Over 50 life insurance plans

4suzie

My DH and I are looking for a life insurance policy just enough or even something towards getting us buried/cremated as we have savings if there is a shortfall.

I am 61 he is 64 I have been looking at the sun life direct over 50 plan and the aviva over 50s life cover but whilst reading another post on here about life insurance it was suggested that the over 50 plans were not worth the money if that is so can somebody tell me what is the alternative for us please.

Thank you in advance

Quentin

Chat to a local broker about this (not swinton) - the plans you mention are pretty expensive, which you will see when you compare them with the broker's suggestions.

dunstonh

The over 50s plans are typically an option of last resort. If you can get underwritten whole of life assurance plans then these are much better value. Typically you can get figures like £20,000 of cover on a whole of life assurance plan compared to £2,000 on a over 50s insurance plan for the same monthly cost.

The other option is to consider pre-paid funeral plans.

4suzie

Thank you very much Quentin and Dunstonh so do I now go find an insurance broker where I live to sort a policy out for me and do they charge much for doing this?

ACG

Your best bet would be a Mortgage or Financial advisor.

Some may charge a fee, most will take commission from the insurance company.

Have a look on google, or unbiased.co.uk for some advisors in your area.

McKneff

My husband and me dont bother with life insurance any more, as long as we have savngs enough to cover a 2 funerals put to one side in an ISA then there is no point in lining the insurance peoples pockets.

The other alternative would be a prepaid funeral plan. Some allow you to pay into one of these on a monthly basis.

[Deleted User]

Hi,

have a look at the MSE Life Insurance page, might help.

4suzie

Thank you very much for all your replies you have been very helpful.

rs65

McKneff wrote: »

The other alternative would be a prepaid funeral plan. Some allow you to pay into one of these on a monthly basis.

I looked a these a while ago. The prepaid ones guarantee no price increases. Paying it over something like 36 months gives you the same guarantee. Paying it over a longer period became almost like (expensive) life insurance and ceased if you reached a certain age.

Great idea I think as long as you know exactly what basis you are buying.