Life Insurance from Tesco advice

marbella

I was wondering if anyone has had experience of Tesco life insurance as I have just applied for £200k cover and don't want to sign any forms if its a
no go situation. Also I need to put this in trust so I hope it is an easy process. Thanks for any help you can give.

jonesMUFCforever

I think you will have to sign at some stage - firstly if they seek access to your medical records - you will need to authorise this.
After this, the report goes to the underwriters and a premium will be offered to you.(Or a straight decline !)

It is up to whether you accept or not but you will have to be very careful what you answer to any other company's question - 'Have you been refused or alternative terms issued by any other insurer'.
Even though you did not accept the Tesco insurance (if that is what you do) it will still be on the general insurance (Life) database accessible to all insurance companies.
This might be of no importance to you now but if your executors/next of kin need to make a claim because of your sudden demise - they won't be best pleased if the claim is turned down because you did not reveal a material fact when taking the policy out.

dunstonh

Last time I looked Tesco premiums were reviewable and not guaranteed. This makes it a lower quality option. It's pricing isnt as good as it used to be either.

Also I need to put this in trust so I hope it is an easy process.

What trust are you looking to use (yes, there are multiple trusts)?

silverfoxuk

dunstonh - can you elaborate a little why reviewable is 'lower quality' than guaranteed premiums?

An IFA I visited recently recommended reviewable premiums for life insurance, familiy income benefit and income protection for me. He said he's never heard of a life co reviewing premiums by more than you've already saved by going reviewable in the first place......

Am I missing something?

dunstonh

reviewable premiums can be increased in the future by the insurance company. Guaranteed cannot.

He said he's never heard of a life co reviewing premiums by more than you've already saved by going reviewable in the first place......

HSBC increased theirs a few years back for plans older than 5 years. Scot Widows have as well.

The typical first review point is 5th anniversary.

Currently, most insurance companies have their reviewable and guaranteed premiums exactly the same for pure life assurance. Its only critical illness and PHI where there are differences. So, for pure life assurance, there is little point buying a reviewable plan.