Is Life Insurance Worth It? Term vs Whole Life Insurance UK
📢 WE WROTE A BESTSELLING BOOK!
Order our book 📕, Financial Joy: geni.us/financialjoy.
The book is a 10-week plan to help you banish debt, grow your money and unlock Financial Freedom in 10 weeks.
As a MASSIVE THANK YOU for pre-ordering our book BEFORE 28 March 2024, we're offering you a bonus 2-hour workshop 😍
Title: "Master Your Money: Investing in Today's Economy"
Workshop Date: Wednesday, 3rd April 2024, 8 pm - 9.30 pm GMT. Please diarise 📅
Send proof of purchase to 📩support@thehumblepenny.com
--------------------------------------------------------------------------
👉 Is Life Insurance Worth It? Have you ever considered Term vs Whole Life Insurance Pros and Cons in the UK? Should you even bother with life insurance? etc. Today we break these down by responding to letter from a fan of The Humble Penny :) ♥
Life Insurance could be a very important aspect of your life design. Today I share our own life insurance setup and how we came to that decision.
★★ WHAT TO WATCH NEXT ★★
How We PAID OFF Our Mortgage In 7 Years - • How We PAID OFF Our MO...
How To Invest In Stocks For Beginners UK - • How To INVEST IN STOCK...
10 Things To STOP Paying For NOW! | How to Save Money UK - • 10 Things To STOP Payi...
How We SAVE 60% of Our Income for Financial Independence - • How We SAVE 60% of Our...
Our 12 Multiple Streams Of Income For Financial Independence - • Our 12 MULTIPLE STREAM...
12 BEST SIDE HUSTLE IDEAS To Make Extra Money - • 12 BEST SIDE HUSTLE ID...
★★ SUBSCRIBE TO CHANNEL HERE ★★
kzread.info...
★★ LINKS MENTIONED IN THE VIDEO ★★
How We PAID OFF Our Mortgage In 7 Years - • How We PAID OFF Our MO...
★★ EQUIPMENT USED ★★
Canon EOS M50 Camera - amzn.to/2zcz1K0
Canon 5D Mark II Camera - amzn.to/2xRF1XD
Canon EF 24 - 70mm F2.8L Lens - amzn.to/2lFwdRQ
Canon EF 50mm F1.4L Lens - amzn.to/2lF6Sr9
Manfrotto Tripod - amzn.to/2YC3Sto
Apple iMac 2019 - amzn.to/2lEXNyz
Rode Microphone - amzn.to/2lFs0O2
★★ ABOUT US ★★
MARY:
I'm married to Ken and we have two boys aged 6 and 4. I'm a Londoner, born in Hackney! :)
Day to day, I run the operations of The Humble Penny as a creative - doing everything from marketing to video editing. I studied Multi-media design and technology at Uni
When I'm not creating, I love vegan food, travelling, working out and doing some outdoor fun things with my husband and kids :)
KEN:
I'm a husband, dad, and a First-Generation Immigrant to the UK. I started life poor in the UK and I've spent the last 20 years on a steep journey of Personal Development.
CFO by day with over 12 years of experience in the investment business. I'm also a Chartered Accountant and hold an MBA from Cambridge University.
To explore my creativity, I'm a blogger and KZreadr by night. I create from my experiences as a family man and entrepreneur.
I have a passion for all things Financial Education, Business and Personal Development. I also love Photography, Music, Travel, and Sport.
We became Financially Independent aged 34 and our story has been featured on the BBC, Mail Online, Channel 5, Metro, etc.
We share content to inspire and teach others how to achieve Financial Independence and Freedom too :)
★★ WANNA CONNECT? ★★
Blog - thehumblepenny.com
Insta - / thehumblepenny
Pinterest- www.pinterest.co.uk/thehumble...
