Life insurance

mothy · May 9, 2017

Who has got some & who hasn't.

A colleague of mines husband died after illness & I've been thinking about it now I have a big mortgage & 2 kids.

Any tips on where to get a good deal / company that pays out etc.

I've used life search so far - who have come back to me with life cover, critical illness & family income with AIG. Any views on brokers v direct etc?

I want the mortgage paid off if either of us die. & some money to cover us for a bit if either of us are ill..

Thanks in advance

GoldWithFalmer · May 9, 2017

When i looked through the bank and online and such like i found a repetition of about three companies underwriting the rest so rather than pay the middle man went direct with one of the three.

Weststander · May 9, 2017

Life Seach is a fantastic choice. They will guide you. Very cheap and entirely independent.

Don't go to local brokers, including Albion fan brokers, who will want to profit from your business one way or another.

Term life will pay a large single payment on death or terminal illness diagnosis.

Whereas Family Income Benefit will pay a monthly sum in those same circumstances.

I mixed and matched the two types.

Guinness Boy · May 9, 2017

Work in the industry. Some tips:

1) make sure you answer the underwriting questions accurately. Claims depts are always looking for reasons not to pay out and it won't be you contesting it in the event of a life claim. Non disclosure- false answers - is where they start.
2) critical illness cover should now be mostly standardised according to an industry standard disease list so fairly safe to go for the cheapest.
3) some good deals direct to consumer i.e. Buying it yourself. IFAs still get commission for protection sales so as long as you're just insuring your life and not making an investment it's cheaper to buy over the web yourself. IFA policies will have commission expenses as part of the premium calculation.

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Guinness Boy · May 9, 2017

Addendum to 3 - comparison site sales still attract commission but it will be offset or sacrificed by the provider who wants to come top of the cheap list

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HantsSeagull · May 9, 2017

i have loads but work in the industry - hence i have seen some horror stories.

most people don't have any or are massively under insured. and its pretty cheap.

Weststander · May 9, 2017

Good advice from Guinness Boy.

Before even contacting providers etc, meticulously note down the 100% medical and health history of all those to be covered. Include health scares that proved unfounded, old med prescriptions, cancer screening, old depression/anxiety episodes, used to be smoker. A later claim could be entirely rejected, even if the cause is totally unconnected to missing information on taking out the policy.

Steve Foster · May 9, 2017

mothy said:
Who has got some & who hasn't.

A colleague of mines husband died after illness & I've been thinking about it now I have a big mortgage & 2 kids.

Any tips on where to get a good deal / company that pays out etc.

I've used life search so far - who have come back to me with life cover, critical illness & family income with AIG. Any views on brokers v direct etc?

I want the mortgage paid off if either of us die. & some money to cover us for a bit if either of us are ill..

Thanks in advance

I would contact an Independent Financial Adviser. Not only does an IFA have access to the whole market & will recommend the most appropriate plan, it's also about ensuring the policy is correctly set up normally under trust to ensure that the proceeds will not be liable to probate or inheritance tax. PM me or go to Vouchedfor.co.uk to find an IFA

ropey9 · May 9, 2017

Get life insurance rather then mortgage insurance as the sum stays the same for the term with life and reduces with the mortgage as the mortgage reduces.

jakarta · May 9, 2017

Don't work with asbestos...

Super Steve Earle · May 9, 2017

Oh dear. Go for advice somewhere. The mixed and inaccurate advice on here isn't much help if you start from a base point of no idea what to get or what you need.

GoldWithFalmer · May 9, 2017

Super Steve Earle said:
Oh dear. Go for advice somewhere. The mixed and inaccurate advice on here isn't much help if you start from a base point of no idea what to get or what you need.

Linked perhaps.

Guinness Boy · May 9, 2017

Steve Foster said:
I would contact an Independent Financial Adviser. Not only does an IFA have access to the whole market & will recommend the most appropriate plan, it's also about ensuring the policy is correctly set up normally under trust to ensure that the proceeds will not be liable to probate or inheritance tax. PM me or go to Vouchedfor.co.uk to find an IFA

I would definitely write it in trust if you want it paid out quickly or think your estate will exceed inheritance tax thresholds when you include the policy. However your insurer can do that for you for free. If you get pure protection through an IFA they will be getting commission on every premium you pay for 2 or 4 years. After that time you'll get a call with an amazing new cheap deal somewhere else,though your age and health will have changed.

