Multiple Over 50s Life Insurance Policies?

mickeywaffle

Hi, my Mum is 54 and has recently been diagnosed with a terminal illness. Currently, the best guess for the time she has left is around 2 years.

She was looking at over 50s life insurance plans and it seems well worth doing as they don't require a medical.
We were wondering if it was possible to take out multiple plans and if there would be any complications in doing so?

Also does anyone know of the best over 50s plans or have any other advice?

Thanks in advance!

forgotmyname

They know people will do this which is why they wont pay out in the first 2 years.

My FIL had several plans. And he has paid in close to double what they will eventually pay out.

mickeywaffle

Thanks for the reply but I am fully aware about the payouts in the first 2 years. Some companies payout period is only 1 year though which is most likely what will be taken out.

So it is possible to take out plans with multiple places then?

InsideInsurance

Many will not pay out the sum insured in the first 1-2 years of you starting it up so if she deteriorates quicker than anticipated they may only refund the premiums.

Obviously Drs sometimes get it wrong and if they did get it wrong with her she then has multiple proportionally very expensive policies which either she has to keep paying into in the "hope" of getting something out or cancel them and lose the money. Obviously this is probably nothing compared to the benefit of outliving the 2 year estimate.

You can have multiple policies but some place a cap on the total maximum sum insured across all policies and/ or premiums

mickeywaffle

Hi, thanks for the advice! Well of course we wont be going bonkers taking out a ridiculous number of policies. But if she could take out 2 instead of one then it would probably be beneficial.

And as you said, if she ends up living 20 years then we couldn't care less about the money that might have been lost in the policies.

Quentin

You can get good cashback (£70+) for over 50 policy with LV (not a recommendation) from topcashback (plus £30 M + S gift card).


They pay out during first 12 months for deaths by accident and after 12 months for death after illness. (You get all your premiums back if they don't pay out after death during first 12 months)