Life insurance policies?

juliecwuk

Hi,

can anyone tell me where to start with life insurance policies?

we have a policy at present with prudential (through egg) its life with critical illness (decreasing cover). We took it out about 3.5 years ago and it was up to the value of our previous house. we have just moved house and wanted to increase the level of cover to match the new more expensive house price. when I telephoned prudential the lady on the phone said this wasnt possible and that I would have to take out an additional policy for the difference. is this normal practise? or should i look at another company.

also is this an adequate insurance policy? we are 25 & 27, no kids, pretty average lifestyle with no health issues and we dont smoke.

What other policies are worth looking at with other companies? we really dont know where to start!

thanks in advance

dunstonh

when I telephoned prudential the lady on the phone said this wasnt possible and that I would have to take out an additional policy for the difference. is this normal practise?

Some plans allow amendments. Some dont. Some have guaranteed insurability on certain events (like house move) others dont. You tend to find the direct providers cut out some of the extra options to save a few pence on the premium.

You should take out life assurance to cover the financial need. If you work out the consequences of either of you having an untimely death you should find out what the financial shortfall is (if any) and that is what you should insure yourself for.

TEDDYRUKSPIN

As above, correct.

The company must allow some GIO. Guaranteed Insurable Interest. In your case, this should be acceptable. If they decline this, I would just purchase another cover on top of this. Keeping the old and making the new difference. Hope this helps.

Just be wary of churning! Ooooo