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Life Insurance Question

bedlyn
bedlyn Posts: 2 Newbie
in Insurance & life assurance
Hi all,

I am reviewing my Life insurance :money: and was wondering what the terms guaranteed and reviewable mean when using comparison sites for quotes.

I am assuming they are self explanatory but thought I woudl ask anyway.

Thanks in advance.

B.

Comments

  • dunstonh
    dunstonh Posts: 120,000 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Guaranteed are guaranteed premiums for the term of the policy. Reviewable are ones that can change their premium at defined points (often every 5 years). Other things to look out for are guaranteed insurability options.
    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.
  • bedlyn
    bedlyn Posts: 2 Newbie
    dunstonh wrote: »
    Guaranteed are guaranteed premiums for the term of the policy. Reviewable are ones that can change their premium at defined points (often every 5 years). Other things to look out for are guaranteed insurability options.

    Guaranteed insurability options? Like the ones Michael Parkinson touts on the telly?
  • kingstreet
    kingstreet Posts: 39,312 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Absolutely not.

    GIO is the right to increase your cover, without evidence of health or insurability, on the happening of certain events. These are usually;-

    - moving house
    - marriage
    - childbirth

    or similar.

    Such an option can be very valuable if you would like higher cover but have suffered an illness which may prevent you getting that cover at a decent price, or at all.
    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.
  • storick99
    storick99 Posts: 5 Forumite
    Hi, I am new in this forum and very glade to know about this forum. We are well experienced professionals committed to delivering superior service and guidance when it comes to life insurance, term insurance, term life insurance, whole life insurance, cheap life insurance and others.
  • OshayAway
    OshayAway Posts: 715 Forumite
    storick99 wrote: »
    Hi, I am new in this forum and very glade to know about this forum. We are well experienced professionals committed to delivering superior service and guidance when it comes to life insurance, term insurance, term life insurance, whole life insurance, cheap life insurance and others.
    Very professional... can't spell the word 'glad'!

    Spam fritters anyone?
  • dunstonh
    dunstonh Posts: 120,000 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    storick99 wrote: »
    Hi, I am new in this forum and very glade to know about this forum. We are well experienced professionals committed to delivering superior service and guidance when it comes to life insurance, term insurance, term life insurance, whole life insurance, cheap life insurance and others.

    Experienced professionals don't sound like chavs.

    You seem to have come up with some new names for the life assurance products as well. I wont dwell on your incorrect use of insurance instead of 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.
  • OshayAway
    OshayAway Posts: 715 Forumite
    dunstonh wrote: »
    Experienced professionals don't sound like chavs.

    You seem to have come up with some new names for the life assurance products as well. I wont dwell on your incorrect use of insurance instead of assurance.
    Thanks dunstonh, that made me chuckle :)
  • weighty1_2
    weighty1_2 Posts: 373 Forumite
    Business must be quiet out there for some. Hey ho, lets just keep caring and sharing though! I'm just waiting for the links to start appearing.....
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