Life Insurance, any recommendations and who to avoid?

Vanilla said:
They are all similar in my opinion. By nature they don't want to pay out and are slow.

Do you have any kids Gibbo?
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Of course not if I had kids I doubt I'd own a Ferrari or have the other nice motors either, me and the Mrs are not interested in kids, of course nothing to say she won't change her mind but she is really against the idea which gets no complaints from me.

As I say if I pass, hopefully, it will be many years from now, good chance I might be married which lifts it the 650k and I own my home so would I still get the 175k nil rate balance on top of 650k also does anyone know?

It is simply a process that if I pass I want to avoid those carrying out my will can avoid IHT from the estate or a good bulk of it and hence be good to get a 200-250k life cover so then after IHT from the life insurance they will still have around 150k from the policy which should, in theory, cover the majority of IHT that might be owed to the tax man and my private pension would easily cover rest so need to worry about selling property or other assets to raise funds.
 
NVP said:
I'm not talking about their recommendations of specific products, I'm talking about their weight for the actual need for life insurance.
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Well mine has proved invaluable because I was not fully aware of the fact of the amount of government contribution I can get when paying into a pension fund along with tax relief every year also when I do my self-assessment. In short his helped has resulted in me getting a nice cheque from tax man every year and a few grand out the government towards my private pension contributions every year, it all adds up and just means I am legally maximizing government contributions to my pension and getting as much tax relief as I can. :)
But that his expertise and the life cover side he knows about but its not his expertise he just agreed to assist and thinks because of IHT and my estate value it makes sense to have.

If you already know about all this fair enough, but myself and I am sure many more do not and this is where a financial advisor is great, as my pension fund grows considerably every year due to contributions and how it is invested, it is important to me because state pension is very little and comes when your 67 and as such I wanted something on top of my Nest pension so that around 50-55 I can retire and have a huge pension to draw from tax free or if I pass then it will pass to who I leave it too and make them financially very well off.
 
Gibbo said:
Of course not if I had kids I doubt I'd own a Ferrari or have the other nice motors either, me and the Mrs are not interested in kids, of course nothing to say she won't change her mind but she is really against the idea which gets no complaints from me.

As I say if I pass, hopefully, it will be many years from now, good chance I might be married which lifts it the 650k and I own my home so would I still get the 175k nil rate balance on top of 650k also does anyone know?

It is simply a process that if I pass I want to avoid those carrying out my will can avoid IHT from the estate or a good bulk of it and hence be good to get a 200-250k life cover so then after IHT from the life insurance they will still have around 150k from the policy which should, in theory, cover the majority of IHT that might be owed to the tax man and my private pension would easily cover rest so need to worry about selling property or other assets to raise funds.
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No worries - I had no idea about your circumstances - I was just going to talk about the option of gifting a chunk of the house to kids if you had them.

To answer your question: https://www.drewberryinsurance.co.u...inheritance-tax-threshold-for-married-couples

Good for you for carrying out financial planning while still young (not knowing your age that is).
 
Vanilla said:
No worries - I had no idea about your circumstances - I was just going to talk about the option of gifting a chunk of the house to kids if you had them.

To answer your question: https://www.drewberryinsurance.co.u...inheritance-tax-threshold-for-married-couples

Good for you for carrying out financial planning while still young (not knowing your age that is).
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Well I set myself up a private pension back in my early twenties which was with Brittania I think it was back then, they went pop or got consumed and become Pheonix Life and what I setup as a kid has pretty much tripled/quadrupled in value, then a few years ago with introduction of Nest and Bitcoin I transferred my Pheonix into one new pension with Embark which I now pay large amounts into monthly unless I do large lump sums so I got off to a good start, then forget about for a while and left it to work and then a few years ago put a lot more to maximise tax relief and government contributions, I am now 41 and plan is to retire 50-55 and ideally have more than enough in pension to give me a good older lifestyle and no worries and at 67 state pension kicks in but that is only like £175 a week at present forecast.
 
Gibbo said:
Well I set myself up a private pension back in my early twenties which was with Brittania I think it was back then, they went pop or got consumed and become Pheonix Life and what I setup as a kid has pretty much tripled/quadrupled in value, then a few years ago with introduction of Nest and Bitcoin I transferred my Pheonix into one new pension with Embark which I now pay large amounts into monthly unless I do large lump sums so I got off to a good start, then forget about for a while and left it to work and then a few years ago put a lot more to maximise tax relief and government contributions, I am now 41 and plan is to retire 50-55 and ideally have more than enough in pension to give me a good older lifestyle and no worries and at 67 state pension kicks in but that is only like £175 a week at present forecast.
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I'm up for adoption if you want.
 
