We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 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!
Life insurance
Options
NicNicP
Posts: 249 Forumite
Just looking at life insurance after purchasing a new property and wondered whether people would advise to have a level or decreasing policy? The decreasing policy is more expensive than the level policy. I thought it would be the other way round as the amount paid out would decrease as the years passed?
0
Comments
-
Just looking at life insurance after purchasing a new property and wondered whether people would advise to have a level or decreasing policy?
You should purchase the life assurance to fit the need. No more, no less.The decreasing policy is more expensive than the level policy. I thought it would be the other way round as the amount paid out would decrease as the years passed?
That suggests an input error as DTA should be lower cost than LTA. The exception would be if you hit minimum premium but in that case, the premiums would be the same (but the sum assured on the DTA pushed up).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 -
The price has quadrupled when I've gone onto the insurers site. Thanks.0
-
The price has quadrupled when I've gone onto the insurers site. Thanks.
Definitely an input issue. Are you including critical illness cover on one but not the other?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 -
On both of us.0
-
You havent put terminal illness on one and critical illness on the other? (different things but a very common DIY error)
Basically, there is an error. DTA will be lower than LTA. So, you need to compare to see what the error is.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 -
No. There's definitely an error. When I went into the policy it quadrupled!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599.2K Mortgages, Homes & Bills
- 177K Life & Family
- 257.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards