Currently have whole of life considering changing to term life policy. Age 45 and 47, non smoking. what do I need to know, what are the best deals and do we need medicals etc
thanks
Why would you change. At your ages it gets fairly costly/. With whole of life there could well be an asset on death - with therm Insurance it runs out at the term end.
Not sure think it is guaranteed it increases with cost of inflation. We are paying about 135 per month which seems quite a lot hence the request for advice.
If I sold you such a policy I'd get a hell of a lot more commission than if I sold you a shorter term and possibly more appropriate policy.
Partnership, it is difficult to estimate ones needs for life assurance in 5 or 10 years time let alone when we are trying to pay a life assurance premium out of retirement income when we are 80 or 90. Question the person who sold you the policy so you can understand their recommendation. I say this because my guess is that the seller may find it difficult to justify the recommendation particularly if they haven't been in touch to review your changing circumstances since they set up the policy for you and they are your first call of complaint.
The policy was set up a long time ago prob 18 years when our son was born. It did not cost much at the time and was affordable. We have taken about 3000 out of it over the years when we needed some money but there is no excess in it now. Looking for ways to save money!
I cancelled a PHI in March 2007 after 18 years, in December 2007, I had a stroke. I cancelled it because of the cost, and in truth the policy was never explained by the brooker, as during the duration of the policy I spend 9 months off work, self employed on imcome, I did not know I could claim
Please think long and hard, 18 years paying through the nose 8 months later, Stoke
Do not cancel your old policy yet. First get online and see how much a term life insurance policy would cost you. Online quote providers link with life insurance carriers in real time and are therefore able to provide the most accurate quotes. There are no medical policies available, but they come at higher rates. If you are in good health, I recommend that you buy a normal term policy. There are ways to prepare for your term life medical exam that can bring your rates down. Make sure you read up on this information too. These are the best ways to qualify for affordable term life insurance rates.
Denise at AccuQuote
Disclaimer: I work for AccuQuote and this is my personal opinion.