Life Insurance - I'm Getting On a Bit

Discussion in 'Finance, Property, Law' started by rgjbloke, May 9, 2013.

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  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?
    • Bullshit Bullshit x 1
  2. The_Duke

    The_Duke LE Moderator

    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.
  4. Wouldn't it just be sensible to keep some money on one side and so pay no policy fees?
    • Like Like x 1
  5. TheIronDuke

    TheIronDuke LE Book Reviewer

    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?


    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.
    • Like Like x 2
  6. elovabloke

    elovabloke LE Moderator

    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.
  8. What happens if they go out of business or change hands?
  9. No.
  10. Dial A Blunder ( anag.)
  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)!
    • Like Like x 1
  12. What happens if they don't?

    What happens if people ask bone questions about stuff they know nothing about in order to try to look clever?

    When does my Bounty go in?

    Can I have a pony? Can I?

    FSCS > Insurance Limits
    • Like Like x 1
  13. 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.
    • Like Like x 1
  14. If you notice there was a question mark at the end of my sentence, so I was asking a question and do not know the answer, that's why I asked a question.
  15. why not? (that's another question, just in case you missed the question marks)