Life Insurance help

BusyDee

Hi

I wanting to get Life Insurance for myself and one other who is just over 70 but its a minefield.

I have no idea how much cover I want but know will not be able to afford much more than £40 per month for two policies.

The other problem is to know how many years to take out the policy, sometimes if I put in 10 years I get a message saying it takes one of the couple over there age limit and you have to start all over again with other companies. If I go for a shorter term ie 5 years I assume I will have more problems getting cover in five years time.

There are no unusual ailments to declare.

If anyone can give any advice I would appreciate it.

Regards

BD

weighty1_2

Is the cover for a specific purpose?
If you need it to run for 10-years then why isn't it needed for 15-years or 20-years?

No-one can give advice on here but these are the first 2 questions I'd get you to think about.

Some companies only offer cover until age 80, some 85, some even do term assurance to age 90. Alternatively, you could go down the route of a whole-of-life policy which guarantees a payout provided premiums are maintained.

Why not speak to an independent financial adviser or protection specialist as they should easily be able to avoid the issues you are having?

dunstonh

The other problem is to know how many years to take out the policy, sometimes if I put in 10 years I get a message saying it takes one of the couple over there age limit and you have to start all over again with other companies. If I go for a shorter term ie 5 years I assume I will have more problems getting cover in five years time.

Certain types of life assurance have a limit on the term available once they take you over age 70/75. Other types do not. Quote comparison sites tend to focus only on the mainstream type that is not suited to those in retirement (typically). Not the other dozen types of life assurance that exist but are not profitable enough for them to retail (or not available within their licence to operate).

What is your financial need for life assurance and over what period?

BusyDee

weighty1 wrote: »

Is the cover for a specific purpose?
If you need it to run for 10-years then why isn't it needed for 15-years or 20-years?

No-one can give advice on here but these are the first 2 questions I'd get you to think about.

Some companies only offer cover until age 80, some 85, some even do term assurance to age 90. Alternatively, you could go down the route of a whole-of-life policy which guarantees a payout provided premiums are maintained.

Why not speak to an independent financial adviser or protection specialist as they should easily be able to avoid the issues you are having?

[FONT=&quot]Hi and many thanks for your input.

It is all down to costs, yes would really prefer whole of life, as you can guess I do not know enough about this and your advice to get independent advice is sound and I will do this.

BD[/FONT]

BusyDee

dunstonh wrote: »

Certain types of life assurance have a limit on the term available once they take you over age 70/75. Other types do not. Quote comparison sites tend to focus only on the mainstream type that is not suited to those in retirement (typically). Not the other dozen types of life assurance that exist but are not profitable enough for them to retail (or not available within their licence to operate).

What is your financial need for life assurance and over what period?

[FONT=&quot]Many thanks for your reply.

The need is to ensure the remaining partner can have enough money to move into accommodation more suited to their needs. I guess I am talking whole of life. As you will see from the above I will get independent advice - is this usually free?

Thanks again.

BD[/FONT]

dunstonh

As you will see from the above I will get independent advice - is this usually free?

Advice has never been free. It used to (and still can be) factored into the cost of the product. However, today, you are explicitly told what the cost of advice is.

BusyDee

dunstonh wrote: »

Advice has never been free. It used to (and still can be) factored into the cost of the product. However, today, you are explicitly told what the cost of advice is.

Thank you for posting and giving the info.

BD