Gibbo said:
Well mine has proved invaluable because I was not fully aware of the fact of the amount of government contribution I can get when paying into a pension fund along with tax relief every year also when I do my self-assessment. In short his helped has resulted in me getting a nice cheque from tax man every year and a few grand out the government towards my private pension contributions every year, it all adds up and just means I am legally maximizing government contributions to my pension and getting as much tax relief as I can. :)
But that his expertise and the life cover side he knows about but its not his expertise he just agreed to assist and thinks because of IHT and my estate value it makes sense to have.

If you already know about all this fair enough, but myself and I am sure many more do not and this is where a financial advisor is great, as my pension fund grows considerably every year due to contributions and how it is invested, it is important to me because state pension is very little and comes when your 67 and as such I wanted something on top of my Nest pension so that around 50-55 I can retire and have a huge pension to draw from tax free or if I pass then it will pass to who I leave it too and make them financially very well off.
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Well yes, that's all well and good as that is their job.

However in regards to the point at hand they are not required for life insurance.
 
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Vanquish-Storm said:
Oh crap mines with L&G :(
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They did pay out but what annoyed me most is they would request forms filled in and I'd have it done within 24hrs but then they could take like two weeks or claim they never got the emailed forms back, then another service advisor would. Biggest problem for me was always speaking to a different person, they never seem to put a single individual in charge and so every time was nearly speaking to someone different, even trying to request to speak to same person would normally be met with they are on vacation now or not available so just seemed a very inefficient process that took far more time than I would like and some people I spoke to were helpful and other people there were just not interested in helping at all. I was dealing with it on behalf my mum so I could handle it and knew how to handle them but if it was my mother doing it would have driven her insane to point of giving up, maybe that is what they hope for to not have to pay out.
 
NVP said:
For the financial advisor...
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Personally I'd never charge an existing client for a protection policy, nor accept a commission from the provider. I'm sure that's not the norm, but I doubt I'm the only person to adopt that stance. It's like any professional service you require: find a good practitioner and don't deal with the bad ones.
 
Mushy Peas said:
Personally I'd never charge an existing client for a protection policy, nor accept a commission from the provider. I'm sure that's not the norm, but I doubt I'm the only person to adopt that stance. It's like any professional service you require: find a good practitioner and don't deal with the bad ones.
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This he is not charging for this just offering his help if I need it, there is no cost associated.
 
all I will add to this thread, is whatever you do, DONT GO WITH LEGAL & GENERAL

They have been ranked 1st on worst company in the UK list for years (even beating openreach, whom I admit have been improving in recent times)

Awful, awful, awful company
 
TheOracle said:
all I will add to this thread, is whatever you do, DONT GO WITH LEGAL & GENERAL

They have been ranked 1st on worst company in the UK list for years (even beating openreach, whom I admit have been improving in recent times)

Awful, awful, awful company
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Not just me then who has had an unpleasant experience.

AVIVA I have had some dealings with and they always seem very prompt and professional so are one I shall consider.
 
Mushy Peas said:
Personally I'd never charge an existing client for a protection policy, nor accept a commission from the provider. I'm sure that's not the norm, but I doubt I'm the only person to adopt that stance. It's like any professional service you require: find a good practitioner and don't deal with the bad ones.
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All I'm trying to advise is when making a decision to pay into something you're locked in to for life, which you are as the only way to literally cash out is to also do so figuratively, it's best not to risk advice from someone who can get £6-7k commission per contract.
 
NVP said:
All I'm trying to advise is when making a decision to pay into something you're locked in to for life, which you are as the only way to literally cash out is to also do so figuratively, it's best not to risk advice from someone who can get £6-7k commission per contract.
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You are not locked into it for life.

You seem to have a very blinkered view of what financial advisors actually do. Of course like in every walk of life you will get rogues, but advisors can't just recommend something people don't need. That isn't how it works.
 
I took a joint policy out with the wife as soon as found out she was pregnant.

I was told to get reducing cover for the mortgage, but went against that advice and got fixed cover for 20yrs to provide an income equivalence should I meet my demise, and opted to try an pay the mortgage off as quickly as possible.

Think mine is with L&G
 
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