Life Insurance Discussion

dunstonh

Was it an IFA or an FA? most FAs are not allowed to recommend cancellation of plans. So, you often get told its best to keep it with them. There is no reason for the IFA to say you dont need it as at the end of they day, best advice always applies. If he doesnt need it now then it should be cancelled or at least revised to fit budget and actual current needs.

pink_star

dunstonh wrote: »

Was it an IFA or an FA? most FAs are not allowed to recommend cancellation of plans. So, you often get told its best to keep it with them. There is no reason for the IFA to say you dont need it as at the end of they day, best advice always applies. If he doesnt need it now then it should be cancelled or at least revised to fit budget and actual current needs.

He's sure it was an IFA and they advised him he does need it & would be of detriment to his parents if he cancelled this.

He would keep it or revise it (despite his financial situation) if he knew, that should anything happen to him, his parents are covered, but as he has no legal claim on the property any more, he's unsure they are covered by the policy. He didn't get a definate answer, just a sales pitch to keep it and pressure of another meeting with the parents so they would pay it. £46 is a lot of money to spend on a policy that could actually be void.

shaun71

I have Umberella Term Gulf War Syndrome, and I have been turned down for Life insurance by three companies. One of them have got as far to say that I had been sucsessful on the phone, then I get THE LETTER! through the door as usual, asking for another GP's report. Obviously I say yes, but then hear nothing, or get a sorry. I have applied for both Life insurance on it's own and Critical Illness, however I found that the Critical Illness was my downfall. So went for a basic Life cover. Eeven that was turned down.

How is my Wife meant to live with PEACE of MIND, if I am not insured.
Will not be able to get another Mortgage either!

I did 16yrs in the Army, and never had any problems then getting Insurance, even when in Iraq!
But now I have alot of medical issues, I am stuck and with no cover.
Any help would be very much appreciated.

Regards
Shaun

Wutang_2

shaun71 wrote: »

I have Umberella Term Gulf War Syndrome, and I have been turned down for Life insurance by three companies. One of them have got as far to say that I had been sucsessful on the phone, then I get THE LETTER! through the door as usual, asking for another GP's report. Obviously I say yes, but then hear nothing, or get a sorry. I have applied for both Life insurance on it's own and Critical Illness, however I found that the Critical Illness was my downfall. So went for a basic Life cover. Eeven that was turned down.

How is my Wife meant to live with PEACE of MIND, if I am not insured.
Will not be able to get another Mortgage either!

I did 16yrs in the Army, and never had any problems then getting Insurance, even when in Iraq!
But now I have alot of medical issues, I am stuck and with no cover.
Any help would be very much appreciated.

Regards
Shaun

Are you applying direct? If so, don't and instead ask an IFA to scour the market for you. they can ask the underwriterz and find out if anyone will do it (probably at an increased premium by the sounds of it).

carol_money_saving_newbie

My son is thinking about life insurance. He is 19 but has no dependants and he lives with me at the moment. He thinks he should have some life insurance and doesnt really know what cover he needs etc. He doesnt know whether to take out a large amount for a short time(30 years) or a smaller amount for 40 years or more. can you help...

dunstonh

carol_money_saving_newbie wrote: »

My son is thinking about life insurance. He is 19 but has no dependants and he lives with me at the moment. He thinks he should have some life insurance and doesnt really know what cover he needs etc. He doesnt know whether to take out a large amount for a short time(30 years) or a smaller amount for 40 years or more. can you help...

He has no financial need and there appears to be no insurable interest anywhere. So, why waste his money on something he doesn't need?

slav24

I have a new 62K mortgage and need to consider what cover I need, can people help me wade through the options. I am relatively young (40) and in good health, no dependants but would like to know payments covered incase I die before parent who currently lives with me. I am a civil servant so hope my job is fairly safe for the next 5 years at least!

My options appear to be:
Life Insurance
Accident / Critical Illness
Income Protection / Redundancy
Level Term cover?
All of the above!

The miriad of different combinations is giving me a headache!

wizzardmr42

Hi,

I don't know if anyone has any experience in trying to get life assurance when you are planning on leaving the country? I'm 28 and have a wife and 1 child and we are planning on moving to a different country once house prices have picked up enough for us to afford to be able to sell our house and we have sufficient savings (likely to be at least 18 months, probably more). I have spoken to Cavendish Online who said that they couldn't help as any normal life assurance company will reject me straight away and that I'd need to speak to a company with an international department.

I'd be happy to get a policy that terminated when we leave the country and to find another one in the country that we move to.

Any advice?

Thanks

dunstonh

If you are planning to leave the country then you are going to fail the underwriting questions that ask you if you plan to leave the country for anything other than a holiday or x number of days.

wizzardmr42

dunstonh wrote: »

If you are planning to leave the country then you are going to fail the underwriting questions that ask you if you plan to leave the country for anything other than a holiday or x number of days.

Right, but I was told that there are insurance companies who have departments for dealing with this kind of thing. I was hoping that someone might have some experience with it. Surely it isn't that uncommon?

Thanks