlds albeit at a reduced rate), it could be a case of keeping what you have or replacing it altogether.
But with cancer being one of, if not the highest pay out - its worth checking that bit alone.Newer policies cover more conditions in the main, but they tend to be conditions you are less likely to get, but its better to be covered than not.I am a Mortgage AdviserYou 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.0 -
ok, thanks, a friend of a friend is a financial adviser and she has just given me his number, so i will give him a call.
thanks0 -
Make sure your friend is an independent financial adviser. Not just a financial adviser. FAs are typically up to 40% more expensive on premiums than IFAs.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
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