Life Insurance Discussion

starrystarry

Wutang wrote: »

Life insurance pays out a lump sum if either of you die - it has nothing to do with your monthly mortgage payment.

Yes it does, the whole idea is that you get a lump sum to pay off the mortgage so you don't have to struggle making the monthly payments.

If you can manage the monthly payments on your own without much hardship, then life assurance possibly shouldn't be top of your list of priorities.

tangochick

hi,
my husband sadly died a couple of weeks ago, age 40.
obviously i am very sad, we have young children, the eldest of whom starts infant school tomorrow.
he was an alcoholic, tho i only found out a few months ago, he has left us with about £30k of debts & a large mortgage.
he has always had life insurance through his jobs, unfortunately he lost his last job about 7 wks before he died so i'm assuming that he isnt covered & our mortgage isnt covered.
Does anyone know, is there anyway i can at least claim back the money he's paid in over the years for life insurance?

i've not been widowed before, so if anyone has any advice on things- especially money, pls let me know.
i have lots to sort out, debts, pensions etc
thanks

dunstonh

starrystarry wrote: »

Mine isn't reviewable.

Tescos have changed their product (and provider) over the years. According to their current T&C, the plan offered now is reviewable.

Maybe you got one that was guaranteed.

Does anyone know, is there anyway i can at least claim back the money he's paid in over the years for life insurance?

I'm sorry for your loss. I'm afraid you cannot claim money back. Insurance is almost a bit like pay as you go. If you are paying premiums you are covered. If you stop paying, then you are not.

pixiechick99

Hi there,
I had a leaflet frm Tesco about their life insurance which I thought I should look into.
I'm 37 and have 2 children of 12 and 9.I don't have a mortgae, we rent and I have about £5k of debt. I had a look at the Tesco site but I have absolutely no idea of how long and how much I should insure for?!
Any advice would be great - I guess I should have some sort of insurance for my girls - their father has no money, but if I went I wouldnt want him getting any of my insurance pay-out, it's for the girls!
Many thanks in advance for any help;)

brianrhill

tangochick wrote: »

i've not been widowed before, so if anyone has any advice on things- especially money, pls let me know.
i have lots to sort out, debts, pensions etc
thanks

Hi

In the absence of life insurance cover, check his pensions, particularly ones he may previously contributed to as you may be entitled to the fund value - you can use http://www.thepensionservice.gov.uk/atoz/atozdetailed/pensiontracing.asp to help you with this or contact his previous employers.

May I suggest you go to your local Citizens Advice Bureau as they will be able to assist you on a local level http://www.citizensadvice.org.uk/index/getadvice

Good luck

Brian

lizard-borys

Hi
Im thinging pickup guaranteed life insurance (70000£) and guaranteed Income Protection (1800£) with free guaranteed Critical Illness Cover. Both cost me ~31£ per month. This company is good and safe??? What the position and opinion have LV on the market???

chalkswindon

lizard-borys wrote: »

Hi
Im thinging pickup guaranteed life insurance (70000£) and guaranteed Income Protection (1800£) with free guaranteed Critical Illness Cover. Both cost me ~31£ per month. This company is good and safe??? What the position and opinion have LV on the market???

Be careful the free Crit with LV is only for the equivlent of 3 months income not conventional Crit cover.

lizard-borys

Thx Any opinion about LV???

brianrhill

Its not really income protection, its unemployment cover, and as such the benefits are much more limited.

When choosing life cover, there are a number of criteria you should assess a potential provider on (this is not an exhaustive list nor one you should rely on):

1. what are you covering? Debt, income, future purchases, pension cobtributions etc?
2. How long do you need to cover it for?
3. Does the provider permit ad-hoc term variations?
4. Does the provider permit ad-hoc sum assured valuations?
5. Does the policy permit you to add or remove lives assured?
6. Does the provider permit guaranteed insurability on certain events, and what is the maximum age permitetd for this?
7. Is the policy renewable or convertible?
8. Can you change between level, decreasing and increasing cover?
9. can you add or remove Critical illness cover at inception or later?
10. Can you add or remove waiver of premium contributions?
11. Is there a separation option?
12. Is there free cover during uinderwriting?

etc etc etc

IFA's do not use comparison websites to source insurance cover.

Brian

mrsdarbs

stephenni1971 wrote: »

Are you sure your existing cover doesn't also include critical illness?

From the price it sounds like it...

Well I did check and it does include critical illness! So I haven't bothered changing lol!