Twitter - / thehumblepenny
Facebook - / thehumblepenny
Email - Ken@thehumblepenny.com
★★ OUR ONLINE SCHOOL ★★
Visit our online school at Financial Joy Academy for Video Courses, etc:
www.financialjoyacademy.com/
★★ ABOUT THIS VIDEO ★★
Life Insurance UK, Is Life Insurance Worth It, Term vs Whole Life Insurance UK, Term vs Whole Life Insurance Pros and Cons, Term Life Insurance, Whole Life Insurance, Best Life Insurance, How Life Insurance Works, Types of Life Insurance Explained, Is Life Insurance an investment?, Should you get life insurance, how much is life insurance, life insurance providers, Ken Okoroafor, The Humble Penny.
Massive thanks for watching and following our channel :) ♥
Best, Mary and Ken Okoroafor
DISCLAIMER: We are NOT Financial Advisers and do NOT offer Financial Advice. We create these videos for education and entertainment purposes.
AFFILIATE DISCLAIMER: For FULL Transparency, some links above or in this video may be Affiliate Links. This means that we might receive a commission if you purchase through our affiliate links
#lifeinsuranceUK #lifeinsurance #termlifeinsurance
Пікірлер: 153
★★ WHAT TO WATCH NEXT ★★ How We PAID OFF Our Mortgage In 7 Years - kzread.info/dash/bejne/YpOVucSck9jAmdo.html How To Invest In Stocks For Beginners UK - kzread.info/dash/bejne/p2iimshmia-bj6w.html 12 BEST SIDE HUSTLE IDEAS To Make Extra Money - kzread.info/dash/bejne/gKdoyZuhZ7LepbQ.html
I am a single mum of four, I needed to hear this. I have just applied for life insurance online. Thank you.
@TheHumblePenny
4 жыл бұрын
Great stuff, Ellena!
@amandabass04
3 жыл бұрын
may I now what company or provider
@ItaintmeCCC
3 жыл бұрын
@@amandabass04 I am a insurance adviser I would recommend you try and go through a broker or an adviser. A common mistake people make when going through a price comparison website is that they might not have or get the right level of cover or it might not be suitable for their needs. Price comparison websites usually offer the cheapest quote first as the insurance companies pay the comparison sites to be at the top of the quote results. This tactic often leaves people buying the cheapest quote but the cheapest quote isn't always the best. If you need any help or advice I will be happy to help.
First time coming across your videos. You are such a good communicator! Explained everything perfectly. Thank you
@TheHumblePenny
Жыл бұрын
Thank so much 😊🙏🏾. Do please share with others.
great video.... very informative and clear... thanks!
First, check if you employer provides any insurance cover for employees - many do as part of their standard employee package. Even though it may not be as comprehensive as an individual policy it's a good place to start.
@TheHumblePenny
3 жыл бұрын
Agree
Very informative video, I now can decide which insurance I can go for depending on my personal circumstances.
Wow. What a great video. You did an amazing job. I have Life insurance. This is to look after my family 😊
Wonderful informative video thank King! Many blessings ❤️🙏🏿
@TheHumblePenny
2 жыл бұрын
Much appreciated 😊🙏🏾
I would encourage you to get life insurance if you have depends to cover living expenses for those that are left behind.
@TheHumblePenny
4 жыл бұрын
Yessir! 😀
you are a legend, can lesson to you all day long, specially when you say I do that and I have done this, that make things so easy for us as a listener, and make our mind about the subject we are listening to, very easy to follow you and understand, happy found your channel, God bless
@TheHumblePenny
Жыл бұрын
😊🙏🏾🙏🏾. Please share with others
Hi Ken, brilliant video as usual. We have term life insurance but I never knew about putting it in a trust. I will probably call them (AIG) to see if it is in a trust or not and if it can be retrospectively done.
Great content. Thank you
You are truly amazing and thank you so much once again for being so elaborate.
