Life Insurance Any Recommendations?
Discussion
As the title suggests I am going to take out a life insurance policy as I am about to buy my first house and the estate agent and mortgage company suggested I do so.
Does anyone have any suggestions with who I should take a policy out with and is there any other pearls of wisdom I need to know.
Thanks in advance for you advice.
Does anyone have any suggestions with who I should take a policy out with and is there any other pearls of wisdom I need to know.
Thanks in advance for you advice.
swerni said:
Pay a little extra and take out a policy which covers critical illness as well.
Can come in very useful
Just watch the feckers very carefully. Read everything. Remember they are are just bookmakers by any other name looking to rake it in & never pay out. Twunts.Can come in very useful
I bet you are pushed into it by the 'commission hungry' estate agent/lender.
If you have no family or dependents why would you need life cover ?
Ask a friend or two for a recommendation to a good Independent Financial Advisor, check them out on the FSA website to make sure they are authorised and don't have a load of disciplinary action recorded against them, and ask for an initial chat, which should be free.
They should give you a recommendation backed up with reasons for whatever cover they feel it is appropriate to have in place, Life, Life + Critical Illness Cover and Income Protection should all be open for discussion. You can then choose which to take out depending on preference and affordability etc.
They might charge a nominal amount to research the market and obtain specific costs or to make a formal recommendation to include a specific provider, in case you take the recommendation and walk away.
They should tell you if they are going to take a commission and how much that commission is, plus how the premium (and yes the commission) compares to the competition.
They should also tell you they will write the Life Cover in Trust for you, without charging extra. I would wager the majority of bank advisers never do this, they are not advising, they are selling. If the adviser does not recommend putting it in Trust they are probably being lazy.
Take advice, and take it from a regulated professional, not a forum!
One tip for when you apply, don't tell fibs on the application form. The single biggest reason for non-payout is non-disclosure.
Yes I am an IFA.
They should give you a recommendation backed up with reasons for whatever cover they feel it is appropriate to have in place, Life, Life + Critical Illness Cover and Income Protection should all be open for discussion. You can then choose which to take out depending on preference and affordability etc.
They might charge a nominal amount to research the market and obtain specific costs or to make a formal recommendation to include a specific provider, in case you take the recommendation and walk away.
They should tell you if they are going to take a commission and how much that commission is, plus how the premium (and yes the commission) compares to the competition.
They should also tell you they will write the Life Cover in Trust for you, without charging extra. I would wager the majority of bank advisers never do this, they are not advising, they are selling. If the adviser does not recommend putting it in Trust they are probably being lazy.
Take advice, and take it from a regulated professional, not a forum!
One tip for when you apply, don't tell fibs on the application form. The single biggest reason for non-payout is non-disclosure.
Yes I am an IFA.
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