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I really need advice....
shezzy
Posts: 104 Forumite
Hi everyone, this is going to sound kinda morbid but my parents are elderly now and i know they don't have any life insurance as they have never been able to afford it but i'm really worried incase something happens to them and i need to find the money for funerals, it sounds awful thinking about it but i'm wondering if there is any insurance i can take out on their behalf without them getting upset about it?
any ideas would be gratefully accepted.
shezzy
any ideas would be gratefully accepted.
shezzy
0
Comments
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Plenty of funeral plans around and life insurance policies for the elderly. You can pick up application forms from funeral directors and maybe even ask them how much an average wedding costs.The man without a signature.0
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Are'nt those dear though, i can only afford maybe £10.00 a month? I see those over 50 plans and they start from £6 but i would'nt be able to get one of them for them would i?
shezzy0 -
I see those over 50 plans and they start from £6 but i would'nt be able to get one of them for them would i?
Do you have an insurable interest? If you dont then you cannot take out insurance on their life.
Plus, you wouldnt want one of those over 50 plans. Have you seen the benefit you get for the money and the restrictions?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 -
sorry to sound thick but what does insurable interest mean? I just want to make sure i have enough when the inevitable happens, i don't want to let them down. Do you know what happens if you have'nt enough money to pay for a funeral?
Thanks for your replies by the way!
shezzy0 -
Insurable interest is where a party has a (legal) financial interest in something not happing.
In this case they would probably have to take it out themselves as I cannot see what interest you could have in it.0 -
vikingaero wrote: »Plenty of funeral plans around and life insurance policies for the elderly. You can pick up application forms from funeral directors and maybe even ask them how much an average wedding costs.
Typo, made me laugh though!!I beep for Robins - Beep Beep
& Choo Choo for trains!!0 -
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