Dull topic of the day: Life Insurance

[Holley]

I need to sort out some life insurance but it seems very expensive for a man of my advanced years (52).

Life Cover shouldn't be too expensive. Rough figures would be £14-18 for every £100k of cover for a non smoking 52 year old. Admittedly critical illness does get pricey in your 50's.

Worth considering AIG's Start range as instead of the traditional fixed premium, prices are cheaper and increase with age. Some don't like this but over the years I've found half of my clients seem to change plans every 1-4 years (house move, remortgage, divorce, job move etc) so it can be a cost effective way to cover yourself

For reference I'm paying about £20 for every £100k of cover on a decreasing term AIG Life policy. I'm 42 now but I think I've had that policy since I was 34. I suspect it might be a touch pricey though.

how many years is left on the plan and is it just life cover?

[JonMad]

I don't think your Price Calculator is currently available.

[Holley]

I don't think your Price Calculator is currently available.

I've just tried on safari and it seems to be working. Which browser are you using and I will check with the plugin guys

[Swervin_Mervin]

Life Cover shouldn't be too expensive. Rough figures would be £14-18 for every £100k of cover for a non smoking 52 year old. Admittedly critical illness does get pricey in your 50's.

Worth considering AIG's Start range as instead of the traditional fixed premium, prices are cheaper and increase with age. Some don't like this but over the years I've found half of my clients seem to change plans every 1-4 years (house move, remortgage, divorce, job move etc) so it can be a cost effective way to cover yourself

For reference I'm paying about £20 for every £100k of cover on a decreasing term AIG Life policy. I'm 42 now but I think I've had that policy since I was 34. I suspect it might be a touch pricey though.

how many years is left on the plan and is it just life cover?

I think it runs to 2042, and yes just life.

This has reminded me that I need to raise this topic again with my fellow Directors about whether we should be taking out a DIS policy.

[Holley]

For reference I'm paying about £20 for every £100k of cover on a decreasing term AIG Life policy. I'm 42 now but I think I've had that policy since I was 34. I suspect it might be a touch pricey though.

how many years is left on the plan and is it just life cover?

I think it runs to 2042, and yes just life.

This has reminded me that I need to raise this topic again with my fellow Directors about whether we should be taking out a DIS policy.

A quick search suggests £7-10 for every £100k of cover on a decreasing basis. Do you smoke?

[Swervin_Mervin]

how many years is left on the plan and is it just life cover?

I think it runs to 2042, and yes just life.

This has reminded me that I need to raise this topic again with my fellow Directors about whether we should be taking out a DIS policy.

A quick search suggests £7-10 for every £100k of cover on a decreasing basis. Do you smoke?

Nope. I remember at the time having trouble as a few insurers wanted to take out any cover in relation to skeleto-muscular conditions, simply because I'd seen an Osteopath a few times. It was an Ageas policy originally that got sold off.

[JonMad]

I don't think your Price Calculator is currently available.

I've just tried on safari and it seems to be working. Which browser are you using and I will check with the plugin guys

Strange.
https://holleyprotect.co.uk/price-calculator/
On Safari and Firefox on Mac (and Safari on iPhone) it shows the 'Get Quote Now' link to the quote form, but not what looks like any online calculator or any other link. I expect I'm being thick.

[Holley]

I think it runs to 2042, and yes just life.

This has reminded me that I need to raise this topic again with my fellow Directors about whether we should be taking out a DIS policy.

A quick search suggests £7-10 for every £100k of cover on a decreasing basis. Do you smoke?

Nope. I remember at the time having trouble as a few insurers wanted to take out any cover in relation to skeleto-muscular conditions, simply because I'd seen an Osteopath a few times. It was an Ageas policy originally that got sold off.

Normally I only see I price increase with skeleto-muscular conditions if it's ankylosing spondylitis or rheumatoid arthritis and the client is taking steroid treatment. If you want, PM me your current cover value and health disclosure and I will check it for you.

If it's just the Directors that want to be insured and it's a limited company, best DIS worth considering a relevant life plan. Can be paid by the company, a percentage of premiums can be offset against tax and the beneficiaries can be family members (just like a DIS policy).

[Holley]

I don't think your Price Calculator is currently available.

I've just tried on safari and it seems to be working. Which browser are you using and I will check with the plugin guys

Strange.
https://holleyprotect.co.uk/price-calculator/
On Safari and Firefox on Mac (and Safari on iPhone) it shows the 'Get Quote Now' link to the quote form, but not what looks like any online calculator or any other link. I expect I'm being thick.

I've just tried it again, it should show the Get Quote Now button and when clicked take you to another page to input the figures

[Holley]

[JonMad]

Ah, you said, ' I'm one of the few places you can play with quotes online without having to input your personal data'. I'll have a play.

[Holley]

Ah, you said, ' I'm one of the few places you can play with quotes online without having to input your personal data'. I'll have a play.

Normally you have to agree to an adviser to call you back and put your mobile number and email address to get quotations. But yes, it does ask for a name but you can input anything you like.

Edit, is it working now?

[JonMad]

Yep, got a bunch of results back. Handy. Thanks.

