I stand corrected re self regulation but there are cases that have gone to the ombudsmen or courts where the companies have lost and had to pay out. The usual thing is non disclosure of previous medical conditions. The companies then try not to pay out because of that. When the insurance companies lose the case it tends to be because the non disclosure was deemed not relevant to the claim and also very probably a minor oversight by the client.
Problem is these things seem rightly or wrongly a bit of a nightmare.
I'm very lucky in that I have very good sickness provision from my employers so am (touch wood) unlikely to need the critical illness cover
Despite people's fear of being ripped off by some fly by night conman, I do think it's important to ensure that you are covered in the event of a life changing illness or injury. I suspect for runners it's tempting to be quite smug that you are in reasonably health, but finding a lump or getting side swiped by a truck will knock the complacency out of anyone. If you don't want to be left disabled AND homeless it's worth having cover in place.
Happy thursday afternoon eh guys :-\
Life insurance is relatively cheap. If you are around 30 years of age you can insure your life for £100,000 over 10 years for less than £10/ month.
agent ginger.....No point for me as I don't work.
i am paying 3.19 a month for some life insurance with someone.can't rememeber what amount it is for.......
all i know is that it covered me for death unless i die of an aids related illness.......I took it out in the 80's I believe after tyhe aids hit and they didn't know how big it was going to be......
seren nos wrote (see)
agent ginger.....No point for me as I don't work. i am paying 3.19 a month for some life insurance with someone.can't rememeber what amount it is for....... all i know is that it covered me for death unless i die of an aids related illness.......I took it out in the 80's I believe after tyhe aids hit and they didn't know how big it was going to be......
The rates were higher back then on account of the AIDS prediction that never happened.
Life insurance compared to then is now relatively cheaper.
i think thats why mine was lower as I opted out of aids.
don't really need life insurance now as my kids are nealy all grown up and my mortgage is only about £1000
The problem of financial products is that they are essentially items of concept. There's nothing that you can physically hold, which can give the impression of money wasted.
Added to the fact that the process of investigating the products brings people face to face with realities including their own mortality, its hardly surprising they would rather do something else.
A curious quirk that plenty of people employ is the idea that buying life insurance is somehow risking sudden death or how taking out a pension makes you get old before your time.
Unfortunately there's no escapism to be offered here, just cold reality.
My hubby is welkl covered though as i don't want to be a poor widow....
Ric.that sounds a bit like those who won't write a will ....
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