I WOULD go to an IFA for a mortgage, investment or tax efficient portfolio solution. Personally I wouldn't for protection. Each to their own though

https://www.confused.com/home-and-lifestyle/life-insurance/writing-life-insurance-in-trust

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pasty · May 9, 2017

Guinness Boy said:
Work in the industry. Some tips:

1) make sure you answer the underwriting questions accurately. Claims depts are always looking for reasons not to pay out and it won't be you contesting it in the event of a life claim. Non disclosure- false answers - is where they start.
2) critical illness cover should now be mostly standardised according to an industry standard disease list so fairly safe to go for the cheapest.
3) some good deals direct to consumer i.e. Buying it yourself. IFAs still get commission for protection sales so as long as you're just insuring your life and not making an investment it's cheaper to buy over the web yourself. IFA policies will have commission expenses as part of the premium calculation.

Sent from my iPhone using Tapatalk

As you work in the industry, would you mind giving me a tip please? Mrs P had breast cancer 16 years ago, underwent chemo and radio therapy and had 2 lumpectomy ops but has been clear now for 10+ years. However, the instant we mention the "C" word on any life insurance quote, you can guess what happens. Any thoughts / tips on where we could get a decent quote?

Weststander · May 9, 2017

Guinness Boy said:
I would definitely write it in trust if you want it paid out quickly or think your estate will exceed inheritance tax thresholds when you include the policy. However your insurer can do that for you for free. If you get pure protection through an IFA they will be getting commission on every premium you pay for 2 or 4 years. After that time you'll get a call with an amazing new cheap deal somewhere else,though your age and health will have changed.

I WOULD go to an IFA for a mortgage, investment or tax efficient portfolio solution. Personally I wouldn't for protection. Each to their own though

https://www.confused.com/home-and-lifestyle/life-insurance/writing-life-insurance-in-trust

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Don't be alarmed by talk of writing the policy in trust.

Life Search or anyone similar, will provide the simple Trust Deed forms for you to complete (sourced from the relevant life companies).

Spot on about having no need to go to a $$$$ IFA.

bhanutz · May 9, 2017

Weststander said:
Don't be alarmed by talk of writing the policy in trust.

Life Search or anyone similar, will provide the simple Trust Deed forms for you to complete (sourced from the relevant life companies).

Spot on about having no need to go to a $$$$ IFA.

Not all IFA's will charge you a fee for protection advice.. trust me! They can also give valuable advice on your needs and how to structure the life cover!

Steve Foster · May 9, 2017

Guinness Boy said:
I would definitely write it in trust if you want it paid out quickly or think your estate will exceed inheritance tax thresholds when you include the policy. However your insurer can do that for you for free. If you get pure protection through an IFA they will be getting commission on every premium you pay for 2 or 4 years. After that time you'll get a call with an amazing new cheap deal somewhere else,though your age and health will have changed.

I WOULD go to an IFA for a mortgage, investment or tax efficient portfolio solution. Personally I wouldn't for protection. Each to their own though

https://www.confused.com/home-and-lifestyle/life-insurance/writing-life-insurance-in-trust

Sent from my iPhone using Tapatalk

An IFA will be able to recommend the same premium as going on line, direct to a provider, provide impartial advice & trust advice

Weststander · May 9, 2017

bhanutz said:
Not all IFA's will charge you a fee for protection advice.. trust me! They can also give valuable advice on your needs and how to structure the life cover!

How would the IFA earn their money in that example?

bhanutz · May 9, 2017

Weststander said:
How would the IFA earn their money in that example?

They get paid commission from the life company...What is valuable is their experience and advice...You could pay a fee for it if you like but most elect for the commission route for protection advice.

studio150 · May 9, 2017

Spend one afternoon watching daytime TV, it's full of ads for life assurance and funeral plans. Ring each one and your postman will need a separate sack just for your mail.

Got something to say or just want fewer pesky ads? Join us... 😊

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