Insurance

aayush

Hi
I have the above but as think most insurance go will only get a pay out when one of us dies ?


Is there an Insurance which I can get a a payout after certain amount of years as long as i keep paying the amount on regular basis

As you can see that Pensions are been hit left right and centre and there is a chance of we may not be get Government pension once we reach pension able age
Await your favour able response

Weighty1

In effect, what you are asking for is an endowment ie. an insurance policy which pays out a lump sum at the end of the term. These no longer exist. They were also far more expensive than a pure protection plan because the premium had to take into account the lump sum being paid out at the end.

Typically, it is more cost (and tax) effective to have standalone protection which only pays out in the event of a claim and then a tax efficient savings arrangement such as an ISA.

dunstonh

I have the above but as think most insurance go will only get a pay out when one of us dies ?

It depends on the insurance. Car insurance covers your car. Household insurance covers your house and/or contents. Only life assurance will pay out on death (caveat to some scenarios on other types that could lead to a payout).

Is there an Insurance which I can get a a payout after certain amount of years as long as i keep paying the amount on regular basis

The last mainstream provider of endowment policies ceased in the early 2000s. Generically, it is possible but the reality is that a) there are no mainstream providers and b) it is a bad thing to do anyway. They cost around 10x more than a term assurance. If you want money back you have to pay more to have that investment element. It is not free money. Nowadays, if you have someone with a life assurance need and a savings/investment need you would use a term assurance and a stocks & shares ISA.

As you can see that Pensions are been hit left right and centre

Not seeing that. Indeed, money purchase pensions have never been better with all the options and flexibility that now exists. Plus, modern pension plans have exactly the same investment options as ISAs at the same costs. Costs which are lower than ever.

and there is a chance of we may not be get Government pension once we reach pension able age

There is no hint of that happening. The country can afford the state pension. The changes in the state pension age and move to a single state pension and adjustments to contracting out along with reduction in pension credit mean that is affordable. The bigger issue for the Government was the ballooning cost of public sector pensions due to the growth of the public sector under Tony Blair and Gordon Brown and the increases in salary (above private sector) that many in the public sector got in those years (which in turn pushed the pension they will get up). This has been addressed somewhat by increasing the contribution rate and changing indexation along with closing a number of the schemes and moving to career average.