Over 50s Life Insurance Plans Guide Discussion

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  • csgohan4
    csgohan4 Posts: 10,587 Forumite
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    Pablo_Banez wrote: »
    So, how many years would you suggest? and which company?



    How ever many years you want and can afford.


    MSE have a section on Life insurance.


    http://www.moneysavingexpert.com/insurance/?tab=sect20
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • dunstonh
    dunstonh Posts: 116,374 Forumite
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    Pablo_Banez wrote: »
    So, how many years would you suggest? and which company?

    We don't know what your financial needs are. So, its impossible to recommend a term without knowing.

    Advice on company to use is a regulated activity. So, I can't say. Plus again, we don't know your needs and circumstances. So, couldnt narrow it down anyway.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • MrMook
    MrMook Posts: 1 Newbie
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    Hi

    I don't know what to do for my Dad. He's 69, a heavy smoker, he's had a heart attack and a stroke so I don't think life assurance is an option because he is on a low income. He lives in social housing and has no assets. Would an over 50s plan work for him?
  • Quentin
    Quentin Posts: 40,405 Forumite
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    Yes he will be able to take one out if that's what you mean
  • broxbourne
    broxbourne Posts: 6 Forumite
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    Hi - for conformation please ... as per article our Aunt received a letter from Sun Life to increase her policy from £8.00 to £12.00 per month, as payout would not cover her eventual funeral .. She had being paying £8.00 a month since 1993 .. we have just realised they cancelled this in 2010 and sold her a new policy to take it's place ... she has lost 17 years previous payments ... is this right and just ?
  • dunstonh
    dunstonh Posts: 116,374 Forumite
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    broxbourne wrote: »
    Hi - for conformation please ... as per article our Aunt received a letter from Sun Life to increase her policy from £8.00 to £12.00 per month, as payout would not cover her eventual funeral .. She had being paying £8.00 a month since 1993 .. we have just realised they cancelled this in 2010 and sold her a new policy to take it's place ... she has lost 17 years previous payments ... is this right and just ?

    Policies are not cancelled and new ones put in place without some input from the policyholder.

    It may well have been a letter asking her if she wanted to increase it or she may have approached them. You need to ask her.

    As the plan has no investment element, it doesnt matter whether she has been paying 17 years or 17 months. She has lost nothing. Just like paying household insurance or car insurance.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • jintyb
    jintyb Posts: 1,758 Forumite
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    In 2010, during a meeting with their bank regarding investments,my parents asked their Financial Advisor for advice re funeral plans. They had banked ( and still do) with this bank for many years and dealt with and trusted this particular woman at the bank. She advised they take out a funeral plan which turns out to be a over 55 policy from Sun Life. These have only come to light during a review of my parents affairs. I feel they have been badly advised as this advisor had access to all their financial information and it was quite apparent at that time that they had more than enough in assets to cover any funeral costs. A financial "health
    check" was not carried out and my parents were not made aware at the outset that these policies would have no surrender value and that they would be paying them until they died. They are currently paying £67.50 per month each. I hope someone can advise as to what to do. I feel I should write to complain on their behalf. They are both now in their late eighties.
    Thanks in advance.


    you will always be rich enough to be generous.
  • dunstonh
    dunstonh Posts: 116,374 Forumite
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    In 2010, during a meeting with their bank regarding investments,my parents asked their Financial Advisor for advice re funeral plans. They had banked ( and still do) with this bank for many years and dealt with and trusted this particular woman at the bank. She advised they take out a funeral plan which turns out to be a over 55 policy from Sun Life.

    Financial advisers tend to put people off these types of plans unless its an option as last resort. These types of plans are typically not sold by advisers and more commonly via adverts on TV or newspapers or unregulated individuals. What bank was selling Sun Life plans?
    A financial "health
    check" was not carried out and my parents were not made aware at the outset that these policies would have no surrender value and that they would be paying them until they died.

    As these plans are not usually sold by advisers (unless absolutely necessary) you would not expect a formal review process. Was this particular woman" at the bank actually an adviser or a clerk?

    They are not investment plans so there is no reason to say they do not have an investment value.
    I feel I should write to complain on their behalf. They are both now in their late eighties.

    What does the statement of demands and needs say in regards to this purchase?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • jintyb
    jintyb Posts: 1,758 Forumite
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    Hi dunstonh,
    Yes she was a Financial Adviser at the Nat1onw1de.


    you will always be rich enough to be generous.
  • antrobus
    antrobus Posts: 17,386 Forumite
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    jintyb wrote: »
    Hi dunstonh,
    Yes she was a Financial Adviser at the Nat1onw1de.

    I think that MSE permits the use of the word 'Nationwide'.:)

    Anyway, this may be of interest.

    Due to a review of its product range Nationwide is no longer offering the Over 55s Life Cover plan to its customers.

    http://www.nationwide.co.uk/support/support-articles/discontinued-accounts/over-55-life-insurance-cover
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