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  • FIRST POST
    • Former MSE Rebecca
    • By Former MSE Rebecca 21st Apr 15, 10:02 AM
    • 113Posts
    • 96Thanks
    Former MSE Rebecca
    Over 50s Life Insurance Plans Guide Discussion
    • #1
    • 21st Apr 15, 10:02 AM
    Over 50s Life Insurance Plans Guide Discussion 21st Apr 15 at 10:02 AM


    Hi,

    We've written a new Over 50s Life Insurance Plans guide for the website and we'd love your feedback.

    How did you find the info? Was it useful? Do you have any other tips you would add?

    Thanks for your help,

    MSE Rebecca
Page 3
    • antrobus
    • By antrobus 18th Mar 17, 3:07 PM
    • 15,263 Posts
    • 21,779 Thanks
    antrobus
    Hi dunstonh,
    Yes she was a Financial Adviser at the Nat1onw1de.
    Originally posted by jintyb
    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
    • dunstonh
    • By dunstonh 18th Mar 17, 5:00 PM
    • 89,513 Posts
    • 55,946 Thanks
    dunstonh
    Hi dunstonh,
    Yes she was a Financial Adviser at the Nat1onw1de.
    Originally posted by jintyb
    Put a complaint in. Ignore the factfind bit as that type of product doesnt need one. Nor the fact it is not an investment product. The focus needs to be on why you believe it was no suitable.

    As I mentioned, this product is an option of last resort. When all alternatives should be considered first. So, perhaps focus on the alternatives you think they should have done.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • jintyb
    • By jintyb 18th Mar 17, 5:17 PM
    • 1,729 Posts
    • 17,863 Thanks
    jintyb
    Thank you, will do but will take on board your suggestions. The fact that it was offered during a discussion about other investments when it was apparent that they had plenty of resources to pay for a funeral makes me annoyed! Letter going in this week. Many thanks for that


    you will always be rich enough to be generous.
    • dunstonh
    • By dunstonh 18th Mar 17, 7:16 PM
    • 89,513 Posts
    • 55,946 Thanks
    dunstonh
    Thank you, will do but will take on board your suggestions. The fact that it was offered during a discussion about other investments when it was apparent that they had plenty of resources to pay for a funeral makes me annoyed! Letter going in this week. Many thanks for that
    Originally posted by jintyb
    There you have it. The sum insured on the policy will almost certainly be very low. If there are investments, there would be no financial need for the policy.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • jintyb
    • By jintyb 18th Mar 17, 7:46 PM
    • 1,729 Posts
    • 17,863 Thanks
    jintyb
    Thank you Dunstonh. One last question, can I put in the complaint on behalf of my parents or or do I need to draft the letter and get them to sign it? They are both elderly ( 86yrs)
    I appreciate your comments, thanks again


    you will always be rich enough to be generous.
    • dunstonh
    • By dunstonh 18th Mar 17, 9:15 PM
    • 89,513 Posts
    • 55,946 Thanks
    dunstonh
    Thank you Dunstonh. One last question, can I put in the complaint on behalf of my parents or or do I need to draft the letter and get them to sign it? They are both elderly ( 86yrs)
    I appreciate your comments, thanks again
    Originally posted by jintyb
    They need to sign it. You can draft it though.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Termagant1
    • By Termagant1 11th Sep 17, 4:17 AM
    • 4 Posts
    • 1 Thanks
    Termagant1
    Cheat or 'playing the system'?
    I was sent home after a week in hospital, a few days ago (September 8th 2017). The doctors told me that they cannot operate on the cancers as I would probably not survive any operation.
    I've been down this road before but that was a result of a medical misdiagnosis of my prognosis after a particularly nasty second bite of 'Aspiration Pneumonia' in 2009.
    I may live another year unless the cancers spread. If there is a dramatic advancement in the treatment of throat cancers right around the corner then I could possibly live even longer.
    My wife thinks it is wrong for me to take out a plan because I would be 'cheating' in her view.

    I like the thought of passing to her all my money (there isn't a lot) now and making the minimum payment on each credit card solely in my name. I would use my overdraft facility to fund the life insurance policies and when I die my personal estate could end up owing around £13,500, the total sum of credit I have available to me now.
    The life insurance policies will pay the sums assured (c. £30,000) to a trust and fall outside my estate direct to my wife. We have no children or other dependents.
    My only problem is that I know my wife will feel obliged to pay off any debts I leave even though, as I understand it, she could not be forced to as she is not party to any of these debts in any way.
    Am I being immoral or worse? I didn't know I was going to die soon when I applied for the credit and have not actually used more than a fraction of the money I can borrow; I have to date paid the full amounts each month to avoid interest charges.

    Anyone else in a similar position?
    Last edited by Termagant1; 11-09-2017 at 4:20 AM. Reason: Adjust smilie
    • jintyb
    • By jintyb 11th Sep 17, 6:27 AM
    • 1,729 Posts
    • 17,863 Thanks
    jintyb
    Termagant 1
    First of all, I am very sorry you find yourself in this position.
    There will be better qualified folks who may comment but I think you will have to tread very carefully when considering this plan of action.
    Most of them have a qualifying period - some of them two years.
    Do you have any pensions? Most have special rules for terminal diagnosis which enable you to withdraw money which might help you to settle your finances.
    I would say to seek financial advice. Macmillan Cancer Support provide free advice regarding money matters.


    you will always be rich enough to be generous.
    • Termagant1
    • By Termagant1 12th Sep 17, 1:05 AM
    • 4 Posts
    • 1 Thanks
    Termagant1
    Cheat or 'playing the system'?
    Well, after a few hours of thought I decided that this is simply a wager to me.
    So I've just commenced cover costing <£100pm. This gives me as close as I can to the maximum sum assured of £25,000.

