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Over-50s life insurance

Minivanman
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Over-50s life insurance

And no I'm not selling, I'm just looking for suggestions having just been refused one of those normal 'run of the mill' type life insurances because of my age - and I suspect because of the fact that I had a slight stroke (now fully recovered) a couple of years ago.

My existing cover is by way of a mortgage protection insurance I was obliged to take out twenty years ago when I took out a second mortgage, and although I've been mortgage free for the last fifteen years it's been kept it going as it was a pretty good deal at the time and it suited our purpose - but now, and along with the monthly cost, it is due to run out in just over a years time. 

Lots wrong with those 'Michael Parkinson free pen' type over-50 plans as any check on sites like Money Saving Expert will tell us  - but what to do when on the wrong side of seventy and given that we both plan when our time is finished to go direct from 'bed to crem' à la David Bowie with no funeral and only those crematorium fees to pay (which our small savings will easily cover) - is there any point in life insurance now anyway?

Any thoughts guys. Roll eyes

 

 

 

 

 

 

 

  

All views expressed are my own but you can express them too if you want to be right about everything like I am.
10 REPLIES
ffox
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Re: Over-50s life insurance

Imho the only reason for having life assurance is to make sure dependants are still OK financially after you've popped off.  My kids are much richer than I am and my wife will be OK via the house, pensions and savings, so I haven't needed life assurance for many years.

 

Community Veteran
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Re: Over-50s life insurance

There is a difference between types of life assurance. Endowment; high premiums, large sum assured, practically impossible to get over 50 years of age. This is the type that pays out to you after a set number of years.

Whole Life: this is the type (Micheal Parkinson etc) that pays out to those nominated on the death of the client. Often used for funeral expenses. Premiums are continuous until death. Premiums are comparatively low, sums assured are not high for over 50's, much better if you are in your 20's or 30's, but remember you won't see any benefit, your nominated recipient will. You cannot expect any payout if you decide to cancel the policy. Usually no medical evidence is needed. But, they often have to be in force for a specified time before they payout.

Just as a pedant note: you assure life, you insure your car and property.

When I was a Man-from-the-Pru many, many years ago, there were two types of life assurance: Ordinary Branch (high premiums/high endowment payout, and whole life, premiums paid through a bank) and Industrial Branch: these were sometimes known as Penny Polices and were collected by an agent at your door, with a book kept by the client. I don't even know if these are available any more.

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Champnet
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Re: Over-50s life insurance

I remember the Man from the Pru.

 

He called Friday night, quite often we'd have to sit silently in the dark till he'd gone....

 

Minivanman
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Re: Over-50s life insurance

@petlew

Pedantic back, those sites call it Life Insurance. Thumbs Up

www.lifeinsuranceexpert.co.uk

 

All views expressed are my own but you can express them too if you want to be right about everything like I am.
Community Veteran
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Re: Over-50s life insurance

Me too... I was a "man from the pru"....  strangely, I never thought that life insurance was a thing I needed... but like @Minivanman I have been looking at the "over 50`s plans"....

The co-op have a calculator... that you can use to give you an idea of how much and how long their "FUNERAL PLAN" needs to be effective..

https://www.co-operativefuneralcare.co.uk/pre-paid-funeral-plans/our-funeral-plans/funeral-plan-calc...

 

For me, it would be about £49.00 per month for 6 years for a "simple" plan which would include cremation.

 

So If I were to "take that route"... it would cost me about £100.00 per month for me and the missus, to ensure some payout for the funeral costs.

 

 

As for the  "Parky"  type offerings... here is what it says on money saving expert site.

https://www.moneysavingexpert.com/insurance/over-50s-life-insurance

 

He's a lovely man that Parky – just don't listen to what he has said about insurance. Michael Parkinson's caring voiceover made Axa SunLife's over-50s' life insurance policy seem simple, yet for many they're a seriously bad bet.

You wouldn't buy a lottery ticket if it cost more than the jackpot, but as I explain below, the millions of people with these types of policies risk doing just that.

Minivanman
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Re: Over-50s life insurance

@shutter

I read the same thing on that money saving expert site. Other things to consider are Widow's Benefit and bereavement benefits from those wonderful people at the DWP Thumbs Up

https://www.gov.uk/funeral-payments/what-youll-get

All views expressed are my own but you can express them too if you want to be right about everything like I am.
Community Veteran
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Re: Over-50s life insurance

This page has some interesting reading, when you scroll down and highlight/select the "Povider" name... brings up a new page with some interesting comments such as " What we dislike about XXXXX "   What we like about XXXXX  " what is guaranteed....

https://www.funeralguide.co.uk/compare-funeral-plans/

Minivanman
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Re: Over-50s life insurance

@ffox

Indeed, but if you were to pop your clogs before the Mrs (I'm eight years older than mine) she would still have to find around £9000 according to this link - although other sites put the cost at around £5000 so......

No real worries for the surviving partner though if you are mortgage free and own your own home as those funeral costs assuming she inherited from you, can come out of the estate ie: let the kids pay for it! 

Anyways and as said, when our time is done we both plan to go direct to the crem - no undertaker fees.... and no stopping at the shops on the way.   

 

All views expressed are my own but you can express them too if you want to be right about everything like I am.
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Re: Over-50s life insurance


@petlew wrote:
collected by an agent at your door, with a book kept by the client.

I remember my parents always had something like that. After a few years, as well as the life cover, they had a payout. Then usually started another.

I was more fascinated by the "magic" wallet the agent put the notes in. You know the sort, crossed knicker elastic, roll the sides and the notes magically go behind the elastic.

Moderator
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Re: Over-50s life insurance

About 4 or 5 years ago I investigated numerous life assurance policies including those over 50 plans. I didn't like the over 50's ones as it seemed the longer you lived it was more likely you'd get less than you paid. Of the others, well, they were so expensive if you have an existing medical condition.

 

I opted to put money into a savings account on a regular basis and told my wife (20 years younger than me) and my daughter to bury me as cheaply as possible (cardboard box would do) and if anything is left over then have a party!

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