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Life Insurance - I'm Getting On a Bit

#1
I'm considering getting one of these life insurances policies where they make a lump sum payout in the event that you kark it.

I'm 57 going on 58 and hopefully, there's plenty of time left yet because I don't have any plans to stop breathing anytime soon. It's probably sensible though now I'm getting on a bit to make a small investment to sort out expenses in the event that my missus needs to fork out a couple of grand suddenly.

Anybody got any recommendations or advice that would be useful in making a decision about who to look at?
 

The_Duke

LE
Moderator
#2
The schemes advertised on TV complete with free carriage clock or pen are guaranteed acceptance (ie there is little or no underwriting prior to you being able to buy the policy) but you pay for the priviledge. As you under 70 and assumably in reasonable health, they are not likely to be the best option for you.

You can either trawl through the internet comparing normal life policies or seek the advice of a suitable broker or adviser to find a policy for you. BiscuitsAB might be able to offer a bit more detail on that for you.
 
#3
A normal term policy wouldn't really cover what you are after as by definition it is only for a defined period of time and no companies will offer cover beyond 75/80.

It is possible to get whole of life cover which will guarantee a payout whenever you die but preiums will be more expensive as it's not a case of IF but WHEN they will have to pay out.

Main issue with some of the Cash Plans advertised on TV is that you may end up paying more in than you can get back as the payout is capped to a fairly low level.

As The DUke says - Biscuits can provide a recommendation of a trusted adviser if you need one.
 

TheIronDuke

ADC
Book Reviewer
#5
At risk of being accused of scribbling over the serious bits and getting stuck on RoPs again, would you mind if I asked a question?

Thanks.

Why would you give a rats what happens after you are dead? Spend your money now, when you are above sod. Give your wife and kids the best time you can then let them sort the horrible tangled mess you leave when you cark it.

Or, get a carriage clock and donate £20 a month to a bunch of bastar... people who once worked for Allied Dunbar.
 

elovabloke

ADC
Moderator
#6
Although not aware of your circumstances, I binned all these melarkies years ago including health, dental etc but then regularly saved the dosh. Takes a bit of discipline but in the end you have the wonga to do with as you please and get something out of it at anytime you want. Never understand life insurance that pays out on your death. Don,t give a stuff what happens when I pop my clogs .


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#7
Jarrod248, the wife and I both purchased our funerals several months ago. It cost us just over £3000 each and is totally gauranteed. We have not got any other kind of insurance apart form wills leaving everything to each other etc. In my opinion, once you reach a certain age you don't really need any insurance because it will only go to the kids anyway.
 

jarrod248

LE
Gallery Guru
#8
Jarrod248, the wife and I both purchased our funerals several months ago. It cost us just over £3000 each and is totally gauranteed. We have not got any other kind of insurance apart form wills leaving everything to each other etc. In my opinion, once you reach a certain age you don't really need any insurance because it will only go to the kids anyway.
What happens if they go out of business or change hands?
 
#11
Good question. You don't buy the funeral from one firm but with a funeral organisation, I can't remember what it is called. As I said, it is totally gauranteed. It will never cost any more, the number of cars and even the music has been chosen. You can go to any undertakers and organise it. We did ours via the Stocton Building Society. (I'm hoping not to cash the bastard in for another 20 years at least mind)!
 

jarrod248

LE
Gallery Guru
#13
Good question. You don't buy the funeral from one firm but with a funeral organisation, I can't remember what it is called. As I said, it is totally gauranteed. It will never cost any more, the number of cars and even the music has been chosen. You can go to any undertakers and organise it. We did ours via the Stocton Building Society. (I'm hoping not to cash the bastard in for another 20 years at least mind)!
I had some Prestige pans with a lifetime guarantee, the handles dropped off one, the company had been sold to someone else. The guarantee was worthless even though they were still making the same pans.
 

The_Duke

LE
Moderator
#16
If you are only after a funeral plan, then you are probably better putting a few quid away until you think you have enough and then topping it up every now and again to adjust for inflation.

If you want to make sure the Mrs and kids are looked after then a life policy is probably worth considering, if only to pay the inheritance tax.
 
#17
I'm considering getting one of these life insurances policies where they make a lump sum payout in the event that you kark it.

I'm 57 going on 58 and hopefully, there's plenty of time left yet because I don't have any plans to stop breathing anytime soon. It's probably sensible though now I'm getting on a bit to make a small investment to sort out expenses in the event that my missus needs to fork out a couple of grand suddenly.

Anybody got any recommendations or advice that would be useful in making a decision about who to look at?
I will be big 70 next birthday if I dont drop dead meanwhile and some time ago I gave up insuring things except for mandatory things like the car in favour of putting some money aside to pay for things like funerals the roof on the house and health. Insurance companies are there to make a profit and they use you payments to do that. How much is a funeral going to cost in the years to come? Well I wont be there except for the useless bits which hopefully will not responding to stimulus but I have no intention of spending more than the cost of a bin bag, a trip up the chimney and a pie and a pint for those who disperse the ashes.

I am not suggesting you act as cheapskate as me but my recommendation to you is get a quote for your demise ceremony add what you think inflation may cost divide that between the weeks remaining until your 70th Birthday and put that away each week/month into a good savings account. Do the same for the missus.
Now there is a further choice if you have kids, own property which they will inherit you can spend the savings on a bloody great holiday at 70 and tell them what they are each going to get less of course your funeral expenses. Oh and if the missus checks out before you why worry. Pay up, they all seem to live longer than we.
 
#18
One of the drawbacks of pre-paids was the possibility of someone vanishing with the money (as detailed in an excellent book by Jessica Mitford - the American Way of Death [I think that's the title]). Seems it happens fairly often, at least on this side of the pond ...
 
#19
Remember to tell them you smoke like a chimney, do drugs, have every medical condition known to man, and take part in unprotected dangerous sex acts.

Should do wonders for your premiums.
 
#20
Jarrod248, the wife and I both purchased our funerals several months ago. It cost us just over £3000 each and is totally gauranteed. We have not got any other kind of insurance apart form wills leaving everything to each other etc. In my opinion, once you reach a certain age you don't really need any insurance because it will only go to the kids anyway.
I agree, at 66 we have a seperate account to pay for our funerals, more than enough to even include a piss up after. Sufficient pensions to fund a good retirement, a little saved for a rainy day, the rest I spend. The kids get to share the house, so they are well looked after, no grandchildren so no need to worry there, and certainly no life insurance. Only thing I would say is make provision so the kids don't lose the house if the surviving parent needs residental care. And make sure they know where the wills are.
 

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