We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Lump sum payment for life assurance?
FlatEartha
Posts: 1 Newbie
Hi
I have just been made redundant and received a lump sum redundancy payment. At the same time the Death in Service protection provided by my employer is ending. I don't want to start monthly premiums while I am out of work so was wondering if anyone has heard of using a lump sum to make a one-off payment for life assurance (preferably level term)? Obviously, no-one knows when the person insured will die so I can't see a reason why an insurer wouldn't offer this - they get a guaranteed payment upfront.
Thanks
I have just been made redundant and received a lump sum redundancy payment. At the same time the Death in Service protection provided by my employer is ending. I don't want to start monthly premiums while I am out of work so was wondering if anyone has heard of using a lump sum to make a one-off payment for life assurance (preferably level term)? Obviously, no-one knows when the person insured will die so I can't see a reason why an insurer wouldn't offer this - they get a guaranteed payment upfront.
Thanks
0
Comments
-
Level term insurance is pretty cheap, so why not keep your lump sum in case you need it before you find a new job & just pay the insurance premium every month?The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
so was wondering if anyone has heard of using a lump sum to make a one-off payment for life assurance (preferably level term)?
You can get lump sum for whole of life assurance but I am not aware of a level term assurance that does it. It wouldnt really make sense to do it for level term given the low cost and the fact that most level terms dont go the full distance.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I know the company I work for won't do lump sum payments for policies due to fraud risks, not sure on other peoples policies though2014 Wins: Theatre Tickets, Snapback Cap, £5 off magazine subscription, Dr. Oetker Pizza,0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.2K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.9K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards