change life insurance for cashback

benmain84

Hi

Does anyone here change their life insurance to claim a new cashback offer through quidco or topcashback.

I am looking at changing anyways as when i applied before i had a high bmi rating. I would have slightly under estimated my weight if it was not for the fact that my company put me through a free health check which would have documented my weight. This increased my premiums. So now that i have lost a bit of weight(finally) i am going to see if the premiums would have come down. I know that it will go up the older i get anyways, but if i don't check i will never know.

Is it a simple of opening the new policy and then just closing down the old one? Then hopefully another cashback.

Quentin

Yes. Usual warning that cashback only good if you actually receive it.

kingstreet

benmain84 wrote: »

Hi

Does anyone here change their life insurance to claim a new cashback offer through quidco or topcashback.

I am looking at changing anyways as when i applied before i had a high bmi rating. I would have slightly under estimated my weight if it was not for the fact that my company put me through a free health check which would have documented my weight. This increased my premiums. So now that i have lost a bit of weight(finally) i am going to see if the premiums would have come down. I know that it will go up the older i get anyways, but if i don't check i will never know.

Is it a simple of opening the new policy and then just closing down the old one? Then hopefully another cashback.

You will be writing it in trust, so the benefit gets paid quickly, directly to the parties you want to receive it and without it potentially being reduced by inheritance tax, won't you?

dunstonh

I am looking at changing anyways as when i applied before i had a high bmi rating. I would have slightly under estimated my weight if it was not for the fact that my company put me through a free health check which would have documented my weight. This increased my premiums. So now that i have lost a bit of weight(finally) i am going to see if the premiums would have come down. I know that it will go up the older i get anyways, but if i don't check i will never know.

Which is a declarable event on any new insurance policy you apply for. It may have an impact on the terms you are offered. You wont know that until after you apply though and the insurer comes back to offer revised terms or standard terms.

Is it a simple of opening the new policy and then just closing down the old one? Then hopefully another cashback.

And obviously picking the right type of life assurance, term and amount and using an appropriate trust.

marathonic

Careful though - make sure the actual premium is lower, even without the cashback.

You could find yourself signing up to a premium of £10 more expensive per year on a 30 year policy in order to get £50 cashback - with the intention of doing the same next year.

If you run into health problems during the year, you may be stuck with the more expensive policy for the entire term.

When I was taking out my insurance, I checked the cashback sites but found that I was better using Cavendish Online or Moneyworld as the premium was much, much cheaper.

This, of course, assumes that you know what type of policy you are looking for. Read my post here for more information on my research when taking out my policy:

https://forums.moneysavingexpert.com/discussion/4470641

benmain84

Thanks marathonic, very informative from a non finance expert.

Well my thinking was never to take a more expensive premium to just get cashback. For the reason you mentioned and the fact that cashback is not always paided out(i always see cashback as an added bonus if paid)

I know from accepting my previous life insurance quote that the premium got loaded due to a high bmi, which i think was over 31. I think it was in the region of an extra £10 nearly. I got it to a smaller extra £5 by reducing the total sum by a manageable amount.

Now that i have lost weight i am in the range of bmi 28. Still overweight on the scale, but not on the obese range like before. So i thought it would be a perfect opportunity to get a new quote(s) and see if i could reduce my premiums and claim cashback at the same time.

I suspect that the only issue i could have impacted on me is if i apply and get refused insurance which i would have to declare on future applications, but would it also impact other applications of credit/insurance does anyone know?