Life insurance

[Jamiehinchnot]

I'm 35 and have none. 20 years left on the mortgage etc so thought best get my a in gear because if something happened to me or my husband we couldn't pay alone

I just wanted death cover. Spoke to someone on the phone. I'm overweight and suffer with high blood pressure. The two do not go hand in hand I'm aware

Well, my BMI is too high for certain cover! I'm so depressed and embarrassed that I want to wake up about 5 stone lighter so I can get it and feel normal

Yet another downfall of being short!

Does anyone have experience or advice?

 

[HandmadeMama]

I'm 35 and have none. 20 years left on the mortgage etc so thought best get my a in gear because if something happened to me or my husband we couldn't pay alone

I just wanted death cover. Spoke to someone on the phone. I'm overweight and suffer with high blood pressure. The two do not go hand in hand I'm aware

Well, my BMI is too high for certain cover! I'm so depressed and embarrassed that I want to wake up about 5 stone lighter so I can get it and feel normal

Yet another downfall of being short!

Does anyone have experience or advice?

I don’t have much experience with the underlying health issue part but I have life insurance/death cover from a company called Dead Happy - worth a look at! It’s basically a one time cash payout. You choose the amount, what it’ll be used for and who can claim it when you pass.

 

[Base2019]

Do not search for life insurance on your own. Please go to a financial advisor and they will do an analysis of the whole market for you and find you the cover which is the best for you. They do all the hard work. You don’t have to pay them for their services. They only get paid by the provider if you take cover. It is far more beneficial for you to go that route, esp if pre existing conditions or concerns. I would seek cover sooner rather than later so you can benefit from a wider scope of cover

 

[heretoreaditall2019]

I'm 35 and have none. 20 years left on the mortgage etc so thought best get my a in gear because if something happened to me or my husband we couldn't pay alone

I just wanted death cover. Spoke to someone on the phone. I'm overweight and suffer with high blood pressure. The two do not go hand in hand I'm aware

Well, my BMI is too high for certain cover! I'm so depressed and embarrassed that I want to wake up about 5 stone lighter so I can get it and feel normal

Yet another downfall of being short!

Does anyone have experience or advice?

I’d really recommend speaking to Aviva about this & getting referred to under writers.

We found it difficult to get covered because of my husband’s historical mental health problems, we were either getting knocked back or quotes of over £200pcm which at our age would make more sense overpaying the mortgage than on an insurance. We pay £70 a month now which isn’t great but I’m just grateful we have it at all as it took me 6 months of shopping about.

 

[Mrs O]

I’d really recommend speaking to Aviva about this & getting referred to under writers.

We found it difficult to get covered because of my husband’s historical mental health problems, we were either getting knocked back or quotes of over £200pcm which at our age would make more sense overpaying the mortgage than on an insurance. We pay £70 a month now which isn’t great but I’m just grateful we have it at all as it took me 6 months of shopping about.

Be very careful of Aviva! We took out a full life cover (for my husband) over 20 years ago. We were forced, yes forced by the commission-fuelled salesperson to accept the only ‘full life insurance that we offer’ - a direct quote from her. It was related to a ‘stock market company’. We didn’t want this policy but we couldn’t get rid of this person and eventually agreed. Tried to cancel some time later and was threatened with a very large cancellation fee - which we couldn’t afford. Now, bear in mind this was before all the compare markets, TV finance gurus and internet availability to check all insurance companies etc. I was going through bad time and I now realise how vulnerable I was - bad health scare (and treatment), mother passed away and husbands previous short term life policy ended. I admit I panicked! So I take on some of the blame ... but long story, so up to present day.
Latest update from said Norwich Union aka Aviva - our ‘guaranteed’ minimum payment is now less than half of original - this second time it has been reduced - and the ‘warning’ in the latest letter that it will be reviewed again in 12 months. Probably to reduce again. This present amount quoted will just about pay for a small funeral - no extra for any mortgage - although now we are mortgage free thank goodness. We have already paid into this policy more than we will receive - so any future payments is money down the drain ... so I have cancelled the policy. Having been able to pull our finances together in the last few years we have money put aside for both funerals and the payments which would have gone to Aviva will now been paid into this savings account.
I am done with trying to get Aviva to acknowledge that the company/trust they invested our money into was a reckless/bad choice. Even when the stock market was booming this ‘company’ lost money!!!! Bizarre. They previously stated that the person no longer worked for them and didn’t know where she could be contacted - I suggested the Costas or Canary Islands as she was probably working in time share!
In conclusion, my final letter today to them will be addressed to their CEO to once again ask all my original questions; why only this policy, why invest in a failing trust/company, whereabouts of the salesperson; was the large cancellation fee her large commission etc. I won’t hold my breath as all I will receive is the usual generic letter advising the Ombudsman ... which is a waste of time as they only look in one direction ... the large corporations.
So beware of any small/tiny print ... question everything, don’t phone them - write - get everything in writing because in a few years they will move the goalposts.

