Life Insurances

[fruitsalad]

Could anyone recommend a good life insurane company, that is whole of life, and would pay out should the inevitable happen, without having to wait a year or some, even 2 years before they pay out

[fiction-factory]

In most, if not all, companies would pay out much quicker than that provided it was clear who the beneficiary is and there is no need for probate. I've never heard of delays of anything like a year or more

[woofgang]

Can I suggest that before you do this you do sums about how many payments you would have to put into a savings account to reach the payout amount?

[EDDIE51]

Too many to even think about ! Go to a good insurance broker who will look at ALL options and make suggestions ! When my Mother died the insurance paid out in under 2 days !! As soon as they got confirmation of the death ! I have NEVER even heard of an Insurance company that makes you wait anywhere NEAR a Year! (Let Alone 2 !!) The insurance payout is very often needed to pay for Doctors / funeral fees ! Any insurance company that makes you wait a year, let alone 2 is VERY dodgy , AVOID !!!!
In my Mum's case the company even offered to send a courier with cash !! But we settled for bank transfer !

[fruitsalad]

Sorry I dont think I made myself very clear, what I meant to say was, once you take the policy out, if the worse was to happen in say 1 year the insurance company do not pay out for 24 months after you have taken out the policy

[Baldric]

So what was this wonderful company Eddie?

[JF85]

Are you sure you mean insurance, not assurance?

[Denton]

OP probably means the TV ones where anybody is accepted with no Medical.

[Peter Pedant]

the funeral insurance plans
( I am full of parsley jam but hey I have taken out a funeral plan etc) are terrible value for money

a fren' has one ( post office) where the pay out goes DOWN the longer you live and the longer you contribute .... hem hem

if you want term insurance I agree eddie - go to an insurance broker - but there is the broker's commission -
eddie was talking about time to pay out
which I dont think you were ( lead in time before pay out)

The period b efore they pay out shoul d be shortened if you have a medical exam
AND of course they wont pay out for stuff you already have

(I am uninsurable I have to add)

[Peter Pedant]

// OP probably means the TV ones where anybody is accepted with no Medical.//

terrible value

so bad I think the regulators should say they cant advertise - yeah really that bad.

[woofgang]

I agree the ads are so full of snake oil that they make me laugh.

[ubasses]

If you are worried about buying the right policy for you, best thing to do would be to talk to an IFA or reputable broker. I have never heard of an insurance Co that doesn't implement Life claims promptly and since regulation changed (I think it ws 2017) compensation has to paid if they do not comply.
There can be delays if the pay out goes into the Estate and is held up by Probate. To avoid this the policy can be written in Trust and be paid straight out to your nominated beneficiary.
Another cause of delay woud be them having doubts about the validity of the claim. Say someone dies of lung cancer and have said they have never smoked, further enquiries may be requested.
Whatever you do when you decide, make sure you read all the terms and conditions.
Whole of life will be more expensive than Term insurance as it will definitely pay out because the inevitable will happen.