Level Term Assurance Discussion

nuttycam

Thanks for all the useful info the company that sent me that reply was life-ins.co.uk
I'm going to go with Cavendish for level term with critical illness.

johnk

Has the Level Term Assurance rate increased recently? The quotation I got now is about 13% more than end of September (NU through Cavendish).

Anyone has ever studied the trend of rates? Is it always one way up?

John

Galstonian

Not sure about that. Are you older? (i.e. is your birthday between the quotes)

payless

Yes, as well as increased age (many companies work on 1/4 yrs), rates have gone up with almost all companies in last few months

System

start 2004
looking whether renewal (of Zurich Life) for female non-smoker aged 36 for a further 25 years with level term assurance for £130,000 offers good value for money at £17.05 per month?
which websites can I visit to view this offer versus competitors?

payless

About £3-£4 pm more than the best "standard rates"

You say renewal- so is plan a reviewable plan - most still offer guranteed premiums.

New plan would mean new underwring - is renewal automatic?- is this an issue

A broker like Cavendish online will discount most providers those by around 15-20% (small fee , but rebate all commission)
Great if you know what you want , as execution only.

Or some brokers (like me) would offer standard rates, but with a cashback rebate. Good value if would consider reviewing / rebrokering again in future , and/or prefer advice.

Jenny_Boyce

This has all been incredibly useful for us and as a result we're considering buying 2 x level term policies from Lifesearch. I asked them whether they would price match the Cavendish price but they say they will only match a price for a comparable product. As Cavendish don't provide advice they don't consider this comparable but won't match. They did, however, offer to reduce their commission and the premium as a result so it's worth asking.

Although it's tempting just to take the cheapest policy, some of the small print seems pretty crucial (eg whether you can increase cover and when). Is there any quick/easy way of being able to compare policies?

payless

Not saying their basis of advice and good premium is a bad deal (although many brokers will offer this- benefits if form of reduced premium or a cashback)
But their website says-

However, if you do find a better quote than ours we will beat it! All we ask is that the quote has been obtained within the last 7 days, is like-for-like and you can provide us with a copy.

Jenny_Boyce

Yes I was aware of Lifesearch's promise, and my Cavendish quote had been obtained within the previous 7 days. However, Lifesearch told me categorically on the phone that the price beat promise only applied to comparable products and they do not accept that a product from an execution only broker is comparable. Doesn't say this in their literature though, does it!

payless

The product is comparable
although the advice process is not.