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Mistake made in buying life insurance


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So where is the mistake ?

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Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Hello there.

 

Who did you take advice from please? A term assurance policy would only normally pay out on death. If you want a return at the end of 15 years, you need a different sort of policy or maybe something like an ISA.

 

Does the policy have a cooling off period that lets you cancel before you start paying?

 

HB

Illegitimi non carborundum

 

 

 

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What I never realised when I took 15 year term on it that that if I lived over the 15 year and say I died a year later after the 15 yearpolicy was over they wouldn't pay out so my family would recieve a lump sum.

 

 

I was wanting something with a definate payout even for longer. so long as my family had enough to bury me and money left for themselves.

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Check the terms and conditions to see if you are within any cooling off period because the policy you have taken out is not what you want.

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Uploading documents to CAG ** Instructions **

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

BCOBS

1: How can BCOBS protect you from your Banks unfair treatment

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Took it out last week and recieved paperwork today. I never was told that if I outlived the 15 year that I wouldn't receive anything hence my confusion. all I was told was your children will get a payout and your covered from day one. even my partner opened one today on 10 year same type policy. I wanted something that guareenteed a payout. my husband is worried for me in case we have nothing to bury him with or something left for me.

 

If I outlive the 15 year policy it would make me 65.

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Took it out last week and recieved paperwork today. I never was told that if I outlived the 15 year that I wouldn't receive anything hence my confusion. all I was told was your children will get a payout and your covered from day one. even my partner opened one today on 10 year same type policy. I wanted something that guareenteed a payout. my husband is worried for me in case we have nothing to bury him with or something left for me.

 

If I outlive the 15 year policy it would make me 65.

 

I think you could rescind this policy if it isn't suitable. You need to speak to whoever sold it to you and explain you think it's wrong for you.

 

You could speak to somone like the government's Money Advice Service to find out what type of policy would be right for you.

 

https://www.moneyadviceservice.org.uk/en

 

HB

Illegitimi non carborundum

 

 

 

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Well I've been quoted £42 per month for £10,000 for my partner who is 61 on a whole life policy so not sure if that is good or not. we really need to get something sorted or even I wouldn't have any money to bury/cremate him. Just don't know what to do or who to speak to.

 

This was from LifeSearch.

Edited by shannonv
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if you can afford to save £42 per month,and be self disciplined not to touch it, and your husband is in good health

 

you would be saving £500 per year, over 10 years £5k plus interest, and you keep control of your money

 

over 50, whole life is generally poor value imo, depends on your attitude to risk

 

bear in mind if you take out whole life, and later cannot afford premiums, you lose all you have paid in

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As mentioned WOL is more expensive the older you get. This is because the chances of recouping the premiums before payout is less.

 

Another thing to remember is that the sum assured will stay the same unless index linked, this means that inflation and the increasing cost of funerals may may well mean there is not a lot left for family. Funeral plans work as you are paying todays prices for something that could well be 20 years in the future.

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Why don't you try saving with a credit union or in an ISA with your bank ? Obviously you would have to be disciplined and not take the money out if you were to face an emergency.

Have we helped you ...?         Please Donate button to the Consumer Action Group

Uploading documents to CAG ** Instructions **

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

BCOBS

1: How can BCOBS protect you from your Banks unfair treatment

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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