Author Topic: Help with insurance?  (Read 2126 times)

SteveX

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Help with insurance?
« on: 20 Jan 2014 12:36PM »
Hi everyone,

I want to pick your brains, insurance, it's gobbledygook to me, I've never had life or house insurance as I couldn't afford it or understand it but now my mum wants me to sign up for one of these over 50's life insurance deals.

I have spent the morning looking at the websites and it's like trying to read a foreign language to me, I don't understand a thing and it seems so very complex.  What we are looking for is a deal for £5-7 a month (my mum is paying 5, I'll pay the extra) but no more and not one that bumps up the price yearly.

Do any of you know a good place to go to?  Or have experience of buying this kind of thing?

I'm confused :)
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auntieCtheM

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Re: Help with insurance?
« Reply #1 on: 20 Jan 2014 06:11PM »
The best thing you can do is go to your bank and ask to speak to an insurance expert.  Most banks offer insurance and this service is free.  They will suggest various insurances that might be suitable for your particular circumstances.  You can then go away and think/talk over what you want to do.

When you go in they will ask you why you wish to take out insurance.  Some life policy companies will ask you for medical information and others will need you to have a medical.  Some others do not need any medicals.  They are all different.  The insurance broker will have training and experience and will recommend the most appropriate policies for you.

Also, you may already know, but some insurance brokers are paid by the companies they recommend.  Others are paid a salary.  So it is worth asking your adviser how they are paid - they are used to being asked this question and will not be embarrassed by it.

I would not recommend that you buy something as important as this directly over internet, not until you have spoken to at least one expert. 

SteveX

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Re: Help with insurance?
« Reply #2 on: 20 Jan 2014 06:16PM »
Thank you!
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sherbs

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Re: Help with insurance?
« Reply #3 on: 20 Jan 2014 09:44PM »
Steve, if you do find one as cheap as that please let me know, mine is £23 per month but I think this has to do with my mortgage, so different circumstances.

Would still be interested if you have any luck in finding one. Thanks

stalwart

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Re: Help with insurance?
« Reply #4 on: 21 Jan 2014 02:28PM »
I concur with auntie, see your bank and be careful a lot of those "over 50" ones are rip offs.

starsmurf

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Re: Help with insurance?
« Reply #5 on: 21 Jan 2014 04:23PM »
As others have said, many of the over 50's insurance deals are rubbish.  You can easily pay out more than you'd get.  Should you live to be 70 or 80, whatever age the insurance ends, then you don't get a penny of the thousands you paid out.

Sorry to ask but what would the money be used for?  Is there anyone to leave it to?  If it is purely for covering the expenses of a funeral, then you can get funeral payment plans instead.

Life insurance isn't a lot of use if you're single, have no dependents (cats don't count) and don't have a mortgage.  Any money you have for insurance would be better spent on contents insurance or pet insurance for wee Sky.  If you go for cat insurance, make sure you get one of the lifetime policies.  That way if Sky developed something like diabetes or allergies, the costs would be covered for the rest of her life, as long as you kept up the policy, with a yearly maximum (Titan's is £7000).

I hope you'll get a good deal with whatever kind of insurance you decide to get.  Make sure to look at moneysavingexpert.com as they often list the best deals and tell you what you should be looking for.
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