Newest Review: ... reached £40 per month by the time it had been running for 2 years, which I though I had done well as it was alot to pay out of my wag... more
not so good
Legal & General
Member Name: pal60
Legal & General
Disadvantages: bad projection
I have this insurance.
I took out the insurance in 1996 I had at the time a insurance man call at my place of work to collect the money monthly through my wages, and so I took out the insurance and was happy.
I started it out at £30 per month and I intended to increase it each year and make it a good amount to cover me for more when I retired, I did this until about 2 years ago, I annually receive a projection of what it will be worth when I can claim it when I am 60 years old, and that projection was going down and down each year, I actually reached £40 per month by the time it had been running for 2 years, which I though I had done well as it was alot to pay out of my wages, as I do not earn that much and struggle like anyone else but I did not want to not be in bad times when retired, hence taking out the policy.
The projection was stated that because of the economic times my policy would only project to the cash amount of £900 to take out straightaway and the rest of around £12 per month, I was absolutely horrified it would project to this amount, so I made an appointment with my adviser at the time and he told me it was correct but only a projection but people were not being paid out the full payment amount.
This is absolutley terrible the way some insurances pay out, I have alot of insurances of which I should be covered but I so far have not been and I have them with what I think should or are good reputable companies.
What I did 2 years ago was I froze my pension because I was then up to the total amount of £42 per month and would not receive anywhere near that amount when I retire and so did not see the point of losing out on anymore money in the future and so now I just try and save some money for my retirement, although it is so not the same as a pension plan as I tend not to save it as I did before but if I do react retirement age at least I will have some money to go along with the small amount of pension I will still receive from this company, probably pennies now considering it was only £12 per month before, it is probably £2 now.
I have only ever claimed from one insurance and that was pet insurance and then I did not get the full amount, so my view on insurances are not a bright one, but some we just have to take out and some we have a choice in, just best to go with your instincts or look at reviews and make your own choice and try and generalise what the main review gives.
Summary: not so good insurance