Life insurance/mortgages

kingstreet

glosoli wrote: »

This isn't directed to the original poster, but just generally speaking, I am constantly amazed at people who will insure their mobile telephones or laptops or even their cats in case something goes wrong, but when it comes to insuring the biggest liability they will ever have, and their family HOME, they find excuses to avoid paying for life insurance and critical illness.

If you have ever had the privilege of telling someones widow that their husband didn't bother taking it out because they couldn't spare a small amount each month you would know why it's important.

Anyway, rant over..

I'd be even more in agreement if you'd talked about income protection ahead of life and critical illness cover.

dimbo61

Life assurance is cheap if you do direct !
We paid 2l3 of the price for the same cover as our mortgage lender was asking back in 2005.
We still pay £24 a month for level term life cover both of us £120,000.
I also work in the NHS and have death in service benefit and we still took out Life assurance.
We did this via Cavendish online

strawberries1

OP don't take these comments personally.
I never seriously considered critical illness until I saw a post on here of a man who got cancer up to stage 3. However his insurance paid out £100,000 which he used to clear his mortgage, treatments and to tie him over while out of work. He got better and his last statement struck me. He said he ended up being in a better position after the cancer but I saw that what he really meant to say was that the critical illness cover did what it was meant to do.

So, to everyone who's got one where can we go to find good cover please? Critical illness and income protection?

Thank you.

dunstonh

Buying direct from insurer doesnt usually save much. Buying for a tied agent (agent of that insurer) or a multi-tie service tends to be the most expensive method behind the banks which are the worst. IFAs tend to be the cheapest advised method. There are online sites that are non-advised that would be cheaper but you have to know what you want to buy and the issues (such a CIC being different with each provider - you may get what you pay for if you go cheap).

strawberries1

dunstonh wrote: »

Buying direct from insurer doesnt usually save much. Buying for a tied agent (agent of that insurer) or a multi-tie service tends to be the most expensive method behind the banks which are the worst. IFAs tend to be the cheapest advised method. There are online sites that are non-advised that would be cheaper but you have to know what you want to buy and the issues (such a CIC being different with each provider - you may get what you pay for if you go cheap).

Thanks Dunstonh! I'll look into it further.

jessnat995

I took out further Insurance just to be safe as people have already mentioned, I also Have the DIS and is payable 8x my salary which is double my mortgage, but i said to my wife, that would be a "bonus" to her and the kids if anything was to happen,

so i took out insurance to guarantee to clear my mortgage.

Jimmy247

Hi, I'm new to the MSE forums and just read your point about companies not paying out on an insured life. I've recently taken a Level Term Assurance policy out with Canada Life, but I've been unable to find any UK-related information about how good they are at paying out in the event of a claim. I've found several negative reviews from the States about them.

Could you please point me in the right direction for finding relevant information about this matter? I'm still within my cancellation period and would prefer to go with a more trustworthy company (if such a company exists!).

Thanks for your help.

dunstonh

I've recently taken a Level Term Assurance policy out with Canada Life, but I've been unable to find any UK-related information about how good they are at paying out in the event of a claim.

They are a tiny player in the life assurance market. Very niche and quite unusual to see someone with a term assurance with them.

Canada Life themselves are great for admin.

Not all plans are the same though. So, i would focus on plan features and terms and not rubbish on internet sites.

ACG

Jimmy247 wrote: »

Hi, I'm new to the MSE forums and just read your point about companies not paying out on an insured life. I've recently taken a Level Term Assurance policy out with Canada Life, but I've been unable to find any UK-related information about how good they are at paying out in the event of a claim. I've found several negative reviews from the States about them.

Could you please point me in the right direction for finding relevant information about this matter? I'm still within my cancellation period and would prefer to go with a more trustworthy company (if such a company exists!).

Thanks for your help.

https://www.ftadviser.com/2015/06/05/insurance/canada-life-paid-out-all-death-cover-yHBZG4HPbcBdG08VLKm1BL/article.html

100% according to this, although it is a couple of years old.

getmore4less

AS I have said before the critical cover is insuring the other person having to give up their job to look after the ill one.

You have to factor the risk you both end up out of work not just one.
If one of you works or is the high earner no good just insuring that person, you are stuffed if the other gets ill.