I've recently been thinking about life insurance I keep seeing all these ads about it and how its a sensible choice if you have children. I'm in my 20s and I have a 4 year old. I know I'm still young but anything can happen at any time. I have been looking online but haven't gone ahead with anything yet. I told my mum my partner and a friend I was thinking about it and they all say that it's just a waste of money a con and they never actually pay out. Is this true? Has anyone had any good or bad experiences of people they knew, do they actually pay out or should I just put money into savings instead?
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Of course life insurance pays out - it pays out on death. That's pretty hard to wriggle out of! But obviously, as with all insurances, there is small print and exclusions.
Generally, people only really take it out when they get a mortgage, as that's a large debt they don't want to burden someone else with if they die.
I would talk to an independent financial adviser for advice.
Generally, people only really take it out when they get a mortgage, as that's a large debt they don't want to burden someone else with if they die.
I would talk to an independent financial adviser for advice.
Nearly always a bad buy.
Better an ISA or some kind of saving.
The other option is too actually get a funeral plan so that your funeral is paid for, these again you pay monthly ( sorry, a bit grim I know)
Better an ISA or some kind of saving.
The other option is too actually get a funeral plan so that your funeral is paid for, these again you pay monthly ( sorry, a bit grim I know)
I work for a big insurance firm and have had dealings with claims also. As long as you’re honest at the application stage, don’t leave medical details out because they will find out when you claim, then it’s a good buy...if the monthly cost is reasonable. For example you pay £6 a month and in 3 years need to claim for a critical illness and get a pay out of £100000 then it’s worth it. Depending on the illness you can always reapply after a time period for new cover too. If you take it out I’d say A life and critical illness policy is more beneficial and make sure it’s level term, not decreasing. And whilst it may be more expensive say an extra £2 a month always go for the longest length of plan you can afford. You’re accepted based on your health the day you apply so if it covers you for 30 years then that’s better than 10, mainly because I’m 10 years when you reapply you’re cover could cost so much more if you have health problems
As above I used to work in underwriting and as long as you declare everything there should be no issues, but I mean everything as quite frankly they will find any excuse not to have to pay
If you take advice from either a financial adviser or mortgage adviser the average percentage of claims that are upheld is around 97% so it’s not a waste of money.
Take advice, as there are many different types of insurance to suit your individual circumstances and these can be really cost effective too.
Also make sure you’re as detailed as possible in the medical - if in doubt, disclose!
Take advice, as there are many different types of insurance to suit your individual circumstances and these can be really cost effective too.
Also make sure you’re as detailed as possible in the medical - if in doubt, disclose!
I've had critical illness pay out after cancer diagnosis.
I'd look into permanent health insurance - pays a monthly sum if you are unable to work due to an illness and life insurance - pays out at death.
I'd look into permanent health insurance - pays a monthly sum if you are unable to work due to an illness and life insurance - pays out at death.