Selecting a life cover

[panday.darshan]

I have been shopping around for life cover and have come across the product offered by Prime Meridian.

Their product seems to be miles ahead of anything offered by any other company, covering the same amount at a fraction of the cost.

Has anyone had an experience with the company or is it just too good to be true?

 

[WAslayer]

with any of their "covergrow" plans, you pay the premium which is fixed for life, but the insured sum will start at a much lower limit and grow monthly over years to the max insured amount you selected.. so if you want 2 million in cover, it may take 10 years before you will reach that amount, and if you die after 2 years of signing up, you will get paid out only 300 000 for example.. so its risky.. as a side note, i wonder if a bank would accept such a policy as security on a bond..

 

[Drifter]

with any of their "covergrow" plans, you pay the premium which is fixed for life, but the insured sum will start at a much lower limit and grow monthly over years to the max insured amount you selected.. so if you want 2 million in cover, it may take 10 years before you will reach that amount, and if you die after 2 years of signing up, you will get paid out only 300 000 for example.. so its risky.. as a side note, i wonder if a bank would accept such a policy as security on a bond..

Nope, not if it does not have a high enough surrender value.

 

[rietrot]

Nope, not if it does not have a high enough surrender value.

That is how most of these plans make there money. I would think u have to choose between a high surrender value and high premiums or low to no surrender value and low premiums?