@TheHumblePenny
4 жыл бұрын
Happy to have served you today 😊🙏🏽. Onwards
@aiishaism
4 жыл бұрын
Thank you Ken for your good wishes. I watched the video again and there is one thing I didn’t quite understand. Once your term of 30 years over and you haven’t claimed, do u get back part what you have contributed? Sorry to be asking so many questions.
@TheHumblePenny
4 жыл бұрын
@@aiishaism hiya! Questions are welcome. Happy to answer them. So for Term life insurance, you ONLY get paid if you make a claim in the term of cover. So for a 30 year policy, it covers you for that time and if you have no need for a claim, it doesn't pay out. Hence why the amount you pay pay monthly is so small. Compare it to car insurance. When you pay annually, you never really hope to claim on it unless an accident happens. Same with Term Life Insurance. Whole Life Insurance is guaranteed to pay out but it's WAYYYYYY more expensive. Does that help?
I appreciate this video so much 💎👌🏾
@TheHumblePenny
2 жыл бұрын
Cheers, Nathan :)
Thank you. This was very informative. I took out a policy straight after watching and i now feel that my family is a bit more protected.
@TheHumblePenny
4 жыл бұрын
Hurray!! This is a RESULT! 😀
This was very informative. Thanks Ken
@TheHumblePenny
4 жыл бұрын
Super! Considering getting life insurance?
@rachaelo3882
4 жыл бұрын
@@TheHumblePenny yes definately! It was the topic on our dinner table tonight lol I'm 30 years old and was considering getting it for the points you made in this video, before i watched it. This video gave me clarity and thanks for the final point re: the trust
Have learnt so much. Thank u
@TheHumblePenny
4 жыл бұрын
You're most welcome! 😀
Thank you for the info
I am so happy i found this video i didn't even have a clue where to go to for advice on life insurance loving every minute so full of knowledge and straight to the point , thank you , thank you 💞
@jaisonmathewjose89
3 жыл бұрын
Hai, I am Jaison Mathew Jose, Protection Adviser for Owl Financial, which is one of the largest networks of financial advisers in the UK. I can provide personalised protection advice on the following. •Accident Protection •Income Protection •Life Cover •Critical Illness Cover •Building / Contents Insurance (including Landlord’s Insurance) ↪️FREE consultations. No obligation quotes ↪️ Online Meetings that are convenient for you ↪️Trusted partners globally ↪️Financial Conduct Authority (FCA) regulated ↪️Great value and a wide list of services provided ↪️Tailored solutions for your new or existing insurance policy ↪️Discover more and get a quote today! Contact : Jaison Mathew Jose 🇬🇧 +447437621746 www.owlfinancial.co.uk
@TheHumblePenny
Жыл бұрын
Thank you 😊
What about Universal Insurance? Do we have this option in the UK? Can you also explain a bit more about the premium aspect of Whole Life insurance and what happens to that premium after death and if we can borrow against it in life?
Thanks so much Ken for this video. This was very useful. I received unsolicited quote from a firm yesterday and was going to look into it. Been putting it off for a while now, but need to get on it for reasons u highlighted. Btw I assume that premiums have gone up substantially now due to COVID19?
@TheHumblePenny
4 жыл бұрын
You're welcome, Linda! 😊. I'd presume premiums on average will be higher. Saying that though, not many people have life insurance and not all cases are paid out. This is why it pays to get a quality provider
Thank you Ken. Really in-depth and useful. I am researching Life Insurance so found this very helpful indeed. I am a novice investor so will watch your stock video next (although I only want to invest ethically and its proving challenging)
@TheHumblePenny
2 жыл бұрын
Thank you, Niki 😀. We have a whole video dedicated to ethical investing.
if im a student in uk work in part-time, and all my family are in other countries, would you recommend me to get an insurance? im thinking worst case scenario if I get sick, or if I had an accident maybe something good can come out of it for my family
Hello! I want to get life insurance for my mother. What is critical illness cover? What if the person does not die within the specified time frame? Are the monthly payments lost? What form did you suggest we get at the end? Something to do with a trust or something? Do you get cover if you are over 60?
