Everywhere I look for life insurance I keep coming across life insurance that appears to work more like a very odd savings scheme with a very low interest bonus attached to it, SCB are trying to to sell us a scheme like this at the moment attached to a mortgage and it seems like an obscenely expensive savings plan. Has anyone had a positive experience with a scheme such as this? Does anyone have any experience of purchasing life insurance here that is just paid for like a product on an annual basis? 

 

Just for a bit of a context we are in the process of buying a house and if something happens to me I want to make sure that my family is left in good shape and able to continue paying the mortgage etc. 

They are trying to sell you an annuity with a life insurance rider attached. You want to buy term life insurance instead...the annuity deals are generally bad values, come with high commision costs up front and have surrender charges should you want to cash out early. 

Just now, tonray said:

They are trying to sell you an annuity with a life insurance rider attached. You want to buy term life insurance instead...the annuity deals are generally bad values, come with high commision costs up front and have surrender charges should you want to cash out early. 

 

Thank you for your reply and clarification, really helpful.