kidneystone Posted May 12, 2015 Share Posted May 12, 2015 Hi Pete! How long and how much do you have to pay before you get the 'free' TV or video camera? And if you miss a payment and they cancel it, do you get to keep your 'free' gift? It say on their web site "Your gift will be sent to you around one month from the day you pay your first premium. Because the first month’s premium is free, this may be two months into your policy". It doesn't say anything about them wanting the gift back if you or they cancel the policy. "You have 30 days from the day you receive your policy documents during which you can cancel your Plan and have any premiums paid refunded in full. After that, you can cancel your Plan at any time by writing to us. Remember, if you do cancel, your life cover will end and you wouldn't get anything back. As long as you continue to pay your monthly premiums, your Plan can’t be cancelled by us for any reason". So it seems you can pay, lets say £4 for the second month as the first month is free, get your free gift and then cancel. Link to comment Share on other sites More sharing options...
Mr Bloke Posted May 12, 2015 Share Posted May 12, 2015 A PC mouse!!!! That's so last week. Doesn't everyone speak into their tablet or smartphone now? Or is that out of date also? It's an over 50's policy so I think it's probably a good idea to break them in gently! Link to comment Share on other sites More sharing options...
PeteMorris Posted May 12, 2015 Author Share Posted May 12, 2015 It doesn't sound dissimilar to most life insurance, you pay in, you must keep the policy current and the person insured is never going to benefit from it. The real question is whether this particular one is better value than all the others on the market. Yes other products are available! But the whole concept of possibly paying in more than you (your dependants) get paid out, is awful. Skipping one payment and losing everything, is daylight robbery. I suspect other providers have very similar if not the same criteria. But I'm not going to trawl through them to check. Link to comment Share on other sites More sharing options...
Mr Bloke Posted May 12, 2015 Share Posted May 12, 2015 Morning Mr B! Ummmm...actually I don't know. I would suspect there's a qualifying period you have to pay in, before they send your 'free gift'. But they can hardly claim it back after you've received it...I would have thought It might be worth investigating... ... I could do with a new TV for a couple of monthly payments! ---------- Post added 12-05-2015 at 09:49 ---------- It say on their web site "Your gift will be sent to you around one month from the day you pay your first premium. Because the first month’s premium is free, this may be two months into your policy". It doesn't say anything about them wanting the gift back if you or they cancel the policy. "You have 30 days from the day you receive your policy documents during which you can cancel your Plan and have any premiums paid refunded in full. After that, you can cancel your Plan at any time by writing to us. Remember, if you do cancel, your life cover will end and you wouldn't get anything back. As long as you continue to pay your monthly premiums, your Plan can’t be cancelled by us for any reason". So it seems you can pay, lets say £4 for the second month as the first month is free, get your free gift and then cancel. I think I've just found the catch... ... that's why you need the pen! Link to comment Share on other sites More sharing options...
PeteMorris Posted May 12, 2015 Author Share Posted May 12, 2015 It might be worth investigating... ... I could do with a new TV for a couple of monthly payments! ---------- Post added 12-05-2015 at 09:49 ---------- I think I've just found the catch... ... that's why you need the pen! Your logic is, as ever impeccable Link to comment Share on other sites More sharing options...
Cyclone Posted May 12, 2015 Share Posted May 12, 2015 Yes other products are available! But the whole concept of possibly paying in more than you (your dependants) get paid out, is awful. Skipping one payment and losing everything, is daylight robbery. I suspect other providers have very similar if not the same criteria. But I'm not going to trawl through them to check. The key is POSSIBLY isn't it. They're running a business, not a charity, if you were guaranteed to get as much or more back than you paid in, then they'd very quickly go bust... If you want to get back what you put in, use a bank account, not an insurance policy. And what kind of insurance policy would keep running if you started missing payments. Pay for monthly car insurance, miss a payment and see what happens. Link to comment Share on other sites More sharing options...
poppet2 Posted May 12, 2015 Share Posted May 12, 2015 Surely if this insurance policy was so bad, Martin Lewis would be on the case, or Anne Robinson. Link to comment Share on other sites More sharing options...
PeteMorris Posted May 12, 2015 Author Share Posted May 12, 2015 The key is POSSIBLY isn't it. They're running a business, not a charity, if you were guaranteed to get as much or more back than you paid in, then they'd very quickly go bust... If you want to get back what you put in, use a bank account, not an insurance policy. And what kind of insurance policy would keep running if you started missing payments. Pay for monthly car insurance, miss a payment and see what happens. Yes they would cancel the policy....So what's your point? Or are you just being argumentative for the sake of it? I wouldn't want any more back than I paid in...Apart from life assurance, but that's a whole different ball game. But I certainly wouldn't want to pay in more than I could ever get back...that's the point. Yes a bank would be preferable, but that's the point of the thread...Or am I missing something? Link to comment Share on other sites More sharing options...
harvey19 Posted May 12, 2015 Share Posted May 12, 2015 The key is POSSIBLY isn't it. They're running a business, not a charity, if you were guaranteed to get as much or more back than you paid in, then they'd very quickly go bust... If you want to get back what you put in, use a bank account, not an insurance policy. And what kind of insurance policy would keep running if you started missing payments. Pay for monthly car insurance, miss a payment and see what happens. The difference with such as this policy is that there are "no profits" added. My father paid in much more than the fixed return sum and the cash in sum was not much at all in return for what he had paid. Sadly he hadn't read the plan details. Link to comment Share on other sites More sharing options...
PeteMorris Posted May 12, 2015 Author Share Posted May 12, 2015 The difference with such as this policy is that there are "no profits" added. My father paid in much more than the fixed return sum and the cash in sum was not much at all in return for what he had paid. Sadly he hadn't read the plan details. Those people (and no reflection upon your father) are the type of people they catch. The ones that don't read it properly, or understand the implications. It could be said they're targeting the vulnerable. Link to comment Share on other sites More sharing options...
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