Implications of purchasing accelerated illness cover post life insurance?

Zamboni · 10-09-2014 6:38pm #1

A relative feels like they are being unduly pressured into buying accelerated illness cover.
They feel the premium is unaffordable and the life insurance company are pushing the product insinuating if they don't buy now it will be serious in the future.

Apart from premium increases by increased age etc. - is there any other negative potential implications by say, buying only life insurance now and then perhaps looking at illness cover in a years time (perhaps even with other provider)?

Thanks

SBarrett · 11-09-2014 7:33am

It sounds as if they are dealing with the direct sales dept of a life company. These guys are on commission only contracts, so the higher the premium, the more they get. Your relative should tell them to back off or else they'll report them to their manager.

The downside of not getting it now:

Increased premium
Something may happen that prevents them taking out cover in the future
They may get a serious illness and not have the cover in place

But if your relative does not want the cover now, that is their decision and they shouldn't be pressured into it by someone who does not have their interests at heart, only the additional commission they earn.

That's got me really annoyed. Your relative should tell them to sod off and go elsewhere. :mad:

Implications of purchasing accelerated illness cover post life insurance?

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