    If I do manage to live with the cancers for 366 days the eventual payment will not form part of my estate - I've written in trust.

    If I die before the full year is up then my premiums will be returned in full.

    I've answered all the questions asked of me truthfully.

    It's a 'Win-Win-No-Brainer'.
    • csgohan4
    • By csgohan4 12th Sep 17, 6:45 AM
    • 3,955 Posts
    • 2,464 Thanks
    csgohan4
    if your prognosis is less than 6 months, consider getting a DS1500 from your GP or oncologist, this gives you fast track benefits.


    See Citizens advice bureaux for other types of benefits your entitled too
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • dunstonh
    • By dunstonh 12th Sep 17, 10:25 AM
    • 89,513 Posts
    • 55,946 Thanks
    dunstonh
    You do realise that sole debts can be offset against joint assets?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Termagant1
    • By Termagant1 13th Sep 17, 1:19 AM
    • 4 Posts
    • 1 Thanks
    Termagant1
    Cheat or 'playing the system'?
    You do realise that sole debts can be offset against joint assets?
    Originally posted by dunstonh
    Yes. But my assets when I die will be minimal. The car is in her name as anything of value in our home is or will be. The main assets of mine are tools which I'm selling. The creditors are welcome to sell my clothes.
    • Termagant1
    • By Termagant1 13th Sep 17, 1:22 AM
    • 4 Posts
    • 1 Thanks
    Termagant1
    Cheat or 'playing the system'?
    if your prognosis is less than 6 months, consider getting a DS1500 from your GP or oncologist, this gives you fast track benefits.


    See Citizens advice bureaux for other types of benefits your entitled too
    Originally posted by csgohan4
    The Macmillan nurse has already mentioned this but the prognosis will be tomorrow. (today, now).
    Thankyou
    Last edited by Termagant1; 13-09-2017 at 1:25 AM. Reason: Typo
    • ztrim
    • By ztrim 19th Oct 17, 6:51 AM
    • 1 Posts
    • 0 Thanks
    ztrim
    Death Certificate delays payment
    Hi i have 2 plans for AXA one for myself at 14.00 a month and one for my late hubby. We had paid in 7 years.

    Sadly and suddenly i lost my husband on the 3rd October. Too long a story, but his death had to go for autopsy which came up with no results so tests have been sent off, and an inquest is booked for NEXT MARCH, it could be down to an industrial asbestos death i have no idea.

    Anyway I rang AXA before i knew it was going to autopsy and they said ring them when i got the death certificate and they would do the details on the phone and pay in the amount owed to my bank account. I am still not sure what the amount will be mind you.

    Well obviously things changed so when the coroner said he would issue interim death certificates to sort the estate out, as soon as i received them, i rang AXA again, and he said oh we cant use this certificate over the phone you will have to wait until we send you forms in post and then send back with the interim death certificate. So ok i waited. I rang them again yesterday as no forms, and my husband is due cremation next week on 25th. The guy was obnoxious, said the forms had been sent and i would expect them 24th, so i said well thats no good, and why cant you take the reference number on the death certificate as I am sure it will come up with the same information for them, OR why not just tell me to send an original certificate with a letter they would have gotten it the next day.

    So i have to wait until one day before the funeral thats if i get the forms and then it will take 2 weeks to process.

    Its just lucky since we took out this stupid waste of time plan that circumstances have given me more then enough money anyway to deal with the funeral without it. However, if it had been someone who was not in that situation how on earth would they have paid for it all.

    I am using the co-op as they are local and they have been amazing but even they wanted £2,000 up front to pay all the incidentals. So these plans dont really cover this. Anyone taken on a funeral plan from AXA believe me it wont cover the cost of a basic funeral and you will need to pay a deposit to any funeral director.

    Our funeral which ok has a few nice bits and pieces because i can afford it, cost just under 5,000, if i had gone basic to slot in with AXA pay out we would be burying my poor hubby in the garden. He is being cremated and basic with co-op would still have been around 3,000.

    The longer you pay in the more expensive funerals cost.

    I am so annoyed with them though i could have sent a death certificate signed by the coroner which they would have got the next day, and to wait over 3 weeks to even get paperwork is mind blowing. I mean surely if they send the forms one day i should have gotten them within at least 2 days. Oh this guy said sadly it doesnt work that way in big businesses.

    So for me I checked co-op funeral plans and if i had put down a deposit the amount i paid would have been the same as AXA.

    I cancelled my policy no point in wasting 14.00 a month i am just getting a POA so a member of my family have access to my savings, and then executor can sell the house, so no need for it now.

    Oh yes and the amount of times i have had letters off axa asking me to take on better plan, I had one for my husband yesterday and well yes it went into the bin.

    AXA sucks. They have no compassion, and i really do feel sorry as if i had been some poor widow she would have been a right state now if no savings.
    • annakieu
    • By annakieu 9th Nov 17, 9:42 AM
    • 2 Posts
    • 0 Thanks
    annakieu
    I looking for life Insurance for my mother (she is 60 years old and living in assisted living)? Please help me!
    • Ilona
    • By Ilona 9th Nov 17, 12:13 PM
    • 1,934 Posts
    • 6,568 Thanks
    Ilona
    So Anna, you live in Minnesota, asking for insurance for your mother, and you have a web site for assisted living. Looks a lot like spam to me.

    Ilona
    I love skip diving
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