A while ago during a topic concerning' Income Replacement Insurance Policies', I posted about the cover that I held.
I explained that after 15 years of cover with my 'providers' or to the age of 65, which ever came earlier, all premiums paid minus any claims, were returned. In other words - you get your money back.
At the time there were one or two negative responses along the lines of it sounding too good to be true, and aligning it to those money back deals on three piece suites which never happened.
I answered by informing that this policy was with one of the worlds leading companies, but still got the feeling that it wasn't taken seriously.
I think everyone realises that we should have this sort of cover. With most policies, you pay your premiums and even if you have never claimed, when they expire, that's the end to it, nothing.
I started my policy June 2004, I have never claimed on it. I paid a total premium of £38.90 per month for a policy which would provide me with an income of £900 per month (after 3 months of incapacity) for a 12 month period, plus Emergency Cash in the event of sudden illness like Heart Attack/Stroke etc.
You can take as many units up their maximum as you like, at obviously variable cost.
Anyway my policy has recently come to an end with my 65th birthday.
I HAVE just had my total premiums of £3,189.80p refunded to my bank account.
Dave.