Life insurance is well worth it if you need to protect those you'll leave behind in the event of an early death
|
|
13-09-12, 08:59 PM
Life insurance is well worth it if you need to protect those you'll leave behind in the event of an early death
13-09-12, 09:05 PM
Originally Posted by Dabz
Yeah I get that bit Dabz, to a certain extent...thats why I had the 15 year thing cos it had a massive payout if I died (even bigger if I died on public transport funnily enough) but I didnt and the money I paid in did not match what I got back at the end........I have big issues with all the companies wanting to sell these things ....they dont do it to be nice or to be out of pocket (they all just want to make money out of us) :-? :-?
13-09-12, 09:16 PM
I have a number of policies, one of which is a "first death" policy.... which isn't linked to a mortgage term.
So the lives assured on the policy are the two of us and should one of us die, it will pay out a lump summto the surviving person.
For those with young children .. I also had a policy with Scottish Provident which was an income protection policy on the life of my wife .... i.e. should my wife die before the youngest child reached the age of 18, the policy would pay me an income of £20,000 per year until the youngest child became 18.
The good thing too is that the monthly premiums stopped 12 months before the policy ended.
(Oh !! I didn't win on this policy as my wife is still alive and my youngest is now 18 !!!!!! ;D ;D
)
13-09-12, 09:26 PM
The problem is though Ken is the whole insurance system is based on risk. Female drivers have a lower risk factor but that won't be taken into account anymore. So, yes, the lads will pay less, but the lassies will pay more than previously and that is based on gender rather than risk. Would you be happy to pay more for your insurance because someone decides you can't be ageist anymore when it comes to your bike insurance even though you are a lower risk than and 18 year old?[/quote]
Only at the start Graeme. Forget the new law for a moment and I will try and explain.
We all start from go paying the same premium in our first year of driving/riding. This is fair because no one has a track record in terms of claims, convictions etc. From then on in subsequent years the insurance companies judge each individual driver/rider on their own merits and set the premiums accordingly. Of course that’s how it works now and will continue to do so. Those who are deemed to be high risk (i.e. convictions fault claims) will pay much higher premiums.
13-09-12, 09:33 PM
Insurance is one of those things everyone hates paying until its time to make a claim
13-09-12, 09:37 PM
The problem is though Ken is the whole insurance system is based on risk. Female drivers have a lower risk factor but that won't be taken into account anymore. So, yes, the lads will pay less, but the lassies will pay more than previously and that is based on gender rather than risk. Would you be happy to pay more for your insurance because someone decides you can't be ageist anymore when it comes to your bike insurance even though you are a lower risk than and 18 year old?[/quote]
Only at the start Graeme. Forget the new law for a moment and I will try and explain.
We all start from go paying the same premium in our first year of driving/riding. This is fair because no one has a track record in terms of claims, convictions etc. From then on in subsequent years the insurance companies judge each individual driver/rider on their own merits and set the premiums accordingly. Of course that’s how it works now and will continue to do so. Those who are deemed to be high risk (i.e. convictions fault claims) will pay much higher premiums.
[/quote]
Thats not how it works though Ken, there are many factors involved in assessing the risk and the premiums associated with that risk. Age is one of them. Statistically, young female drivers have far fewer accidents than young male drivers do. If you worked on the basis that every other risk factor was the same apart from gender, would it not be fair that a premium for a female driver, taking every other factor as equal, had a lower premium? Thats the fair way of doing it. Insurance companies do not look at individual circumstances as such, they look at the risk of all the factors that are variables for that individual.
13-09-12, 10:14 PM
I accept what you are saying, but if a young male drives sensibly, carefully and within the speed limits, is it right that he should be penalised because of the actions of other young males?
Whatever happens, the companies will pass on any initial loses to us, that’s for sure.
13-09-12, 11:16 PM
Bit hard to make a claim when you're dead ;D
14-09-12, 07:24 AM
Bit hard to make a claim when you're dead ;D[/quote]
You're not insuring yourself for your own benefit with life insurance...its for those you leave behind
14-09-12, 07:30 AM
The young male with a good driving record will build up a No Claims Bonus and will therefore pay less than the young male with a bad driving record.
I agree though, I suspect the Insurance companies will be looking to see how they can benefit with the changes.
| « Previous Thread | Next Thread » |
