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life insurance,with payback
Froglet
Posts: 2,798 Forumite
Could anyone please give me some advice on what sort of insurance me and hubby are looking for? He retires in 8 years time.What sort of plan could we start that would cover for his death in that time that would pay out about 100k but if we didn't claim,would also pay back a given sum of money. I have been looking all over but cannot find out what it is called and where to look.
Thanks in advance for any help.
Thanks in advance for any help.
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Comments
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What sort of plan could we start that would cover for his death in that time that would pay out about 100k but if we didn't claim,would also pay back a given sum of money.
No such plan exists.
The closest match is endowment but the minimum term would be 10 years due to tax qualification rules. The premium would be around £1000 per month. Not that you will find a low cost endowment policy anywhere.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 -
Thanks for that info,it makes sense now why i couldn't find anything out about it.It was hubby that suggested it,perhaps he was thinking of endowments years ago.
Though why there isn't i don't know, i think it would be quite popular!!0 -
Though why there isn't i don't know, i think it would be quite popular!!
£100,000 life cover on level term basis for 10 years costing £30pm would cost £1000pm on endowment.
That is why it isnt popular!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
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