Thanks
Can you give me any information about Cash Value Whole life Insurance in the UK?
Really good thanks his helped so much !
@TheHumblePenny
4 жыл бұрын
Glad it helped! Cheers, Kimbella!
Great video !👍🏾 is it possible to switch from term life insurance to whole life insurance if one has already taken out the former?
@nickharper618
2 жыл бұрын
This is possible with some insurers and not others, it is worthwhile asking an adviser to review your needs as it maybe better to continue with the term and supplement with another policy to pay the lump sum, rather than convert.
My mother is thinking of getting life insurance after a medical scare, but she is 56 now and wondering if it's too late or what package to go for as I've seen many providers offer over 50 packages and curious if that's worth it because I read there is a point in which if you live longer, you could be paying in more than what is paid out so maybe the normal life insurance is better and ignore the over 50 package..
I agree life insurance is definitely worth the money if you have family and dependents. I was wondering what you thought about other insurances (not sure if they're all available in the UK, but assuming they are). TPD (Total Permanent Disability) if you are injured to the extent that you are not able to work again and Income Protection for if you are off work due for a long period of time due to sickness or injury, which pays out 90% of salary until you are able to work again or reach 65, whichever is first. In Australia, all these insurances can be wrapped in our Superannuation (Pension) scheme. Our employers pay in the equivalent of 9.5% of salary into our pensions and we are able to top up from our pre-tax income up to $25,000 per year. The costs for these insurances then come out of these payments into your pension. Therefore, you're getting a great tax deduction on the insurance costs, however it does reduce the amount being invested over the long term for your pension. Thoughts?
@humblepenny what if the insurance company goes bust? what happens to the money you put in and the life insurance cover? Is there any protection?
Great video! For your last point you mentioned putting one's life insurance 'in or into a trust', is that for both types of life insurance? (Term and whole) Thank you!
@TheHumblePenny
4 жыл бұрын
Thank you! :) Yes.
@calebarcalebar3768
4 жыл бұрын
The Humble Penny IT WAS A QUESTION NOT A COMPLIMENT!
@AD-ev4xj
3 жыл бұрын
I do not understand? How do you put life insurance into a trust?
How does it help when getting a mortgage?
Thank you for this amazing video! We are also using lifesearch, if I make a trust now can I revise it later once we have children?
@TheHumblePenny
Жыл бұрын
Yes.
What is best company insurance?
I’m turning 22 in two months and I’m considering getting life insurance but not sure which ones are best suited to me. I want to do for life but there’s too many options, and some catering to people for a young person. I’m also a non smoker. Should I invest into this at this age?
Me and my partner are 35 yrs and considering 35 year term or 50 year. The price is double but still affordable. Is it worth doing 50 years ?
as a 68 year old (my dad) and my mother (64) - no mortgage, what would you recommend One child - me 27 Alternatively are there any recommendations for alternatives for them? For me in 27 no kids, no dependencies, I don’t smoke or drink, what would you recommend?
Thank you for this information, are you able to recommend a reputable life insurance company
@TheHumblePenny
4 жыл бұрын
Unfortunately can't as it would be investment advice. But the you want someone reputable. Various examples such as Legal and General, Vitality, etc. Do your research first and seek advice if need be for your situation.
Hi Ken, what's your take on life policies that the premium keeps increasing yearly? I think they are referred to as indexation policies.
@TheHumblePenny
Жыл бұрын
I don't like them. I avoid.
I am slightly confused around the comment on life insurance companies excluding certain types of death? In my experience i have not seen this, they certainly cover suicide and if you used drugs or alcohol to commit suicide then it would be covered (not in the first 12 months as suicide is not covered in that period). Can you expand on where you have got this information as all the insurers that i have dealt with pay out on death (including suicide) and do not state that certain types of death are not covered in the policy. The insurers ask you about your drug and alcohol use when you take out a policy and may refuse to insure you. If you lied or did not disclose drug or alcohol use that was discovered after your death (perhaps in your medical history) then the insurer may not pay out due to this non-disclosure but that is a different thing to the way you died?
