Confused...Life Insurance

dvjj

I haveread loads on here and looked at lots of different Insurance websites reading the Ts&Cs but still don't understand... If I take out a joint policy level term life Insurance for 20 years and neither of us die during that time do we get a pay out at the end of the 20 years? Does it depend who you insure with? Or am I looking at the wrong kind of policy?

I'm over 40 the other half is over 50 we are skint! If I die I don't want him to worry about burying me and if he dies I don't want to have to worry about burying him... help!


Many Thanks for any advice people can give. DD

InsideInsurance

Its insurance, if you dont die (or diagnosed with a terminal illness in many cases) then when the policy expires thats it (same as you car insurance they dont give you a cheque for the market value of your car if you dont make a claim in the policy term).

There were historically products which were a combined life insurance and investment rolled into one which did have a value if it was surrendered or kept to term however these have gone out of fashion with people preferring to buy the best for their needs of each element separately rather than a rolled up product

dunstonh

If I take out a joint policy level term life Insurance for 20 years and neither of us die during that time do we get a pay out at the end of the 20 years?

With most life assurances, no.

Those policies that used to pay out a cash value if you didnt die cost around 10-20 times more than those do not. The better way of doing it is to pay the smaller amount to a pure term assurance and the rest of the money to a stocks & shares ISA as that would be a cheaper and more tax efficient outcome.