Level Term Assurance Cost Cutting/MoneySavingExpert.com Discussion

dunstonh

Caz2 wrote:

Hi is that good or bad then, i cant work out what you are saying. I didnt think it mattered if i got a good deal especially when Martins advice worked to save me money. You got me worried now.

Probably nothing to worry about. I stuck your details in my quote system and it came out with L&G top and 41.56pm so your figure sounds right.

However, the website you linked to in your post is not a life company, IFA or broker. The site is just a collection of links to other websites that have life assurance mentioned on them.

You have bought your product from someone but not where you linked.

Art_Holeflaffer

Hello all,
I need some help making a decision. I am about to take an early retirement at 57 and have a decision to make about my pension. Should I take the husband/wife option, or sign off the ol' lady and keep the $320 per month?
The husband/wife option states that after I kick the bucket she will continue to get half of my pension amount, roughly $1100 per month until she dies. If she kicks first the pension goes back up to the single plan amount. She is 55, we are both in good health and non-smokers. The pension is through the Laborers International Union of North America. From the small amount of research that I have done it looks like I could buy a lot of insurance for $320 a month. I would like to make this decision soon because I am closer to 56 right now than 57 so I could save a few $ in premiums. Is there any type of insurance or assurance that would match the union's plan after my death, that would pay her until she dies? If so, what type should I look for, and would it be worth the difference in premiums? Thanks

dunstonh

Art, this is a UK site. So information given here relates to UK products, taxation and benefits.

payless

Just done some quotes via one of the newer " we take no commission sites"
- advertising tag line- This resulst in the lowest possible life insurance premium to you. ... fee payable !!

Their best level term (non reviewable) £21.91

More than £2pm higher than I could obtain when I did nil commission quotes myself!!
OR
I could match the quote and stil get £140 upfront commission and £105 renewal

mortgageme_2

Caz2 wrote:

Hi sorry if this is in the wrong place. Having read Martin's article on life assurance I have spent all day looking for the best deal. I just wanted to say that i found what i was looking for at www.life-insurance-online.com.

Hi Caz2 and all respondents the link above should probably have pointed to https://www.life-insurance-online.co.uk as mentioned in Martin's review as I have read the comments in Martin's review and it sounds very similar, I have run my details through their quotation system and their quotes are coming out better than I can acheive when I sacrifice 100% of my own commission, great prices!

dunstonh

mortgageme, I suggest you investigate the terms you are getting.

I did some comparisons and found that life-insurance-online were coming out more expensive on nil commission terms. Not by a few pence either. Obviously you or your network hasnt negotiated good enough terms if you couldnt at least equal their pricing. You may want to investigate why your terms are so poor.

Whilst I know nothing about the company you link to (or are linked to more likely), it does seem strange that that a UK company uses the term life insurance when it should correctly be called life assurance.

littleirishboy

in the article He mentions that he does not like Critical Illness cover ( permanent disability cover) as there arfe too man y exclusions etc and recomends income protection policies. i have done a quick check on these and it seems you have to keep buying them annually which obviously mean the price is not guaranteed over the 25 years to 30 years i want it for ( i.e mortgage length)

Surley a Critical illness cover from scottish provident (recommended by two independent advisors to me as the most comprehensive) is best as i can get this for £32 a month fixed for 30 years.....(life cover separately was 9 pound a month with income protection cheapest was 17 a momnth but this could rise)

Surely I am best to go for the fixed rate for 30 years???/

dunstonh

i have done a quick check on these and it seems you have to keep buying them annually which obviously mean the price is not guaranteed over the 25 years to 30 years i want it for ( i.e mortgage length)

That is incorrect. Income protection (or permanent health insurance to give it the correct name) is a contract for a specified term and the premiums remain level and guaranteed for the whole term with most providers unless there are specific contract events otherwise.

This suggests you are not looking like for like. You are possibly comparing accident and sickness policies and not income protection.

sakura_2

I am a British citizen but am now an expat in Japan. I am not legally resident in the UK at the moment.

Does anyone know if I can I take out term assurance?

Chenin

I have a term assurance policy with Critical Illness but am thinking of switching to a term assurance policy with Income Protection in order to reduce the monthly premiums. I have been told that I can only get the Income Protection policy for 12 months - not the life of my mortgage. Does anyone know whether this is really the case and are there any other suggestions which I should consider?