Hi Ken, I have just recently taken an AIG life insurance bc I’m over 50 and there were not many options available. Still have no idea if it’s a real insurance deal or scam 😮 have you or anyone heard about this company please help 🙏
👏🏽👏🏽👏🏽
@TheHumblePenny
2 жыл бұрын
👊🏾
Thank you for this @thehumblepenny. Ive seen lots of videos about US life insurance policies that you can use to take money from to invest in other areas. Can this be done with any UK policys?
@TheHumblePenny
Жыл бұрын
We'll make a video about this
@oscarphillips3087
Жыл бұрын
@@TheHumblePenny let me know!
@cristinafiltingher1009
Жыл бұрын
That’s what I’m looking for 😂😂
@joeyabubaker3158
6 ай бұрын
Same
@joeyabubaker3158
6 ай бұрын
@@cristinafiltingher1009did he do another video because I can't find it?
Can you take money out of your whole life insurance policy ?
Does the UK do deals where you can borrow loans against your life insurance policy?....if so what are the ramifications. Thanks
@TheHumblePenny
Жыл бұрын
Video loading....
Is there a point getting it if I still don’t have a mortgage or kids? I am getting married in a year or so so will hopefully have both within the next couple of years. Thank you for the video! Very nicely presented!
@temilustre7041
Жыл бұрын
Hi Omar, the reason you might want to consider it now rather than later is to ensure you are insurable and for affordability. Generally the older you are the more expensive your premiums become. Also there are ppl who are unable to get a life cover because of health conditions/pre existing health conditions. So it might be worth looking into it now since you’re looking to settle down soon. I hope this helps.
@TheHumblePenny
Жыл бұрын
The younger you get it, the cheaper it is as it's a fixed monthly amount. If your life circumstances changes later, it will be much harder to get life insurance.
I have a mortgage (I'm 32) with about 60k left on it. I don't have a wife or kids so technically feel it isn't necessary but at the same time I wonder if it's best to get it now whilst it's cheaper (given circumstances could change). My biggest conundrum other than this is whether to get a reduced term one so it pays out less over mortgage term, or not... Thoughts?
@TheHumblePenny
4 жыл бұрын
Hi Adam, Sorry I have only just seen your message. Personally, I'd say get one as early as possible because it is cheaper. £60k Mortgage is not a crazy amount. So whichever one you choose to get should not be driven mainly by your mortgage debt.
I am so confusedI too many potions outhere in the market I do know what to chose help please
@ItaintmeCCC
3 жыл бұрын
I would advise you go through an insurance adviser. They will be able to look at your needs and the best policy for you based on that aswell as explain everything to you in a way in which you will understand.
Great video first off. I have a term critical illness cover as it is cover for 40yrs when took it out back in 2015 it was £25pm and to date it’s at £30.50pm should this have gone up over the years as you said yours is £29 and will always be that. My question is is this increase normal or should I get in contact with aviva ? Many thanks
@TheHumblePenny
2 жыл бұрын
Contact them. Mine is life insurance though and it has never changed.
@temilustre7041
Жыл бұрын
Hi, I'm a UK specialist insurance adviser. I work with Precise Protect. The reason your policy is increasing is that you opted for the increase option at the time you took out your policy. Such policies tend to start out cheaper but over time becomes unaffordable so I generally tell my clients not to opt for it. The appropriate option to have gone for is level or guaranteed, this way the sum assured and premium are fixed. The reason a person might opt for the increase option is to ensure the policy is worth the same value in x amount of years as it usually goes up in line with inflation. You will notice that your sum assured is much more at 30.50 than what it was at £25. I hope this helps.
