Advice on life assurance pls

droopinlily

I remember when I was young my mother used to have life insurance that she paid weekly/monthly for so many years and then she would get a small payout if she hadn't claimed.

Now I have been browsing the net and I find all of them state 'no cash in value' and I cannot for the life of me find one of the above type of policies.

Now, this is where you come in...
Can you tell me if these policies still exist and if not. Where would the best place be to put my (tiny) monthly amount? I'm afraid at the moment I could only afford a tenner a month, not much is it?:o

Any advice is welcome please.

Thanks alot

Droops

victoriaplum1

I have seen those cash back policies advertised with things like critical illness cover but never with life cover, its a good idea though Id like some of my money back if I dont shuffle off within next 25 years, itd be less depressing anyway...its depressing enough thinking about having to get life cover without all the money going down the drain if you manage to outlive the policy! Bring them on I say (as long as it doesnt make the premiums increase)

Willman_Rodders

Hi droopinlily,

The likes of the Pru, Refuge Assurance and other life companies used to offer 'industrial' policies (which were usually low premium savings policies, with the premium collected by the agent) and 'ordinary' policies. Both were in fact what we now know as endowment life policy savings plans. i.e. your premium was used to fund an element of life cover, and a savings plan.

As your post says, you paid the premiums for many years, and at the end you received your bonuses; those were the days ....

Endowments are still available - though because of the bad press in recent years not particularly popular at the moment. Not sure if your disabilitiy is life threatening - if it is you will find more of your premium going on life insurance element that if you did not have any disability.

Many companies now have minimum premiums; you may be able to find a company accepting a £10 per month.

the other alternative is to consider a 'whole of life plan' - these are predominantly life insurance schemes, but some do include a very small element of saving.

I guess the answer is do you want to save, or do your want life cover?