A Guide To Life Insurance - Ensuring Better Value From Your Life Assurance ....

 

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Ensuring Better Value From Your Life Assurance...

One unfortunate phenomenon in the life insurance business in recent years has been the sale of whole-life policies to young people by some advisers motivated solely by commission, which until 2006 was far higher on this type of policy than any other for the same amount of annual premium.

Non-profit whole-life policies are not, as such advisers sometimes claim, of any use whatsoever in obtaining a mortgage nor in providing for its repayment (taking out a non-profit whole-life policy may be the price an adviser demands to obtain someone a mortgage, but that is another and more unpleasant subject).

Students in particular - a frequent target for such selling - are in most cases ill advised to buy such policies.

They will usually be better off putting whatever money they can save into a building society, as this will at least provide funds towards the purchase of a house and place them in a more favourable position to obtain a mortgage loan - factors of far greater importance at that stage of life than the modest amount of life insurance cover and a long-term investment at a very low rate of interest that the non-profit whole-life policy provides.


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Read On: click here for The Versatile Endowment Policy Exampels


Types
Like whole-life policies, endowment policies also come in two forms, with profit and non-profit.
The distinguishing feature of the endowment is that is has a specified maturity date at which the proceeds of the policy are payable to the policyholder unless they have been paid at his earlier death.
The most common terms for endowments are 10 (the minimum), 15, 20 and 25 years; but policies are also issued with premiums payable to the sixtieth or sixty-fifth birthday of the........ see: click here for The Versatile Endowment Policy Exampels


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We are not authorised to give advice and we are not liable for any financial advice provided by, or obtained through a third party. The information published on this website is for information purposes only. This site has been approved for compliance purposes by a Firm of Independent Financial Advisors who are authorised and regulated by the Financial Services Authority (FSA). The Chartered Insurance Institute

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