@evao1592
Жыл бұрын
@@temilustre7041 thank you
At the end of the term insurance, if you are still alive, then what?? Would you need to re insure yourself at presumably higher premium rates or do you get a payout & transfer to new policy?
@TheHumblePenny
3 жыл бұрын
No payout. Just a higher premium as you'll be older, etc.
@nickharper618
2 жыл бұрын
Your needs have probably changed and the amount you will need will probably be less, there are specialist products like funeral cover etc. that you may then take on.
What happens after the 30 year term can you renew? Please do a video on the critical illness or income protection cover.
@ItaintmeCCC
3 жыл бұрын
It depends if the policy came with the renewable option. If not you will have to take out a new policy in 30 years but the premiums will be much higher as you will be a lot older. There are policies with an option to renew it or convert it to a whole of life policy. I recommend you look through the terms and conditions of your policy or have an insurance adviser look through it with you,. This can usually be done free of charge.
@seuny
3 жыл бұрын
@@ItaintmeCCC I am being offered with my mortgage and it seems I can't find comparisons to match it or am not looking properly. You are right I probably need an insurance advisor. I have extended to 35 years on the critical illness cover which comes with life insurance I didn't ask for but thinking at that age will I still need the cover? Did not realise there is a whole life option. I went with the 2 year income protection with 60% of income payed out if unable to work but not critical not quiet sure what indexed means.Too many options I need a comprehensive guide.
I don’t have any depends. Am I better off getting critical illness cover? ( not terminally ill cover) I only have a very small Mortgage left 60k
@TheHumblePenny
4 жыл бұрын
Potentially - However, critical illness is pretty expensive. Saying that, I saw that come in handy this year when my mum successfully made a claim on hers. So I don't it's just about which you're better off getting. It's all about what your expected need is. If you think it's more likely that critical illness might become a reality, then you should seriously consider it especially if there are no material pre-existing conditions. Personally, I like the idea of insurance. But I get involved after a careful assessment of cost vs benefit 😀
My husband and I have life insurance through our jobs. We also have 4 children. Do you suggest we get different policies separate from our jobs? We are both in our 40,s. Thanks
@TheHumblePenny
4 жыл бұрын
Hi Rose I would! Because you can lose that job and life insurance policies get more expensive the older you get.
@isibabe7775
4 жыл бұрын
The Humble Penny thanks!
Hi, would you recommend AIG life insurance?
@TheHumblePenny
Жыл бұрын
Not specifically. But generally focus on reputable companies.
Is it ideal to make a set of health, life and car insurance in 1 provider?
@TheHumblePenny
3 жыл бұрын
I'd suggest different providers
@asiantwist2500
3 жыл бұрын
@@TheHumblePenny thank you for kindly responding me!! Will keep supporting watching your channel, say safe!!
whats a trust is it better to do it?
@ItaintmeCCC
3 жыл бұрын
Yes. I recommend everyone to put a policy into trust.
Can you borrow against the life insurance similar to the US? In the UK?
@TheHumblePenny
6 ай бұрын
No.
Hi, I cancelled my aviva term life insurance after 9yrs, it is a 27 yrs plan. Then I move to Vitality insurance. Can I get a refund from Aviva? or the money goes to drain?
@TheHumblePenny
3 жыл бұрын
The money gave you cover for 9 years. So it's not quite money down the drain :) You can't get a refund. See it as the cost of peace of mind.
I got myself life insurance first one
@TheHumblePenny
4 жыл бұрын
Great!
Alot of people here seem be doing it online..I'm thinking I prefer doing it thru a financial adviser rather than over the phone or net!
@TheHumblePenny
4 жыл бұрын
Why, Kev?
@udonkev6196
4 жыл бұрын
@@TheHumblePenny well Good morning..I guess to be honest I've watched so many KZread vids on life insurance that I confused myself even tho I've settled on term insurance..on the phone feels a bit sales like..I was getting regular calls from lifesearch which seem pretty reputable..just was sure what I was signing up to on all small print as they don't send you the actual policy upfront!.. cheers for the reply!..hope your family are safe and well at this uncertain time.
