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I have been getting increasingly suspicious about the amount I was paying for life insurance/assuance. The chap that sold me the policies kept telling me not to change. He pointed out that as I get older, I will be hit with age penalties.

In the end I decided to get a fresh opinion and as a result I have cancelled both my old policies. It turns out that I was paying between 300 and 400% too much.

The policies were about 15 years old. I wonder how many other people are being overcharged?

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A friend of mine, a 80 hour week Taxi driver proudly told me of his two pension policies (500 pound a month).

Listen bro said I, you are 44 years of age, you work a 7 day 80 hour week (and 60 B & H a day), your diets crap, you do no exercise, you puff and pant walking to the shop. Once a month you smoke a joint, do a line of coke and an hooker. Now don't worry about your pension you won't be needing it.

Both policies now cancelled he's better off and can take a day a week off, something that really will improve his quality of life and he still won't make retirement and I am not a doctor.

Edited by deano

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Car insurance is typical - you seem to get penalised for loyalty IMPO.

too right - i seem to be changing my insurer every year now for both motorbike and car.

thank goodness the internerd makes takes this a relatively painless task :P

Edited by gasket37

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I have been getting increasingly suspicious about the amount I was paying for life insurance/assuance. The chap that sold me the policies kept telling me not to change. He pointed out that as I get older, I will be hit with age penalties.

In the end I decided to get a fresh opinion and as a result I have cancelled both my old policies. It turns out that I was paying between 300 and 400% too much.

The policies were about 15 years old. I wonder how many other people are being overcharged?

yes, the variation in the price of life insurance is incredible.....best term assurance for me at 40 is Legal and General which pays out £80k if i die at any time before i'm 63.......for a £10 a month premium.......

Have seen other quotes of £22 and £19

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Is there a product where you pay for a certain time and get a big handout at the end, and your family are also covered if you die before the end of the policy?

Or have I just got confused?

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Car insurance is typical - you seem to get penalised for loyalty IMPO.

Agree, I have been playing off two insurance companies for years now, I keep switching them on an annual basis. One year with one, the following year back to the other. They seem to assume they have got your business for a second year and will bump up the renewal premium accordingly. However once I swap I am enticed back the following year with a discount. Works for me. :P

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Elephant.co.uk have been the cheapest for me for the past couple of years. When I got my renewal quote, it was no less than it was a year back despite another year's no claims bonus. So I go on their site and do a quote again (I had to fake an address because they already had my address in their system and would have had to call them up and listen to lies - I live in an apartment block so it didn't matter - I just put down Flat 100 which didn't even exist!). Anyway £100 cheaper and I get it comfirmed over the phone...the cheeky bastards!

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RichM

I think you are talking about an endowment! rather than £9 per month it'll be about £100 and will pay out about 60k at that cost.

I think you're right.

What I am thinking of is that it would be nice to have some savings that would definitely produce a certain amount of money at a given time, and also get life insurance. Of course, you are paying for the privilege of someone managing your finances if you get an endowment policy, I guess I just need to set up a SO into an ISA, and take out life insurance...

I am assuming that endowments aren'y a good form of investment? Is that right?

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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