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Lonesome | Help with Insurance policies? |
I currently have an insurance policy that covers me solely for accidents, i want to cancel this policy and get one that covers me for life, accidents and sickness. So my question is twofold
1. Can i just cancel the direct debit for my current accident plan in order to cancel it, or do i have to inform the company, or do anything else?
2. Is there a policy which will cover me for life, accidents and sickness? I have also recently bought a house and due to this purchase i have an outstanding (interest free) loan of £75,000 (but i think this would be covered by most life insurance policies). Also i'd prefer to go with a well-known UK based company, someone like Norwich union but they do not seem to offer a combined life, accident and sickness policy.
Any help you can offer would be great. Oh and please don't suggest the Combined insurance Company of America, as it is with them that i currently have the accident policy but would rather go with a different company.
Thanks people |
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Nimbus
|
To cancel your current accident plan phone the insurance company first, tell them what you want to do. Ask if they can extend the Personal Accident policy to include sickness.
Few insurers have a combined Life and Accident policy.
You may need two policies, possibly with the same insurer but that shouldnt matter.
I suggest that you keep your PA policy and have a life policy, the cheapest type is called Term Assurance which pays out if you die in a certain period of time, say 10 years. You will get nothing back if you survive the 10 years, but it is cheap and easy cover.
Norwich Union, and many others will offer this type of cover.
The will also offer a Personal Accident and Sickness policy if you would prefer to move away from your current insurer.
Very few people buy true sickness insurance policies, it is comparatively expensive.
Much more useful is cover that used to be called Permanent health Insurance which provides you with an income if you are unable to do your usual job and pays out until you reach your normal retirement date but is unlikely to pay anything for the first 3 or 6 months of a disability |
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Graham L
|
I dont think much of julimk's answer, if she dont know her facts then she should shut up.
You can have personal accident policies that pay weekly and/or an amount for accidental death.
You can have sickness with a PA policy, no problem, just expensive way of doing things.
People on here who give wrong answer should just be quiet |
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Julimk
|
1. I would both tell the insurer and cancel the direct debit.
2. It sounds like your existing policy is a Personal Accident policy - this type of policy pays a lump sum if you have an accident that results in injury. A combined accident & sickness policy would typically provide a monthly benefit if you are unable to work due to accident or sickness, so it is completely different.
There are two types of Accident & Sickness policy - either to protect a debt (Payment Protection Insurance) or to replace income (Income Protection Insurance - also known as Permanent Health Insurance). Unemployment cover may also be included. Life insurance is widely available with Payment Protection Insurance - ie to pay the monthly debt if you can't work or to clear it if you die.
There are two main types of life insurance - term assurance (or insurance) covers you for a fixed term. Whole of Life insurance has no end date and ends when you die or stop paying for it.
I think that it would be best to discuss it with an independent broker, who can tailor the insurance to your circumstances. |
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Insurance Pickle.com
 |
look into a new policy before you cancel the existing policy, because you may find it's better to have two separate policies than one combined.
That would be the case here in the US anyway.
Jeff |
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Erica
 |
..
http://www.flixya.com/blog/GOLDCash360/1/Insurance
.. |
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clammie
|
1. you could do this, but then your current insurance company would probably just reinstate the direct debit. give them a ring and tell them you want to cancel, then cancel your direct debit.
2. have a look at a company like www.uswitch.com or www.moneysupermarket.com. you fill in your relevant details regarding what type of cover you want, then they get you quotes from a number of different companies. you can compare prices and see which is the best choice for you. |
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The Tycoon
 |
Shop around. Who was your agent they should be helping you. |
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