@jaisonmathewjose89
3 жыл бұрын
Hai, I am Jaison Mathew Jose, Protection Adviser for Owl Financial, which is one of the largest networks of financial advisers in the UK. I can provide personalised protection advice on the following. •Accident Protection •Income Protection •Life Cover •Critical Illness Cover •Building / Contents Insurance (including Landlord’s Insurance) ↪️FREE consultations. No obligation quotes ↪️ Online Meetings that are convenient for you ↪️Trusted partners globally ↪️Financial Conduct Authority (FCA) regulated ↪️Great value and a wide list of services provided ↪️Tailored solutions for your new or existing insurance policy ↪️Discover more and get a quote today! Contact : Jaison Mathew Jose 🇬🇧 +447437621746 www.owlfinancial.co.uk
Is it the same as income protection insurance ?
@TheHumblePenny
Жыл бұрын
No, that's a different insurance entirely
Hi Ken, Is Scottish Provider a reliable company to have our cover? Thanks in advance.
@nickharper618
2 жыл бұрын
There are a number of Scottish providers, the one I believe here maybe Scottish Widows, I say this as it was in conjunction with a mortgage and SW are now part of LLoyds Bank. My experience is they are a good insurance provider and have a costs effective policy and have high pay out rates. The best thing to do is go to an adviser to help you chose what you need.
Or can you borrow loans against TERM life insurance?
@TheHumblePenny
Жыл бұрын
Video loading...
When you say you pay £29 for your life insurance, do you mean each or combined? Just curious!
@TheHumblePenny
Жыл бұрын
Each.
@victoriaolapade6177
Жыл бұрын
That’s high. I know someone who pays £6 for £80000 cover for 30 years
23:35
is Life and General a reputable company? Did you get a critical illness cover?
@TheHumblePenny
Жыл бұрын
L&G are reputable from what I know. No, I didn't get critical illness. But that doesn't mean you shouldn't.
Can my husband take life insurance on me
@TheHumblePenny
3 жыл бұрын
No. But he can be the beneficiary of your own policy. You each need to take your own policies out or you can take a joint policy.
Can you borrow against your life insurance in the UK???
@TheHumblePenny
Жыл бұрын
Video loading...
I got my life insurance a day before my 28th birthday and the monthly payment is very very low and it's a guaranteed payout. I also want to get funeral cover soon. Very good video as always...
@TheHumblePenny
4 жыл бұрын
Nice re guaranteed payout! Who is your provider, Mandy?
@mandylove9845
4 жыл бұрын
@@TheHumblePenny At first I was with Aviva. It wasn’t a guaranteed payout. It was £14.33 for £100k insurance. Then I kept looking around to find a better offer and two months later I changed to Zurich which now costs me £15.35 for £250k insurance. Their terms and conditions say that they don’t pay out if you stop making payments towards the insurance or if you take your life within a year of the policy. Other than those two conditions - which are pretty straightforward... it is a guaranteed payout.
@TheHumblePenny
4 жыл бұрын
@@mandylove9845 is it Term Life insurance?
@mandylove9845
4 жыл бұрын
@@TheHumblePenny Yes it is, I think it either for 40 years or slightly longer. I will be in my early 80's
@adejuwonodugbesi3102
3 жыл бұрын
@humblepenny what if my current work already signed me up for a group life insurance policy? Should I just let my wife get her insurance I think k it’s a great idea and when I leave that company I will take up a new life insurance or continue with them on term life insurance as a continued policy.
whole life insurance
£29 each?
@TheHumblePenny
3 жыл бұрын
Yes.
If life insurance keep cash 💰 value money I don’t need life insurance 🤣🤣🤣🤣🤣🤣🤣