Life Assurance

chadarooney

I am now 50 years of age and have no life assurance. I see the adverts on tv offering this and that as incentives, are they as good as they say? Also I am a little concerned that I'm not covered for the first 2 years. I have no house, I do have some debt, but am soon to go into bankrupsy. So really I just want an amount for the funeral and a small amount for each of my sons. Please can you advice where to go? Not good with small print.

dunstonh

I see the adverts on tv offering this and that as incentives, are they as good as they say?

These plans are not full life assurance plans but life insurance plans (as they have restrictions). They are plans of last resort and should not be used by those in good health.

Also I am a little concerned that I'm not covered for the first 2 years.

One of the restrictions you dont get on life assurance.

Please can you advice where to go?

A local IFA. They will have access to proper life assurance plans that cover whole of life needs.

chadarooney

I should have mentioned that I do have two medical problems, I am bipolar and I have a serious back condition, I am mobile with a stick, long term problem. Does this make a big difference?

Annisele

If you're about to go into bankruptcy, then a life assurance policy may not be appropriate for you (but do take advice on that).

It may be that if you can't afford to pay for your debts, then you can't afford a life assurance policy of any kind right now.

chadarooney

You know your right, I think I'm getting more and more confused. I just don't want my sons to be left with the cost of a funeral, should I pop my clogs. It is not certain I will be going bankcrupt, I am getting advice regarding that right now, but in the meantime I would like to get some cover. As far as I am aware 'Assurance' is life cover, paid out only when you die, no cash in option, no cash back should you stop the payments. Payment given to your next of kin on your death. Am I wrong??