Life Insurance - No Medical - advice please

7roland8

Hi - just hubby and me and no mortgage.
Hubby 59 and just had a policy out - so I want to take out another one - I have a small life policy out next year when I am 59 too.


Have been looking at the 'no medical' ones as we both have health issues - and only want to pay £7-10 a month - but some are for 10yrs, some 20 and others for whole of life.


Was just going to take one out for hubby at present just to have something to cover funeral etc - is a 10yr one stupid to do as it will be hard to get another policy afterwards - or am I looking at it wrong?


Have looked at Tesco, Shepherd's Friendly (confused.com), Sun Life Aviva and Saga.


He has small works pension but otherwise ESA (support group) and I just get mobility allowance so not a lot to spare.

dunstonh

Hubby 59 and just had a policy out - so I want to take out another one - I have a small life policy out next year when I am 59 too.

The last mainstream provider of endowment policies ceased offering them in 2004. Its an obsolete product.

Have been looking at the 'no medical' ones as we both have health issues - and only want to pay £7-10 a month - but some are for 10yrs, some 20 and others for whole of life.

These are very different to what your husband just had mature though.

Are your medical issues so severe that you cannot get a proper life assurance policy and is that why you are looking at the option of last resort (over 50s life insurance plans)?

forgotmyname

After my FIL paid in almost double what they paid out i wouldnt touch these unless you have a crystal ball and can see into the future.

His funeral plan worked out to have saved money though. He paid a fair bit less for his age concern plan than what it would have cost to buy at current rates.

7roland8

Dunston - thank yu. Novice at all this. Did go online and start filling out one of those medical forms with him but he's had bowle ops and now blood pressure so we though it might just be easier to do one of the others with no medical questions. Or perhaps I should have persevered. We were not expecting to get a lot back - just a little something. Also is it better to do two separate one or go joint? As my £6 a month one finishes next year too.


Forgotmyname - also thanks - had wondered about those funeral plan ones and whether they were better or not.

InsideInsurance

The no medical type policies are aimed at the market segments that have issues which is why they arent getting a regular policy and as such will be priced accordingly.

10 -v- 20 -v- whole of life, that depends on your needs. You say the policy is to cover funeral costs so how would you pay the funeral costs if your hubby died in 11 years time and you had bought a 10 year policy? Maybe you are saving up or have expectation of some money coming in within 10 years in which case that would be appropriate. If affording to pay for a funeral will always be a problem then whole of life or a funeral plan is more sensible.

MABLE

7roland8 wrote: »

Hi - just hubby and me and no mortgage.
Hubby 59 and just had a policy out - so I want to take out another one - I have a small life policy out next year when I am 59 too.


Have been looking at the 'no medical' ones as we both have health issues - and only want to pay £7-10 a month - but some are for 10yrs, some 20 and others for whole of life.


Was just going to take one out for hubby at present just to have something to cover funeral etc - is a 10yr one stupid to do as it will be hard to get another policy afterwards - or am I looking at it wrong?


Have looked at Tesco, Shepherd's Friendly (confused.com), Sun Life Aviva and Saga.


He has small works pension but otherwise ESA (support group) and I just get mobility allowance so not a lot to spare.

I took one out with LV for funeral costs and pay £9.00 a month but I insisted they get a copy of my medical records and then there should be no question they were not aware of certain conditions. However I am fit and healthy.

dunstonh

MABLE wrote: »

I took one out with LV for funeral costs and pay £9.00 a month but I insisted they get a copy of my medical records and then there should be no question they were not aware of certain conditions. However I am fit and healthy.

You may well have found a proper underwritten life assurance plan would be better value on a £ paid vs £ benefit basis.

jeffnail

dunstonh wrote: »

You may well have found a proper underwritten life assurance plan would be better value on a £ paid vs £ benefit basis.

Best if you can get a life cover plan with an insurer and declare full medical info