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Dont go to a broker, cause they'll probably get a nice fat commission out of the money you pay over the years. I'm self employed and healthy and happy, had life assurance for a while, cancelled it, foolish to think I'd get something back,
I didn't, instead putting more money into pension and also saving a few bob
to enjoy, NOW. Remember there is such a thing as being over insured.
You probably already have a mortgage protection policy.....
Pension, BOI life, .
What do you mean "buy some dividends"? Do you mean buy some shares?or bought some dividends in some loaded institution i.e. a bank.
So how would you buy shares then if not through a broker?Dont go to a broker, cause they'll probably get a nice fat commission out of the money you pay over the years.
Did you read the terms & conditions of the policy that you signed? Did you get independent, professional advice? If not then I don't think it's fair to blame the underwriting institution for your mistakes.I'm self employed and healthy and happy, had life assurance for a while, cancelled it, foolish to think I'd get something back,
Some people will decide that they need/want life assurance. Obviously most owner occupiers are obliged under the Consumer Credit Act to have mortgage protection life assurance. They should shop around for the best deal. Others will decide that they need general (usually term) life assurance. For example due to having a spouse who is not earning and may be unskilled and/or dependent children who would be hit financially in the event of the death of the main/sole earner. It's facile to accuse life assurance companies or insurers in general of playing on people's fears. Obviously people need to objectively assess their own needs for such products but nobody is forcing them to buy them and there is an important thing called freedom of choice/free will.I didn't, instead putting more money into pension and also saving a few bob
to enjoy, NOW. Remember there is such a thing as being over insured.
You probably already have a mortgage protection policy.....
Isn't that illegal? At least the bundling of financial products is whatever about insisting on such appointments. Surely people should know better than to be browbeaten by salespeople whatever about even agreeing to meet them under duress in the first place.To be fair Clubman, many banks nowadays make going to a meeting with their life assurance people a condition of getting a loan.
Isn't that illegal? At least the bundling of financial products is whatever about insisting on such appointments. Surely people should know better than to be browbeaten by salespeople whatever about even agreeing to meet them under duress in the first place.
.
On the one hand I thought it was pretty amusing but my girlfriend was quite upset. These "sessions" prey on the innocent and naive. She's a very smart girl but she would have signed up for some of the stuff.
If you are both healthy, you would be better off if you just...
.....you sure about that !
You/she should have made a complaint to the insitution about the salesperson's tactics.
What do you mean "buy some dividends"? Do you mean buy some shares?
So how would you buy shares then if not through a broker?
Did you read the terms & conditions of the policy that you signed? Did you get independent, professional advice? If not then I don't think it's fair to blame the underwriting institution for your mistakes.
Some people will decide that they need/want life assurance. Obviously most owner occupiers are obliged under the Consumer Credit Act to have mortgage protection life assurance. They should shop around for the best deal. Others will decide that they need general (usually term) life assurance. For example due to having a spouse who is not earning and may be unskilled and/or dependent children who would be hit financially in the event of the death of the main/sole earner. It's facile to accuse life assurance companies or insurers in general of playing on people's fears. Obviously people need to objectively assess their own needs for such products but nobody is forcing them to buy them and there is an important thing called freedom of choice/free will.
Dividends are periodic payments made by some companies to shareholders. You don't buy dividends. You buy shares and you may get dividend payments as a result.I thought dividends paid better?
No - BoI would just be a stockbroker in this case even if you were buying BoI shares and their charges might well be higher than one of the smaller specialist stockbrokers. You can't buy shares "directly" in most cases other than from private companies or at IPO (Initial Public Offering). Otherwise you have to deal with a broker. Alternatively you could invest indirectly through a (preferably low charges) unit linked managed or index tracking fund for example.I'm sure its not impossible to buy shares directly, say from Bank of Ireland?
"Smooth talkin" sounds pejorative. If you didn't like the spiel why didn't you go elsewhere? What sort of broker - e.g. authorised advisor, multi-agency intermediary (if these classes existed at the time) or tied agent? In short how independent was the broker?Yes, got independent advice from a smooth talkin broker, 2 life ass. policies, 1 critical illness.
This is a bit confusing - life assurance and pensions are not really interchangeable products and each covers a different type of need.You're right, knew what we were getting into. Decided it wasn't working for us after paying into it for 2 years, opted to pay more into pension instead.
Mine did. Some mysterious policy that they paid into for years and even when I was a child they couldn't (or wouldn't!) give me a good explanation as to what it was all for.Did our parents have life assurance, or their parents? no they did not.
This does not mean that life assurance is not suitable for some people particularly individuals with dependents such as I outlined earlier. So - in answer to the original question posed in the thread title, do you need it [life assurance]: it depends on your individual circumstances. To dismiss LA in most or all cases without reference to the individual's situation is meaningless.They survived and so will most people.
Jeez clubman, give me a break. I'm only killin time before I'm allowed shoot the breeze which is much more fun than talking about insurance!Dividends are periodic payments made by some companies to shareholders. You don't buy dividends. You buy shares and you may get dividend payments as a result.
No - BoI would just be a stockbroker in this case even if you were buying BoI shares and their charges might well be higher than one of the smaller specialist stockbrokers. You can't buy shares "directly" in most cases other than from private companies or at IPO (Initial Public Offering). Otherwise you have to deal with a broker. Alternatively you could invest indirectly through a (preferably low charges) unit linked managed or index tracking fund for example.
"Smooth talkin" sounds pejorative. If you didn't like the spiel why didn't you go elsewhere? What sort of broker - e.g. authorised advisor, multi-agency intermediary (if these classes existed at the time) or tied agent? In short how independent was the broker?
This is a bit confusing - life assurance and pensions are not really interchangeable products and each covers a different type of need.
Mine did. Some mysterious policy that they paid into for years and even when I was a child they couldn't (or wouldn't!) give me a good explanation as to what it was all for.
This does not mean that life assurance is not suitable for some people particularly individuals with dependents such as I outlined earlier. So - in answer to the original question posed in the thread title, do you need it [life assurance]: it depends on your individual circumstances. To dismiss LA in most or all cases without reference to the individual's situation is meaningless.
Eh?Jeez clubman, give me a break. I'm only killin time before I'm allowed shoot the breeze which is much more fun than talking about insurance!
Sorry - I don't really get the point of most of this. As I have said, in my opinion, LA is perfectly suitable for some people especially those with dependents who would be financially hit if one of the main providers/carers/earners died. Personally I have had no experience of the hard sell and I don't find the TV/media advertising for such financial products particularly objectionable.Anyway, the smooth talking broker, (a tied agent)I suppose played on my fears of an early arrival of the grim reaper or the grim reapers side kick,
'serious illness' (have to look up perjorative in the dictionery)
I was annoyed that I let him talk us into policies we really couldn't afford in the first place. To be fair they wern't bad policies. (Doh! Yes I understand the differnece between LA and a pension.) I'm not dismissing LA
entirely, but there are lots of other things you can do to assure a good life.
Invest in your quality of life i.e. holidays, time off, exercise. Invest in your children so that they grow up to be financially independent human beings. If you can afford LA and it gives you peace of mind, then get it. But life is for living, not for hoarding away cash that you'll never see anyway cause you'll be dead and hopefully by that time your kids will be financially secure
and the mortgage paid off......In relation to LA playing on your fears..just look at the ads on telly.... look behind you....do you see a footprint there?
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