life insurance help

broxiebear1

hi bit of a problem
i had life insurance for the last four years for myself and my wife separate polices ,as money is tight i cancelled the direct debits this week ,my policy was £22 a month till i reached 61 if i died my wife got £40000 , wifes was £10 a month insured for £10000 i am 54 my wife is 49 . i have looked at sun life over 50 plan £12 a month insured for £3250 i am just looking for something to help with funeral costs question is do i stay with original go with sun life or put money into an isa or are there any better polices out there for same money
thanks for looking
broxie

dunstonh

i have looked at sun life over 50 plan £12 a month insured for £3250 i am just looking for something to help with funeral costs question is do i stay with original go with sun life or put money into an isa or are there any better polices out there for same money

The over 50 plans are an option of last resort. They are very poor value and should only be considered by those with poor health who cannot get proper underwritten life assurance.

ACG

You could look at a joint life policy, its difficult though with 2 different sums assured but its probably better than an over 50s plan.
An alternative would be joint life £10k and an additional £30k on your life only. I imagine if you had done it that way initially it would have been cheaper, but may not be now as you are older.

Theres a few ways of doing it. If you are working towards a budget it might be worth running it by someone to see what they can get you for your budget.

broxiebear1

thanks for posting the insurance i cancelled and can still stay with as i have 30 days to pay .is as i posted for £40000 £22 a month but expires in about ten years from now only good if i die before then (good for wife lol) i am in good health work never off my work but now t2 diabetic, its what happens after that will insurance be more expensive .i cant see me living past 74 so i thought over 50 plan was ok not expensive but not good pay out dont know what to do

dunstonh

i am in good health work never off my work but now t2 diabetic

All this points to keeping the existing cover.

its what happens after that will insurance be more expensive

Will you need life assurance then? most dont.

i thought over 50 plan was ok not expensive but not good pay out dont know what to do

Dire product. It really is a last resort option.