classic Subaru Si

As above, I just had the most odd conversation on the phone!! I'm in the middle of remortgaging, and have opted for some life insurance that they (RBS) were offering. Just had a woman on the phone saying that she needs to come to either my place of work, or my home to give me a full medical Blood sample, urine, chlorestoral, blah blah blah... said it will take about 45 minutes. Is this normal or what? I feel like sacking it to be honest - I've nothing to hide, but I really don't have time to **** about first thing in the morning, or at work to be honest! The real question is, do I actually need this cover? I didn't have it before, but not sure if I was supposed to have??

scoobynutta555

I didn't bother as I had some from work. They do go for the hard sell and keep badgering you. Just say you'll get it elsewhere or you already have it. It sounds like they may want proof if they were going to send someone round though.

Offer to post off a pair of your used grundies if you have no time for the samples

stilover

Seems over the top to me. I bought life insurance when I bought my flat. If I have life threatening illness then the Mortgage gets paid.

Was only £9-odd a month. No medical or owt.

Cancelled it now that I paid off my mortgage.

What type of insurance are you going for? Just mortgage payment? or payment to kin on your death?

If it's the latter, then I can understand the medical.

scoobynutta555

That sounds more like critical illness cover. Life insurance is when the mortgage gets paid if you die.

Coffin Dodger

Only reason you should have insurance is if you have other people depending on you for a roof over their heads (i.e. Wife and kids). If not then I wouldn't bother. It's not compulsory!

Also check with you employer, I have IIRC 5 x salary paid out if I die whilst employed by the company and critical illness cover such that I get 90% pay & pension contributions if I'm unable to work up to retirement age. Nice benefit to have.

classic Subaru Si

No, it's just the cover that pay's off the mortgage if I die - nobody is dependant on me, no kids wfe etc.. I thought it was a wind up to be honest. just spoken to RBS, the girl said that for every 200 people they cover, they select one person for a full medical! Gonna sack it when I get hom I think, just cannot be arsed with it! Just didn't want it effecting my mortgage that's due for completion at the end of the month! Cheers for the info guys!!

fast bloke

What level of cover is it for? Under 500k you shouldn't need any sort of medical evidence unless you have reported some existing condition. Between 500k and a million a GP report usually cover it. Over a million and a Medical Attendance Report is normal

EddScott

Make sure its not compulsory.

If you become critically ill but don't die, it would be handy. Straight forward die to win stuff wouldn't really benefit you as such.

Single people are better off looking into protecting your income rather than your mortgage.

The slightest thing and they seek a medical these days. Single bloke over a certain age living on your own maybe they think you bat for the other team.

classic Subaru Si

Yeah, it's for about 56 grand mate!! They have already seen my medical reports from my doc!! It's cost them anyway, I'll just tell them to forget it!

fast bloke

RBS used to insist that you had life cover and that the proceeds were assigned to them to cover for the mortgage. They don't ask for it to be assigned any more, but check your mortgage offer to see if they are insisting that you have it.

nixxon

A VERY nice benefit to have. It would cost me about £400 a month to get that little perk!

stilover

TBH mate, I'd change it to include critical illness cover too. Just think if you're in a bad car crash or you get a illness (brain tumour) etc. I know they are extreme examples, but my thoughts were when I took out mine were, that if I did get very ill, how would I keep up the repayments? Being ill is bed enough, but being homeless makes it even worse.

I never needed my (thnk god) but it was nice knowing that if something bad did happen, my mortgage would be payed off, so I wouldn't have to worry about that while being ill.

scoobynutta555

Biggest con going.

Deep Singh

Why do you say that?

EddScott

I wouldn't say its a con but it became very expensive a few years ago. I've got a very old Liverpool Victoria whole of life critical illness policy thats now up to 65K and pay about £13 a month - and thats smoker rates. Its also on the older critical illness conditions which were more inclusive of some of the more easily treatable forms of cancer (bollock for instance). The new conditions don't cover quite as much as they used to. A full list is given in whats called the "Key Features Document"

Coffin Dodger

You don't even need that then, after all your house is of no use to you after your death. If you do meet a tragic end the house will be sold and the proceeds used to pay off the mortgage. Any profit will become part of your estate and be distributed according to your will or to your next of kin (parents?) if you don't have a will.

No point in paying £x a month just to leave your house to parents after you die

Deep Singh

I can't see its a con. If I have a MI, or have bowel cancer, lose a limb etc I get a payout. Any of these conditions could mean a year or so off work, I would need a decent payout to get myself through that time without having to worry about money

ps its no more a con than all insurances are a con. ie if I had £5million in the bank I wouldn't take out any insurance for anything inc medical etc as I'd always have the cash available to pay for anything under any circumstances

cookstar

iTrader: (6)

I have the same with my company. I will be taking out further insurance also when my mortgage completes.

StickyMicky

came in handy when my old man died last year at 50 year old

bish bash bosh, everything paid for and covered, and my mam is now minted, she even apparently hid the poison in a really hard to find place

fivetide

iTrader: (1)

TBH i agree. Critical illness is not that critical really. It doesn't cover you if you are in a car accident for example and off work for months. basically you have to be dying or get something amputated before they'll actually pay and it is quite expensive. They don't even cover you for most cancers, if it looks like you'll live - no claim!

The one you want is payment protection so that if you can't work (or are made redundant etc) the mortgage keeps getting paid. Much more useful and likely.

also like coffin dodger said check with your work. if you are allowed months off sick if you are hospitalised or something then you are largely covered already!

5t.

scoobynutta555

There are any number of illnesses etc not covered by the policies not to mention a myraid of clauses that are on these policies. And in many cases claims are refused, currently thought to be 20% of all claims, not by any means a small number.

Dan W

Life insurance is there to cover your liabilites should you die. Fix the amount to your liabilities and if you have loved ones who depend on you add extra so they receive a payout beyond your liabilites, for example funds to bring up any children left behind.

Critical illness is definiately worth it, as is permanent diability cover. So long as you get a decent policy.

Why take the risk for the sacrifice of a couple of quid per month?

You insure you car (admittedly mainly because you have to) but even if car insurance wasn't compulsory I think many of us would take it anyway.

So surely your personal health and well being is more important than a motor?
Making critical illness and permanent disability cover all the more relevant.

scoobynutta555

The amount of money I'd have saved over the years through motor insurance if I never had any and I'd be very well off. One of my cars is insured 3rd party without fire or theft. I wouldn't have insurance at all if it wasn't law.

Yes critical illness cover might be good for some people but I won't be buying any. I'd imagine the 20% of failed claimants may rue the hundreds, perhaps thousands, they have paid in to no avail. Yes those who claim regard it as money well spent.

The zeal of which people try to 'sell' me critical cover is enough for me not to want any.

Some people are the types who take out insurance for every eventuality. Easy money.

SwissTony

iTrader: (19)

Well since I get threatened on a nightly basis by my g/f to kill me over my snoring and the amounts of death threats I get over my crap jokes, then I would take out life insurance and sudden mysterious illness cover

Apart from that, sod em