emma.cook3 Posted October 18, 2011 Share Posted October 18, 2011 I have 3 small children and a husband and a small mortgage. I would like to get life and illness insurance but was quoted at 160 a month and this was only for £80,000. I have no idea what to do now and don't really know what sort or how much i need. If it is that expensive, wouldn't we just be better saving the money each month, then we will definitely have some money even if we are fine. does anyone understand insurance or know a good guide? please help, i am so frustrated and can't afford to spend a lot but worried what we would do if one of us was ill etc Link to comment Share on other sites More sharing options...
kevvy Posted October 18, 2011 Share Posted October 18, 2011 Don't bother with Critical Illness cover, it's a "con" ! I've had two Heart Attacks and both times my claims for Critical Illness was rejected as "not serious enough" ???? Link to comment Share on other sites More sharing options...
Mecky Posted October 18, 2011 Share Posted October 18, 2011 Don't bother with Critical Illness cover, it's a "con" ! I've had two Heart Attacks and both times my claims for Critical Illness was rejected as "not serious enough" ???? I thought all insurance was a con TBH. I mean, why would a business sell insurance if they had to pay out more than their turnover? That rather suggests an insurer is unlikely to pay out and somewhere down the line there will be a catch or known ploy that they use to avoid paying out. For example, if your house burns down due to an electrical fault and it was found that you used the wrong fuse in a plug, even though that didn't cause the fire, they won't pay out. Even if you haven't rewired your house within the accepted time frame, 25 years I think by law? could be wrong, it would negate your insurance. You really have to read the small print, insurers are not in the habit of giving money away, they are there to generate an income for themselves. Link to comment Share on other sites More sharing options...
Mecky Posted October 18, 2011 Share Posted October 18, 2011 Carrying on. The biggest thing around at the moment at over 50s plans. Payable after the first 2 years, it leaves a fine window for it to be beneficial because they have a maximum payable amount. (Not sure what the amount is but it's only a couple of grand, the amount may vary between companies.)That means if you live longer than expected you will lose money because you have to keep paying the premiums or you will lose the whole lot. I mean, who knows when they're going to die? Link to comment Share on other sites More sharing options...
lesterman Posted October 18, 2011 Share Posted October 18, 2011 Insurers in all areas are excellent..........................................at avoiding paying out. Link to comment Share on other sites More sharing options...
lesterman Posted October 18, 2011 Share Posted October 18, 2011 I know someone who took out an insurance to cover the cost of his wifes funeral. When she died many years later and the husband claimed the company said that they could not pay out without the signature of the wife, who happened to be dead! Link to comment Share on other sites More sharing options...
beemarman Posted October 19, 2011 Share Posted October 19, 2011 Critical Insurance DOES pay out if your claim is genuine. I took mine out in 1997 and last year had a pay out for an illness that's covered. Not sure it's as good as it used to be but I'm glad I took it out. Link to comment Share on other sites More sharing options...
Grandad.Malky Posted October 19, 2011 Share Posted October 19, 2011 A neighbour had a “stroke” and the insurance wiped his mortgage clean but yet he still able to do fiddle jobs. …………… strange. Link to comment Share on other sites More sharing options...
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