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    Get paid for taking Life Insurance?

    Hi Guys.
    Just wanted to check i had this right?...
    I need life insurance as I'm buying my first house and want to be covered just incase.

    Im only 28 so my policy from LV is £7.76/mo for 30 year period.
    They pay £70 quidco cash back.

    You can leave at any time and LV will still pay out the cash back as long as you've paid 6 months of premiums.

    So 6 X £7.76 = 46.56 - £70 Quidco = £23.44 profit?

    Bonus!

    6 Comments

    Interesting... But wonder how easy/hard it would be to cancel?

    Original Poster

    The policy wording is:

    You pay a premium every month by Direct Debit until the month immediately … You pay a premium every month by Direct Debit until the month immediately before the end date of your plan. You can choose to stop paying premiums at any time, but if you do then your plan will stop, you won’t be covered and you won’t get anything back.



    I guess you just stop paying the direct debit... you don't need to give notice according to the policy document.

    I need life insurance too.. Who's this with?

    [/quote]I guess you just stop paying the direct debit... you don't need to give notice according to the policy document.[/quote]

    yes you can just cancel the DD and this will automatically terminate the cover. They will likely chase you a couple of times to make a payment but its not like a credit agreement so they cant force you to continue payment.

    Original Poster

    Shazadi_786

    I need life insurance too.. Who's this with?



    This was with Liverpool Victoria (LV).
    The quote was via CompareTheMarket but its the same directly with them.
    Quidco - £70.

    Im guessing the quote is so cheap due to my age so obviously won't work for everyone, but could work out free or near enough free!

    If you add Critical Illness it goes through the roof, i think my quotes are £43/mo with critical illness cover.

    adamck

    This was with Liverpool Victoria (LV).The quote was via CompareTheMarket … This was with Liverpool Victoria (LV).The quote was via CompareTheMarket but its the same directly with them.Quidco - £70.Im guessing the quote is so cheap due to my age so obviously won't work for everyone, but could work out free or near enough free!If you add Critical Illness it goes through the roof, i think my quotes are £43/mo with critical illness cover.



    Oh that's good, I will look into it. Thank u.
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