Good luck to you all. Thanks for reading this far and sorry to rant but I now have to compose a non-rant letter to a CEO.

 

[BettyCrockerr]

If you are over the age of 30, Promis Life will cover you with no health questions asked.

 

[Giggling Squid]

Most definitely don’t search for cover on your own. I would definitely recommend speaking to a financial advisor - we didn’t pay him a penny for ours. We’re with vitality which is slightly more expensive than some but I love the incentive of exercising regularly for cheaper/less expensive future premiums. It was only a couple £ more per month than other providers.

A financial advisor will also be able to best advice on whether to get cover that decreases or stays the same over time, and the best balance between the two.

 

[heretoreaditall2019]

Be very careful of Aviva! We took out a full life cover (for my husband) over 20 years ago. We were forced, yes forced by the commission-fuelled salesperson to accept the only ‘full life insurance that we offer’ - a direct quote from her. It was related to a ‘stock market company’. We didn’t want this policy but we couldn’t get rid of this person and eventually agreed. Tried to cancel some time later and was threatened with a very large cancellation fee - which we couldn’t afford. Now, bear in mind this was before all the compare markets, TV finance gurus and internet availability to check all insurance companies etc. I was going through bad time and I now realise how vulnerable I was - bad health scare (and treatment), mother passed away and husbands previous short term life policy ended. I admit I panicked! So I take on some of the blame ... but long story, so up to present day.
Latest update from said Norwich Union aka Aviva - our ‘guaranteed’ minimum payment is now less than half of original - this second time it has been reduced - and the ‘warning’ in the latest letter that it will be reviewed again in 12 months. Probably to reduce again. This present amount quoted will just about pay for a small funeral - no extra for any mortgage - although now we are mortgage free thank goodness. We have already paid into this policy more than we will receive - so any future payments is money down the drain ... so I have cancelled the policy. Having been able to pull our finances together in the last few years we have money put aside for both funerals and the payments which would have gone to Aviva will now been paid into this savings account.
I am done with trying to get Aviva to acknowledge that the company/trust they invested our money into was a reckless/bad choice. Even when the stock market was booming this ‘company’ lost money!!!! Bizarre. They previously stated that the person no longer worked for them and didn’t know where she could be contacted - I suggested the Costas or Canary Islands as she was probably working in time share!
In conclusion, my final letter today to them will be addressed to their CEO to once again ask all my original questions; why only this policy, why invest in a failing trust/company, whereabouts of the salesperson; was the large cancellation fee her large commission etc. I won’t hold my breath as all I will receive is the usual generic letter advising the Ombudsman ... which is a waste of time as they only look in one direction ... the large corporations.
So beware of any small/tiny print ... question everything, don’t phone them - write - get everything in writing because in a few years they will move the goalposts.

Good luck to you all. Thanks for reading this far and sorry to rant but I now have to compose a non-rant letter to a CEO.

Omg my love I’m sorry this has happened to you. Have you contacted Martin Lewis’ MSE team? They do a lot of advocacy work for people in situations like this! Even your MP may be able to help as this doesn’t sound right at all. Tbh even letting them know you’re going down those two paths might give you more leverage as they don’t want the heat.

Thankfully our policy seems sound, we ended up having to communicate directly with our underwriter to discuss some of the nuances of husband’s situation and then finalised the rest over email. The level of cover goes up annually in line with inflation (I think?) and payments only go up slightly, I think a couple of quid in the 3 years we’ve had it. Funnily since then I got cancer (am fine now) so I’m now the uninsurable one out of the two of us

Would definitely recommend you speaking to a broker to help with your next policy, at the very least it’s another layer of someone else being responsible for mis selling you . Mega good luck xxx

 

[WilmaHun]

Most definitely don’t search for cover on your own. I would definitely recommend speaking to a financial advisor - we didn’t pay him a penny for ours. We’re with vitality which is slightly more expensive than some but I love the incentive of exercising regularly for cheaper/less expensive future premiums. It was only a couple £ more per month than other providers.

