loan insurance for over 60

jaberwocky5

I want a simple loan insurance. Just life, no frills and just for the life of the loan. I have looked but all offer employment cover and say that the loan payment date must be before I retire ( too late, am already a lady of leisure). The over 50 life ones do not work out any cheaper than the insurance offered by the loan company. Does anyone know where I can get cover ?

Savvy_Sue

jaberwocky5 wrote: »

I want a simple loan insurance. Just life, no frills and just for the life of the loan. I have looked but all offer employment cover and say that the loan payment date must be before I retire ( too late, am already a lady of leisure). The over 50 life ones do not work out any cheaper than the insurance offered by the loan company. Does anyone know where I can get cover ?

I'm just wondering why you need life cover on a loan (other than a mortgage on a property you share with someone else), when you die the debt will die with you!

jaberwocky5

Savvy_Sue wrote: »

I'm just wondering why you need life cover on a loan (other than a mortgage on a property you share with someone else), when you die the debt will die with you!

Is that true ? I thought that any debt would pass on to my next of kin and the cost would have to be met by maybe selling stuff that I would like family to keep.

Savvy_Sue

jaberwocky5 wrote: »

Is that true ? I thought that any debt would pass on to my next of kin and the cost would have to be met by maybe selling stuff that I would like family to keep.

Well, I should have said that the debt passes to the estate. If there's nothing in the estate, then your next of kin just say so. They may have to be a bit hard-nosed about it: some debtors try to lay on the guilt: "I'm sure your late mother wouldn't like to think of herself as owing money." To which the answer is of course "If my late mother had cared that much then she wouldn't have got herself into a large amount of debt, would she?"

There's an order of priority for the debts: first your funeral expenses, not sure what comes next. I'm sure DWP and HMRC would come above any loan repayments ... Do you rent or own your property?