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Insurance query

Last post Tue, Apr 17 2012, 5:21 PM by april1967. 5 replies.
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  •  Tue, Apr 17 2012, 5:21 PM

    Re: Insurance query

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    It is definitely worth getting your current policies reviewed before cancelling them. You can sometimes save money but at the same time lose vital cover, so it is a bit of a minefield.

    Let me know if I can help.

    D
    • Post Points: 5

  •  Mon, Mar 26 2012, 3:12 PM

    Re: Insurance query

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    Thank you for taking the time to reply. I am very grateful.
    • Post Points: 20

  •  Mon, Mar 26 2012, 2:49 PM

    Re: Insurance query

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    I would certainly follow Hucksters advice and speak to a proefessional about thisn type of thing but be aware of what you may be offered.

    Some policies may combine the policies into one cover meaning that you could claim once between you and then that is the end of the policy. Some may write seperate policies but still combine the benefit meaning that you have indeopendant policies but if you claim on the critical illness then the policy is finished. This type of policy is fine if the policy is only to cover a mrotgage. If it is more for personal cover and with no intention of covering a mortgage or other large commitment then you may want yto keep the covers seperate in which case you may be better off with what you have.

    Most providers will offer all of the covbers you want but uit will be up to you to structure them how you want. You will also find that by plaicng all the covers with one company that you will save on plan fees that each policy will have. If under one single company you will pay one plan fee to cover all policies. not much. But could save you £2 - £3 per cover type per month.

    When considering the options the adviser gives to you DO NOT SHOP ON PRICE. There can be so much difference between different plan types that look as if they offer the same cover. Make sure you fully understand what each policy will offer and what cover will be left in place if you make as claim. If in doubt, go to two or three advisers.

    Good Luck
    • Post Points: 20

  •  Mon, Mar 26 2012, 1:02 PM

    Re: Insurance query

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    Many thanks for your reply.
    • Post Points: 5

  •  Mon, Mar 26 2012, 12:53 PM

    Re: Insurance query

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    Suggest that you speak to a local independent financial advisor about this. I don't think it is as straightforward as cancelling the current arrangement and arranging a new policy. There may be a benefit to having continuity with the current policy and you have look at the t&c's of any alternatives available.
    • Post Points: 20

  •  Mon, Mar 26 2012, 12:22 PM

    Insurance query

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    Hi

    I would be grateful to receive some advice. My husband and I seem to be paying out a lot of money per month for insurances - critical illness/life and income protection.

    Is there a policy that can cover all of these things for one fee? Would it be a good idea to join the policies into one if it is possible?

    Any advice would be really useful.

    Thank you

    Chelleb

    • Post Points: 35