Whole Life Insurance Policies

Ladywriter1968

Both myself and husband have policies but they only cover us up to a certain age, Like when we hit our mid 60's, there dont seem to be many of whole life policies for people of our age at the moment which we are in our 40's, I originally went and saw a financial adviser about this and he set me up on one, with legal and general, I did think they said when it ends if we live past that age we cant take out another or something. Plus cause myself I have health issues. It too the insurance 3 months to decide whether to accept me or not all cause of the fact that I have high blood pressure. Does anyone know about any whole life policies for people of our age? can they continue the policy after the end date? or would it be starting from begin again?

HappyMJ

Isn't life insurance designed to pay large things like a mortgage and to provide for the other half before they can claim a pension. Once you are both 65 you should both have pensions to get an income from and the mortgage should be paid off so there generally is no need for life insurance. The whole of life policies for over 50's is for paying funeral expenses if you haven't saved enough. The payouts are very small because the chances are that you will die in any one year are increased dramatically. At 40 there isn't much chance that you're goning to die so premiums are small payouts are high.

dunstonh

there dont seem to be many of whole life policies for people of our age at the moment which we are in our 40's

There are plenty but they come under a higher regulation than term assurance. If you are only looking on the internet, you will only see a limited number of options.

Does anyone know about any whole life policies for people of our age?

yes. any local IFA.

can they continue the policy after the end date?

there is no end date. That is the point of whole of life assurance plans.

Why do you think you need a whole of life assurance and not a term assurance?

For reference, I assume you mean assurance and not insurance. The whole of life insurance plans (like over 50s plans) are pretty awful and an option of last resort.

Ladywriter1968

HappyMJ wrote: »

Isn't life insurance designed to pay large things like a mortgage and to provide for the other half before they can claim a pension. Once you are both 65 you should both have pensions to get an income from and the mortgage should be paid off so there generally is no need for life insurance. The whole of life policies for over 50's is for paying funeral expenses if you haven't saved enough. The payouts are very small because the chances are that you will die in any one year are increased dramatically. At 40 there isn't much chance that you're goning to die so premiums are small payouts are high.

Just to clarify, we dont have a mortgage and live in a council flat and dont have a lot of money really.

Ladywriter1968

I just thought life cover is more for the funeral expenses really. To cover all that stuff.

Ladywriter1968

Not everyone has thousands of pounds they can pay out for funeral costs and I believe the LA only help if you are on certain bens anyway.

Ladywriter1968

dunstonh wrote: »

There are plenty but they come under a higher regulation than term assurance. If you are only looking on the internet, you will only see a limited number of options.



yes. any local IFA.



there is no end date. That is the point of whole of life assurance plans.

Why do you think you need a whole of life assurance and not a term assurance?

For reference, I assume you mean assurance and not insurance. The whole of life insurance plans (like over 50s plans) are pretty awful and an option of last resort.

Well as my dad was not insured years ago as I put up on another post, I think you replied to me on there to.

Although we both have policies, myself and husband I mean, they are not whole life just up until like say 20yrs time, we are both in our early 40's at mo, but on mine I noticed it said I can change it to a whole life before I reach 60 but on my husband it dont state that, but I got in touch with the financial adviser that I originally saw for myself and asked if he can change my husbands one to a better deal, cause we are both on the same company but husbands one is not as good as my cover.

I think that people should think about these things before its to late, cause its the person left behind with all the grief and expense and if they cant afford it, then the person ends up having a cheap funeral. I know this will happen with my dad cause he never bothered. We certainly don't have the money when his time comes to pay for it.

Ladywriter1968

what is IFA?

lisyloo

Independent Financial advisor.
They can advise on all products as opposed to one in a bank that might be tied to certain companies.

I am not sure whether this insurance would be the best way of saving for your funerals.
You are both in your early 40's so you could put aside a small amount each month (equivalent to the insurance premium) and just save up in a savings account.
When you have enough you can prepay your funeral.

I'm glad you are thinking about it (well) in advance, but I don't know enough to say whether whole of life insurance is the best product for this.
Because of your age you could well end up paying a lot more.

Of course, if you save, then the problems are you might be tempted to spend the money especially if you have an emergency and of course if you died in the first few years, you might not have enough.

There might however be a better product.
Hopefully someone will be along soon to advise now that your aims are clear.