Obvious question. Best life and critical insurance to go with? 30 August 2022 at 4:13PM in Insurance & life assurance 7 replies 142 views

fitzykev

Hi can anyone advise me the best life and critical insurance to go with? I know everyone's circumstances are different but who is generally the best?

dunstonh

Obvious question.

No its not.

can anyone advise me the best life and critical insurance to go with? 

No one best option suits everyone.    You can get budget plans, middle-of-the-road plans and quality plans.   A quality plan may be best in coverage but if you are not able or willing to pay that much then its not best for you.  Some people consider cheap is best (as long as they dont suffer a claim!) and others consider quality is best.

it can also depend on how you buy it.  Not all products are available direct to consumer and need to be bought via an intermediary.  Some of the comparison site products are cheap but cut down in coverage.    

Also, why CIC and not PHI (permanent health insurance)?    In the pecking order of priorities you would normally see PHI above CIC.   Yet too many people focus on CIC as its an easy product.

lassfarfromhome

dunstonh said:

Also, why CIC and not PHI (permanent health insurance)?    In the pecking order of priorities you would normally see PHI above CIC.   Yet too many people focus on CIC as its an easy product.

This! What is your plan if you get ill long term and cannot work (as happened to me in my 40s totally out of the blue).  I have been off work ill nearly a decade.  Luckily PHI gives me a monthly income to live on so I can live comfortably, and fund my pension

kingstreet

PHI pays your CIC premiums when you are off work sick but not sick enough to be able to make a CIC claim.

DullGreyGuy

kingstreet said:

PHI pays your CIC premiums when you are off work sick but not sick enough to be able to make a CIC claim.

Or sick enough but with the wrong type of sickness and/or progress in medicine since you took the policy out mean you no longer qualify (eg keyhole -v- open heart surgery)

savingsavvysurfer

fitzykev said:

Hi can anyone advise me the best life and critical insurance to go with? I know everyone's circumstances are different but who is generally the best?

I've used QQ-Life for my life insurance cover and they are an intermediary like dunstonh mentioned earlier in this thread but offered free advice to find me a policy that best suited my own situation. I'm not sure if other intermediaries charge for this service but I thought it was a great benefit.

dunstonh

I've used QQ-Life for my life insurance cover and they are an intermediary like dunstonh mentioned earlier in this thread but offered free advice to find me a policy that best suited my own situation.

I will just ask on that, how they got paid for the advice?      
Usually it is either on fee basis with the plan being set up with no commission (so premiums lower each month)
Or the fee being collected via the commission system (often the most favourable but not many do it this way)
or commission basis where you pay no explicit fee for the advice but commission is taken which increases the premium.

So, the advice is never free.  it is just paid for in a different way.

savingsavvysurfer

dunstonh said:

I've used QQ-Life for my life insurance cover and they are an intermediary like dunstonh mentioned earlier in this thread but offered free advice to find me a policy that best suited my own situation.

I will just ask on that, how they got paid for the advice?      
Usually it is either on fee basis with the plan being set up with no commission (so premiums lower each month)
Or the fee being collected via the commission system (often the most favourable but not many do it this way)
or commission basis where you pay no explicit fee for the advice but commission is taken which increases the premium.

So, the advice is never free.  it is just paid for in a different way.

That's a very good question and something I should have asked but didn't think of at the time