[Swervin_Mervin]

A quick search suggests £7-10 for every £100k of cover on a decreasing basis. Do you smoke?

Nope. I remember at the time having trouble as a few insurers wanted to take out any cover in relation to skeleto-muscular conditions, simply because I'd seen an Osteopath a few times. It was an Ageas policy originally that got sold off.

Normally I only see I price increase with skeleto-muscular conditions if it's ankylosing spondylitis or rheumatoid arthritis and the client is taking steroid treatment. If you want, PM me your current cover value and health disclosure and I will check it for you.

If it's just the Directors that want to be insured and it's a limited company, best DIS worth considering a relevant life plan. Can be paid by the company, a percentage of premiums can be offset against tax and the beneficiaries can be family members (just like a DIS policy).

Cheers for that - I'll be in touch!

[V8Granite]

Life insurance is silly money for me, so any advice for someone who can travel to every country would be much appreciated.

I think the last quote I had was for £250 a month or so.

Dave!

I've got one client that does 4 weeks on and 4 weeks off working in Angola and I managed to find an insurer that didn't load his premium (I will admit, it took quite a bit of research).

Which countries do you work in and how long do you stay there for?

Any country in the world and I’m 4 on 4 off. That’s the problem they had as I work everywhere.

Dave!

[Holley]

Life insurance is silly money for me, so any advice for someone who can travel to every country would be much appreciated.

I think the last quote I had was for £250 a month or so.

Dave!

I've got one client that does 4 weeks on and 4 weeks off working in Angola and I managed to find an insurer that didn't load his premium (I will admit, it took quite a bit of research).

Which countries do you work in and how long do you stay there for?

Any country in the world and I’m 4 on 4 off. That’s the problem they had as I work everywhere.

Dave!

There is an insurer that could do it as the questions they ask about foreign travel are...
- During the last 2 years have you spent more than 90 consecutive days in Africa, the Caribbean, Russia, Thailand or Ukraine?
- During the next 2 years do you intend to spend more than 30 consecutive days outside the UK?

If it's just 4 weeks consecutive away you're spending, that's only 28 days and in which case it's an honest no.

The only other potential risk is the type of work you do and whether you're onshore or offshore?

[V8Granite]

I've got one client that does 4 weeks on and 4 weeks off working in Angola and I managed to find an insurer that didn't load his premium (I will admit, it took quite a bit of research).

Which countries do you work in and how long do you stay there for?

Any country in the world and I’m 4 on 4 off. That’s the problem they had as I work everywhere.

Dave!

There is an insurer that could do it as the questions they ask about foreign travel are...
- During the last 2 years have you spent more than 90 consecutive days in Africa, the Caribbean, Russia, Thailand or Ukraine?
- During the next 2 years do you intend to spend more than 30 consecutive days outside the UK?

If it's just 4 weeks consecutive away you're spending, that's only 28 days and in which case it's an honest no.

The only other potential risk is the type of work you do and whether you're onshore or offshore?

I do both, ships, land based and oil rigs.

Dave!

[Holley]

Any country in the world and I’m 4 on 4 off. That’s the problem they had as I work everywhere.

Dave!

There is an insurer that could do it as the questions they ask about foreign travel are...
- During the last 2 years have you spent more than 90 consecutive days in Africa, the Caribbean, Russia, Thailand or Ukraine?
- During the next 2 years do you intend to spend more than 30 consecutive days outside the UK?

If it's just 4 weeks consecutive away you're spending, that's only 28 days and in which case it's an honest no.

The only other potential risk is the type of work you do and whether you're onshore or offshore?

I do both, ships, land based and oil rigs.

Dave!

All should be fine. The only times I've found it difficult is if someone is an abseiling technician, doing deep sea diving or working at heights. For an engineer working on a vessel, on land or on rig in the oil and gas industry they can offer Life Cover at standard rates (no waiver of premium though)

[V8Granite]

There is an insurer that could do it as the questions they ask about foreign travel are...
- During the last 2 years have you spent more than 90 consecutive days in Africa, the Caribbean, Russia, Thailand or Ukraine?
- During the next 2 years do you intend to spend more than 30 consecutive days outside the UK?

If it's just 4 weeks consecutive away you're spending, that's only 28 days and in which case it's an honest no.

The only other potential risk is the type of work you do and whether you're onshore or offshore?

I do both, ships, land based and oil rigs.

Dave!

All should be fine. The only times I've found it difficult is if someone is an abseiling technician, doing deep sea diving or working at heights. For an engineer working on a vessel, on land or on rig in the oil and gas industry they can offer Life Cover at standard rates (no waiver of premium though)

That’s excellent, let me get the next few busy days out of the way and I’ll PM you

Dave!

[Holley]

I do both, ships, land based and oil rigs.

Dave!

All should be fine. The only times I've found it difficult is if someone is an abseiling technician, doing deep sea diving or working at heights. For an engineer working on a vessel, on land or on rig in the oil and gas industry they can offer Life Cover at standard rates (no waiver of premium though)

That’s excellent, let me get the next few busy days out of the way and I’ll PM you

Dave!