Life Insurance - Friends Life ???

TeddyGirl

I can't seem to find a company that does PHI ! Does anyone know one that does ?

Even with what your mortgage advisor suggested with Friends Life that was critical illness not PHI.

dunstonh

I can't seem to find a company that does PHI ! Does anyone know one that does ?

Most of the main insurers as well as some friendly societies. It has very little internet coverage as PPI is an easier product for comparison sites and providers to sell online. (its less profitable to them too)

InsideInsurance

TeddyGirl wrote: »

I can't seem to find a company that does PHI ! Does anyone know one that does ?

Even with what your mortgage advisor suggested with Friends Life that was critical illness not PHI.

Most of the big Protection insures and societies sell it but because its a complex product it is typically only sold via advisors and so not available to buy off websites etc.

An IFA or an advisory protection broker will be able to quickly run some numbers for you over the phone or by email but they will want to speak to you (over phone or in person) before selling it as it is an advised sale and so they are on the hook for ensuring they are selling you an appropriate product. Online sales are unadvised sales and its your responsibility to ensure you buy the right thing.

lazer

For comparison purposes:

I have PHI insurance (jsut for my own income) and it is £17 a month - it would pay enough to cover the the mortgage and bills (poss £600 - but not sure) - was take out when i was 28.

Have recently reviewed out our life insurance and now have
£40,000 of critical illness cover - (2 individual policies for me & OH)) lasting to we reach retirement age i think - this costs around £30 a month (These were taken out at age 30)

Also have about £60,000 decreasing term life insurance (To cover remainder of mortgage) - this costs £5 a month ish

So depending on your house value etc - £50 doesn't seem to bad. Some of ours is with Aviva and some with Friends Life.

Its the critical illness part that is expensive - so you could do what we have done and have to seperate policies - one with CI and one without.

The full life & CI quote for the full mortgage term for the full amount was probably around the £50 mark too

ACG

There are a few issues here:
1) Lost post - it happens. Was it friends life or was it Royal Mail or do you not know?

2)They are taking their time and being thorough, its better they do that now. Atleast then you know they are not going to try and hide behind it to avoid any payout.

3) Commission - yes, this does get paid to the broker. But so would any provider the broker recommends. If it makes you feel better, they pay commission over a 4 year period for the majority of people. Some companies do it over a 2 year period, meaning less risk for the broker on clawbacks.

4) The premium - if your looking for the same level of cover for half the price I think you are miles out. You MAY get like for like payouts, but its all of the other bits that add value to friends life. The amount of conditions covered, the level of the condition (ie its easier to make a claim on ABI+ definitions than it is on ABI definitions), best doctors, BUPA healthline. If you want cheap and cheerful, tell your broker thats what you want. Instead of recommending the best or one of the best, they will recommend something more in line with your budget.

I used to work for friends life but was made redundant... I am still singing their praises though as it is a good policy - but it does cost more.