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life insurance for 65 year old father
dwood90
Posts: 11 Forumite
my father has decided he now wants life insurance to help pay for his funeral after my mum has recently died.
he says i can insure him as he gets too confused with money foms ect. i thought he had to take insurance out on his own life is this right
he says i can insure him as he gets too confused with money foms ect. i thought he had to take insurance out on his own life is this right
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Comments
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Do you have an insurable interest? The answer is probably no. So therefore you cannot insure him.
He can take out insurance himself and name you are beneficiary using a trust but you cant do it.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
my father has decided he now wants life insurance to help pay for his funeral after my mum has recently died.
he says i can insure him as he gets too confused with money foms ect. i thought he had to take insurance out on his own life is this right
The insurance rates for a 65 year old will be high, and no-one will want to cover him over about 75 anyway and he may live beyond that - making any payments you make into an INSURANCE policy useless.
You need either a whole of life ASSURANCE or a funeral savings plan. The Coop do the latter, and it may be more understandable for your Dad.Under no circumstances may any part of my postings be used, quoted, repeated, transferred or published by any third party in ANY medium outside of this website without express written permission. Thank you.0 -
There are plenty of whole of life assurances that will take him on and the premiums for a 65 year old would give a reasonable sum assured for funeral and a very nice wake afterwards.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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thanx for help. might take him to co op and see about him paying that way.
i told him not to worry i will sort it out but with mum dying suddenly father now panicing. he thinks its going to happen to him0
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