A financial advisor will also be able to best advice on whether to get cover that decreases or stays the same over time, and the best balance between the two.

Do you mind me asking how much you paid for yours? I had a meeting with Lloyds at the weekend who quoted £47.80 a month for both me and my partner, life and critical illness cover. Both 25, I have one underlying health condition. I literally know nothing about life insurance so I don't know whether that's a good price or not.

 

[Base2019]

Do you mind me asking how much you paid for yours? I had a meeting with Lloyds at the weekend who quoted £47.80 a month for both me and my partner, life and critical illness cover. Both 25, I have one underlying health condition. I literally know nothing about life insurance so I don't know whether that's a good price or not.

don’t get a joint life insurance policy. Life insurance policies generally only pay out once and then your policy is cancelled.
Take out two separate policies, one for you and one for your partner. Take it out for your remaining mortgage amount. This means that if anything happens to you for example, you would get the full benefit amount to cover the rest of the mortgage etc for your partner. It will also then leave your partners cover in place and should anything ever happen to him for example, he would also be able to get his full benefit amount.
I would really advise against joint policies when it comes to life insurance

ETA- my life insurance and critical illness was £25 a month and my partners was £45- he has a higher risk occupation - via a financial advisor through legal and general.

 

[WilmaHun]

don’t get a joint life insurance policy. Life insurance policies generally only pay out once and then your policy is cancelled.
Take out two separate policies, one for you and one for your partner. Take it out for your remaining mortgage amount. This means that if anything happens to you for example, you would get the full benefit amount to cover the rest of the mortgage etc for your partner. It will also then leave your partners cover in place and should anything ever happen to him for example, he would also be able to get his full benefit amount.
I would really advise against joint policies when it comes to life insurance

ETA- my life insurance and critical illness was £25 a month and my partners was £45- he has a higher risk occupation - via a financial advisor through legal and general.

That's odd. The advisor at Lloyds said they would recommend we did a joint one over separate! It's all so confusing, I think in that case I might seek advice elsewhere...

Thank you for your help!!

 

[Base2019]

That's odd. The advisor at Lloyds said they would recommend we did a joint one over separate! It's all so confusing, I think in that case I might seek advice elsewhere...

Thank you for your help!!

the provider will normally advise on joint policies because it means they would only have to pay out once it all comes down to money

If you can, try and get a financial advisor to look for you. They give looooads of advice for free! If you take out a policy they recommend they get a payment from the provider but that’s it - it doesn’t cost you a penny! Also removes the super sell when you deal with providers directly which I hate lol

 

[Mrs O]

Omg my love I’m sorry this has happened to you. Have you contacted Martin Lewis’ MSE team? They do a lot of advocacy work for people in situations like this! Even your MP may be able to help as this doesn’t sound right at all. Tbh even letting them know you’re going down those two paths might give you more leverage as they don’t want the heat.

Thankfully our policy seems sound, we ended up having to communicate directly with our underwriter to discuss some of the nuances of husband’s situation and then finalised the rest over email. The level of cover goes up annually in line with inflation (I think?) and payments only go up slightly, I think a couple of quid in the 3 years we’ve had it. Funnily since then I got cancer (am fine now) so I’m now the uninsurable one out of the two of us

Would definitely recommend you speaking to a broker to help with your next policy, at the very least it’s another layer of someone else being responsible for mis selling you . Mega good luck xxx

I am going to contact Martin Lewis, I won’t be investing in another policy. We have enough savings for both funerals so we will be ok. Good luck everyone.

 

[Giggling Squid]

Do you mind me asking how much you paid for yours? I had a meeting with Lloyds at the weekend who quoted £47.80 a month for both me and my partner, life and critical illness cover. Both 25, I have one underlying health condition. I literally know nothing about life insurance so I don't know whether that's a good price or not.

We’re 33 and 35, one underlying health condition but both separate premiums are pretty much the same, and pay almost £80... but we have a pretty hefty mortgage though.