Over 60s life insurance advice

jinny

Hi I was wondering if anyone can recommend an over 60s life insurance plan. Or point me in the right direction.
I've never bothered before as I had a death in service policy with my employer. Now I'm retired and don't have much savings I need to look into this.
Thanks

teddysmum

Some, including ones advertising on tv, have been shown to pay out much less than you pay in, even after a number of years of contributing.

jinny

Thank you teddysmum yes they seem too good to be true so they probably are. Guess I should get saving

lessonlearned

It all depends on what you need the insurance for, how much you require, your current state of health etc, whether you need whole,life insurance or just short term insurance whilst you build up,your savings.

I decided to take out some short term insurance until such time as I can be sure I have enougn savings set aside to meet any costs my surviving loved ones might incur upon my death.

I took out a ten year term, for a sum assured of £15k at a monthly premium of £10.71.

Basically I just decided I could afford to pay £10 and then worked around that. whole life assurance would have cost me a Miniumum of £19 per month, giving me a payout of £1900.

Obviously if I do not die within the 10 year term then the insurance won't pay out anything, it's just straight life cover with no investment vehicle.

There is a risk that at the end of this term my health declines and I become uninsurable, however by that time I will have sufficient savings to cover my funeral expenses without having to wait for my assets to be liquidated and my estate go to probate.

This means that my heirs will have enough cash for my funeral and any immediate exoenses.

I have written my current Term Insurance in trust so that it goes straight to the beneficiaries, again by passing my estate.

The small amount of savings set aside to cover my funeral costs should I become uninsurable will be in a joint account that my sons can access, should they require cash quickly.

I think I've covered every eventuality:rotfl:

Btw I am 64, female and in good health, I didn't have to have a medical, just filled out a questionnaire which obviously their underwriters could double check if they had any doubts.

Hope that helps.

Just as an extra bit of information.

I have lost both my mum and my husband within the last 12 months. In both cases the funeral costs, Including the wake, flowers, incidentals, etc came in at around the £4 to £5k mark.

jinny

That's what I want it for funeral costs my family refuse to talk about it.
I am a realist and don't mind talking about something natural like birth and death and want it sorted. I don't really even want a funeral I think it's a waste of money. Yes raise a glass to me in a pub or whatever but all that fuss it's just not for me. However it's always for friends and family isn't it. I am also 64 and in good general health but just to give me peace of mind until my savings can cover the cheapest mse way to go possible.Will check it out thanks.

lessonlearned

Tbh my mums and husbands funerals were quite Modest affairs but costs do mount up.

I'm assuming you'll need a coffin at the very least.......:rotfl:

And then there are certain legal disbursements and fees which have to be paid. I forget how much exactly they were but you have to pay for burial or. Cremation fees and costs. I think they were in the region of around £1100 but don't quote me on that.

So despite my thrifty ways the figures do add up.......

The last thing I wanted was to leqve my sons in a mess so I have taken steps to make sure that funds will be in place.

Savvy_Sue

I can tell you it's just over £620 for interment of the ashes a few months after the funeral itself, in a non-council .cemetery / green burial site. And then there's extra for the stone ...

zygurat789

Savvy_Sue wrote: »

I can tell you it's just over £620 for interment of the ashes a few months after the funeral itself, in a non-council .cemetery / green burial site. And then there's extra for the stone ...

A year or two ago it was £180 in our family grave.

zygurat789

jinny wrote: »

That's what I want it for funeral costs my family refuse to talk about it.
I am a realist and don't mind talking about something natural like birth and death and want it sorted. I don't really even want a funeral I think it's a waste of money. Yes raise a glass to me in a pub or whatever but all that fuss it's just not for me. However it's always for friends and family isn't it. I am also 64 and in good general health but just to give me peace of mind until my savings can cover the cheapest mse way to go possible.Will check it out thanks.

I don't think I want a funeral, but look on the bright side, you won't be around to see it.
A basic funeral will cost upwards of £3000, we found the Coop are good value.
You can always prepay for yours, which is only insurance under another guise. Don't forget to include a cash sum for the wake.

[Deleted User]

recent costs, using an independent funeral director. Wicker coffin, flowers, cars, church, organ, crem etc They were fantastic. All in was just under £3000 and I would have classed it as a very special funeral

wake £420

life for a life, internment of ashes under a young oak tree with a plaque in a dedicated new forest £690

There were other expenses like probate £220, death certs, paying towards helping children with expenses

I would say that all in all £5000 would give you a very good send off and no -one would be out of pocket

probably a good idea to have a joint savings account with a close trusted family member, that way they have instant access when needed

jinny

Thanks for all the advice
Why does it have to cost so much?
It happens to us all. My dad always said just put me out for the bin wagon! Guess what was coming up the street on the day of his funeral. We had smiles on our faces as we got into the cars. He would've laughed at that.