Life Insurance

6
Found 10th Jan
If I sign up for life insurance, which I did with Legal and General around two months ago at £6 a month, getting £70 cashback (tracked and due to payout in next 4-6 weeks) is it then possible to cancel once it's paid out and then cancel this and choose another provider paying similar cashback amounts, and keep repeating.

There is nothing in the T&C to say I have to keep it a minimum term. Has anyone actually done this before?
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6 Comments
Not sure where you’re getting your cashback, but I have seen it in the quidco t&c that sometimes a minimum period applies.
I’m sore that it must be bottomed out, but I suppose if you don’t ask, you don’t get!
ktm6663 m ago

Not sure where you’re getting your cashback, but I have seen it in the q …Not sure where you’re getting your cashback, but I have seen it in the quidco t&c that sometimes a minimum period applies.I’m sore that it must be bottomed out, but I suppose if you don’t ask, you don’t get!

Sore bottom?
Original Poster
Yeah I did check with L&G and you can cancel at any time. I'm just thinking even if I have to wait til TCB is ready to pay out, withdraw it first, which could be up to 4 months, I'll of only paid £6 a month so £24 so I've still made a bit of money and I can then find another company.....

We are buying a house so will need life insurance and I'm just thinking this could be a cheap way of doing it for us if we each do it individually as generally quotes are only around £6 a month for us.
Someone had asked similar question before, and others have replied to say that when cancelled their purchase, they still got casback, but i would wait for confirmed status before cancel.

if you are going to buy life insurance anyway then worth giving it a try, but bear in mind that cashback is not guaranteed and may not pay out even if you stayed with the same insurer
You might get the cash back but I'd check your coverage. Depending on what you are insuring, you may not be immediately covered. £70 is no use if you are dead and your family have your mortgage to pay out. Do check the small print
Sounds like you are doing it for the cash back, if that’s the case then yes you can do it as many times as you like. Just make sure you do the sums as often it’s not worth it, unlike one of the first deals on here with the post office life insurance think it ended up £200 cash back on each policy for about a tenner as quidco and the PO both did cash back. Shortly after that companies figured that all out.
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