From: "financefan" 
Newsgroups: uk.finance
Subject: Re: Get your insurance premiums back if you don't claim!
Date: Wed, 21 Apr 2004 20:43:31 +0000 (UTC)


"tim" <520010973502removethis@t-online.de> wrote in message
news:c66bvf$c3t$01$1@news.t-online.com...
>
> "financefan"  wrote in message
> news:c65n6d$2if$1@hercules.btinternet.com...
> > Hi everyone
> >
> > I am starting as an insurance agent for a new company where I will be
> > selling Life, Critical. Illness and Income Protection cover with a
> > difference. The difference is that if you do not make a claim within the
> > term of the plan you get ALL your premiums back! At first I thought it
> would
> > make the premiums a lot more expensive but it really doesn't. I won't
say
> > too much about the company other than it is one of the largest Insurance
> > companies in the world. It seems too good to be true, I wondered "what's
> in
> > it for them?" but obviously they are investing these premiums over the
> years
> > and will make money for themselves.
>
> So does every other life company so there's no benefit here.
>
> > At the end of the day if you have
> > insurance with any other provider you don't get a penny back anyway, so
> what
> > have you got to lose?
>
> A simple exercise suggests that this just cannot fly.  Either the premiums
> will
> be very uncompetitive, the pay-outs will be lower or some years down
> the line we will have an insurance company with a promise that it finds it
> cannot keep.  There is no spare money floating around in the life
insurance
> pool to pay for this.
>
> OTOH, were somebody to do the same thing with Travel Insurance, I'd
> seriously consider the product, there's a stupid amout of fraudulant
claims
> which can be squeezed out and there's likely be a pool of purchasers
> who are unhappy that 20% of their current premium ends up in the
> pocket of Jonnie Cheater.
>
> tim
>
>
> >
> > I will be starting next week and am looking for people to contact to
> discuss
> > this further without obligation. I am hoping that anyone from this group
> > would send me a private e-mail with any questions with a view to me
giving
> > them a telephone call next week. So come on stop throwing away your
> premiums
> > and end up with a nice lump sum instead.
> >
> > Thanks for reading
> >
> > PS - UK residents only
> >
> >
> Thanks for your comments Tim. The company I represent is the 7th largest
Insurance companies in the WORLD. The company has been around for 70 years
and has a AAA rating. It is fully regulated in the UK by the Financial
Services Authority (FSA) and listed on the London, New York, Japanese and
Swiss stock exchanges with operations in 130 countries worldwide. Insurance
companies regulated by the FSA must always maintain a certain level of
Capital in order to pay out these types of insurance to their customers and
this is strictly monitored. As far as prices are concerned I will give you
an example:

30 year old male non-smoker, 25 year term, £100,000 life cover would only
cost just £17 per month and at the end of the term a tax-free lump sum of
£5,100 would then be paid back to the customer (equivalent to all
contributions). All that is asked is that the premiums are paid until the
end of the term. As you can see from this example the rates are very
competitive and even if you can find it cheaper consider this:
You pay £15 for 25 years, you have paid in a total of £4,500, you get
nothing back anyway. Contact me and I will give you an accurate quote for
yourself or your friends/family.

Thanks again