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Author Topic: Mortgage decreasing term assurance-some advice please  (Read 2103 times)
Mohican
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« on: September 13, 2012, 01:48:52 PM »

Mortgage decreasing term assurance with Critical illness cover.(20 year policy)

I have the above,it's costing me £100 a month for the pleasure. I think it's too much and I'd be better off just getting a life insurance policy. I'm covered by a substantial death in service benefit from work and as I'm the main breadwinner, I think that this in combination with a life insurance policy for us both would suit us better with the benefit of being a lot cheaper.
 Any body have any thoughts on this?
tx,
Mohican.
« Last Edit: September 13, 2012, 01:59:20 PM by Mohican » Logged

Cymru am byth
AndrewT
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« Reply #1 on: September 13, 2012, 01:57:52 PM »

I opened up this thread purely to delete the spam I assumed would be here - you need to jazz your thread titles up a bit.
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Mohican
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« Reply #2 on: September 13, 2012, 02:01:02 PM »

I opened up this thread purely to delete the spam I assumed would be here - you need to jazz your thread titles up a bit.
It's not the most exciting of topics in the first place but have edited title. Expect to be inundated with replys now. Smiley
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Cymru am byth
doubleup
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« Reply #3 on: September 13, 2012, 02:16:03 PM »


decreasing term costs buttons - I assume that it is the critical illness that costs a lot as the things it covers occur much more often.

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EvilPie
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« Reply #4 on: September 13, 2012, 02:35:31 PM »

How much is your mortgage at the moment?

To put it in perspective I pay about £20 per month for about £200k of cover decreasing over 19 years. This is just death cover though, not critical illness.

If you've got a million quid mortgage then I guess £100 per month isn't too bad.

You need to be careful about the term 'critical illness' as well. They've changed it from how it used to be. Basically if you claim you really need to make sure you die otherwise they'll ask for it back. In the past you could have a heart attack, claim your money and then recover and live another 40 years no problem.

By the sound of it you'd be better off paying the extra £100 off your mortgage thus paying it off a few years earlier meaning you can die a bit sooner if you want to.
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BulldozerD
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« Reply #5 on: September 13, 2012, 02:36:57 PM »

It's the critical illness part that costs a fortune
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doubleup
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« Reply #6 on: September 13, 2012, 02:41:20 PM »


You need to be careful about the term 'critical illness' as well. They've changed it from how it used to be. Basically if you claim you really need to make sure you die otherwise they'll ask for it back. In the past you could have a heart attack, claim your money and then recover and live another 40 years no problem.



think you are confusing critical illness with an option of early death payment on terminal diagnosis
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EvilPie
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« Reply #7 on: September 13, 2012, 02:50:26 PM »


You need to be careful about the term 'critical illness' as well. They've changed it from how it used to be. Basically if you claim you really need to make sure you die otherwise they'll ask for it back. In the past you could have a heart attack, claim your money and then recover and live another 40 years no problem.



think you are confusing critical illness with an option of early death payment on terminal diagnosis

Not exactly confusing the 2. I was just pointing out that the guy needs to be extra careful on the definition so he knows exactly what he's getting.

I used to have critical illness cover because when you read the terms you could get any form of life threatening disease and get paid. I was always funking for a bit of nut cancer myself. Get one of the fellas lopped off and you're good as new with no mortgage. This was more than 10 years ago though and it had changed when I looked at a policy recently.

The terms these days are very different and critical illness has different meanings which will obviously be laid out in the T&C's.

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doubleup
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« Reply #8 on: September 13, 2012, 02:56:07 PM »




I used to have critical illness cover because when you read the terms you could get any form of life threatening disease and get paid.


yes there was a lot of vagueness about terms a few years ago, but the FSA agreed that any disputes could be settled by going to a poker forum and started a thread entitled "***Ruling needed***"
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Doobs
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« Reply #9 on: September 13, 2012, 03:11:53 PM »


decreasing term costs buttons - I assume that it is the critical illness that costs a lot as the things it covers occur much more often. commission and charges on these policies could be horrific.

FYP

Problem is it becomes more valuable as you get older.  Depends when you took it out, what type of policy it is, what sickness cover you get from work etc.
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sovietsong
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« Reply #10 on: September 13, 2012, 05:43:42 PM »

I work for an independent life insurance broker. PM me your phone number & I will call you
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Doobs
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« Reply #11 on: September 13, 2012, 05:45:17 PM »

I work for an independent life insurance broker. PM me your phone number & I will call you

Why not just post the answers here?
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sovietsong
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« Reply #12 on: September 13, 2012, 05:49:11 PM »

I work for an independent life insurance broker. PM me your phone number & I will call you

Why not just post the answers here?

I'm at work, posting from my phone.

It's pretty complicated and not a simple "just cancel it".

If the policy was set up pre 2003 it should be kept in almost all cases. If it was set up in the last 5 years I'm almost certain I can get it cheaper. If a bank set it up I will be able to get it for about 2/3rds of the price.
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In the category of Funniest Poster I nominate sovietsong. - mantis 21/12/2012
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« Reply #13 on: September 13, 2012, 06:02:33 PM »

I work for an independent life insurance broker. PM me your phone number & I will call you

Why not just post the answers here?

I'm at work, posting from my phone.

It's pretty complicated and not a simple "just cancel it".

If the policy was set up pre 2003 it should be kept in almost all cases. If it was set up in the last 5 years I'm almost certain I can get it cheaper. If a bank set it up I will be able to get it for about 2/3rds of the price.

I understand the topic. 
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sovietsong
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« Reply #14 on: September 13, 2012, 06:05:07 PM »

I work for an independent life insurance broker. PM me your phone number & I will call you

Why not just post the answers here?

I'm at work, posting from my phone.

It's pretty complicated and not a simple "just cancel it".

If the policy was set up pre 2003 it should be kept in almost all cases. If it was set up in the last 5 years I'm almost certain I can get it cheaper. If a bank set it up I will be able to get it for about 2/3rds of the price.

I understand the topic. 

Why are you being so funny about me saying I would call then?

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In the category of Funniest Poster I nominate sovietsong. - mantis 21/12/2012
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