Life Insurance Discussion

Giles_Helbert

I have two questions that someone may be able to help me with. I have recently had a competitive quote from Cavendish for Joint Life Cover with my wife. On reading all the Key Facts etc. I realised it was valid for the first death only. I then did two single life quotes and the difference in cost was pretty minimal. Am I missing something here or would I be stupid not to take the two single life policies rather than the Joint Policy?

My second query is that I went for a Guaranteed Increasing Benefit. I understand that the benefit increases by RPI. On reading some of the detail I notice that the premium will increase by RPI x 1.4. In other words the premium will be increased by a factor of RPI x 140% which seems pretty steep. It obviously makes minimal differnce in the early years but by the latter stages there is quote a hefty increase in premiums. Is this fairly standard with Increasing Benefit? I have some PHI and both the benefit and premium increases by RPI.

If anyone has any ideas on the above please let me know!!

Thanks

cmhbyandco

Hi,

My partner & I have just taken out a joint mortgage which was solely in my name to begin with. I had life insurance to cover the original amount & when we applied for life cover to protect the rest of the mortgage & I was turned down.

I have suffered from depression since 1999 & was hospitalised in that year due to being suicidal because of my illness & they have turned me down because of this.

Now I do not know what to do.................my partner is covered but not myself.

Any advice????

rabbit27

I have a past history of using a class A recreational drug, this was a bad time in my life which i regret fully and in no wey shape or form do i have anything to do with drugs now !
The problem i have now is that no insurance company will give me any level term insurance because of my past and i am now worried as i now have a 2 year old daughter and she would be left with nothing if something should happen to me please help !

Kind Regards

Rabbit27

upbeat_2

I have life cover which will pay off my mortgage should I die. I don't have dependants living at home. I was wondering if critical illness policy would be more beneficial. I find this whole area overwhelming and a minefield. I have PPI which pays my mortgage for one year should I become ill. What are the best critical illness policies with life cover attached. Perhaps this is the way I should go.

dunstonh

upbeat wrote: »

I have life cover which will pay off my mortgage should I die. I don't have dependants living at home. I was wondering if critical illness policy would be more beneficial. I find this whole area overwhelming and a minefield. I have PPI which pays my mortgage for one year should I become ill. What are the best critical illness policies with life cover attached. Perhaps this is the way I should go.

PHI is probably a better option.

Gman84

Hi all, I am hoping one of you great people can give me some advice.

I'm looking to take out life insurance for my mother-in-law. She is 61 and has no kind of life insurance. Basically, we are looking for something to protect us should (god forbid) pass away.

She can not afford to insure herself as she is now retired and on a small pension so we have offered to pay because at the end of the day, should she pass on, it would be left for me and my wife to sort things out.

I know there are plenty of insurance firms out there specialising in mature people's life insurance but rather than messing around getting her to do the policy then passing her the money each month to put in her bank, is there any firms that allow you to do this?

I've tried googling but whilst this seems a common practice in America, it seems unheard of here (maybe I'm using the wrong key words).

Any help or advice is gratefully received.

dunstonh

Hi all, I am hoping one of you great people can give me some advice.

Life assurance is regulated and there is no way to give advice on the forums without breaching FSA rules (and some board rules as it would put the board at risk).

I know there are plenty of insurance firms out there specialising in mature people's life insurance but rather than messing around getting her to do the policy then passing her the money each month to put in her bank, is there any firms that allow you to do this?

You cannot insure someone elses life unless you have an insurable interest and they sign to agree it. I cannot see that you have an insurable interest and therefore would not be able to take out a policy on her life.

upbeat_2

dunstonh wrote: »

PHI is probably a better option.

Would you mind explaining a little bit about what PHI is. Many thanks

dunstonh

PHI = permanent health insurance.

It is proper income protection. It is underwritten to your circumstances (unlike ASU/MPPI), it cannot be cancelled by the insurer and can go on paying out until retirement (assuming you are ill that long).

shoppaholicgirl

Are there any life insurances that pay out if you dont die? What I mean is if I took out a policy for 10 years, say, and dont die, do you get back what you've paid in, or is this something else? I'm new to all this and have never had life insurance before. I find it all a bit confusing. I'm not sure if I'd be better doing a savings plan.
Any advice please?
Lisa