Life Insurance Discussion

dunstonh

Are there any life insurances that pay out if you dont die?

Yes. They are called endowments. You wont find many still doing those though. Even if they did, the premiums tend to be 10 times more than a pure life assurance. If you want a bit of mix and match you would do a stocks and shares ISA and a decreasing term assurance.

I'm not sure if I'd be better doing a savings plan.

Savings needs should be done with savings accounts. Investments needs should be done with investments. Life cover need should be done with life cover

If you have a life cover need then a savings account isnt going to meet that need.

gardening_diva

dunstonh wrote: »

You cannot insure someone elses life unless you have an insurable interest and they sign to agree it.

I have life assurance through my job. My husband used to have this also, but no longer has this with his new (much lower paid) job. Could I take out & pay for a life assurance policy for him? Does that qualify?

I have not seen anywhere on-line that this option is offered - it is always self or self plus partner. I don't need additional insurance for myself, just for him.

Thanks!

dunstonh

I have life assurance through my job. My husband used to have this also, but no longer has this with his new (much lower paid) job. Could I take out & pay for a life assurance policy for him? Does that qualify?

As a spouse you are deemed to have a insurable interest (i.e. if he dies, the loss of income reduces your lifestyle).

I have not seen anywhere on-line that this option is offered - it is always self or self plus partner. I don't need additional insurance for myself, just for him.

You as owner and him as life assured is fine. He will still need to sign as life assured but quote portals should offer this. It is possible that some of the DIY quote portals dont show all the options available on a policy. However, the option you want is certainly possible.

lynn.roberts

This sounds daft to me but no question is a daft question so here goes. My partner and I have recently got a morgage and need life policy...we have both been refused due to out weight(I think) I am worried now that
1. I will never find anything even though it is something we had both began to address anyway
2. If someone in the future does a credit check will the fact that the assurance was refused affect our credit scores?

dunstonh

1. I will never find anything even though it is something we had both began to address anyway

If you bring your weight back into normal tolerance then you would be considered again.

2. If someone in the future does a credit check will the fact that the assurance was refused affect our credit scores?

It isnt a credit agreement and has no impact on credit scoring.

salsa

hi, can anyone help? am looking for level term insurance should my husband or myself die. We have 2 children and i would like the money to go to them in trust and the remaining partner to receive a bit of money too, is this possible?

many thanks

shaunrc

Hi Salsa

I am an IFA so please do not take this as formal advice as for a regulated person that has a specific meaning.....

This is the sort of thing an IFA would be able to help you with i.e organising trust and trustees and giving advice. In the main get reliable people as trustees and inform them of your wishes.

The better you organise it now the more likely it is to work should you not be there to organise it yourself.

May

Good evening

I need to take out some life assurance to cover my husband and daughter should anything happen.

I have no idea where to start.

All the terminology used in the past posts has confused me more - any advice on what i should be looking for?

I basically want cover for my death and cover if i am unable to work.

thanks everyone

pete_s_2

I'm male, 59, self-employed and have been a non-smoker for about 2.5 years.
My (same age) wife works part-time; our kids are all independent adults.
My only life cover (level term assurance for £50k) has lapsed due to a massive rick on my part. We have a mortgage of about £60k, without separate mortgage protection insurance, but our house is on the market and we're planning to rent indefinitely once we've sold.
I want to give my wife some security against loss of income if I die first, but I've no idea about realistic options, how much to insure for, or even if I'll get cover at my age. Any pointers would be really appreciated.

dunstonh

how much to insure for

You insure to cover the financial need. We dont know your circumstances so we cant say.

or even if I'll get cover at my age

You will get cover. It wont be cheap but it will be available to you.