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Over 50 plan

jobdone1
jobdone1 Posts: 841 Forumite
Part of the Furniture 500 Posts Name Dropper Combo Breaker
in Insurance & life assurance
Hi does anyone know which over 50 plans pay out the cover amount after 12 months ? I can only find the 24 months one

Comments

  • dunstonh
    dunstonh Posts: 121,288 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Over 50 plans are an option of last resort. Is there any reason you have ruled out the conventional life assurance plans?
    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.
  • Quentin
    Quentin Posts: 40,405 Forumite
    dunstonh wrote: »
    ......... Is there any reason you have ruled out the conventional life assurance plans?

    Op wants a plan that pays out after 12 months!
  • Quentin
    Quentin Posts: 40,405 Forumite
    edited 29 April 2017 at 9:54AM
    jobdone1 wrote: »
    Hi does anyone know which over 50 plans pay out the cover amount after 12 months ? I can only find the 24 months one

    Not a recommendation but one I know is Royal London
  • dunstonh
    dunstonh Posts: 121,288 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Quentin wrote: »
    Op wants a plan that pays out after 12 months!

    But why are plans that pay out straight away from on risk being eliminated?

    The OP may not know what they want and have just assumed that because they are over 50, that this is the option meant for them. Or they could have a valid reason for eliminating the other options.
    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.
  • Quentin
    Quentin Posts: 40,405 Forumite
    We don't know why the op is asking for a guaranteed acceptance policy that will pay out after just a year . None of our business.
  • jobdone1
    jobdone1 Posts: 841 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Mother in law has severe copd and I doNT think she will live for two years and we as a family will not have the funeral funds in a years time imho
  • Quentin
    Quentin Posts: 40,405 Forumite
    edited 29 April 2017 at 2:24PM
    Moneyineptitude wrote: »
    Existing health conditions will not be covered by the insurance policies you want to take out...
    Yes they will. Ignore this OP


    These Over 50 plans are guaranteed to accept you
  • Nasqueron
    Nasqueron Posts: 11,349 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Quentin are you seriously suggesting that people should assume the OP is fully aware of the situation they are asking about and offering advice based on that rather than making them aware of better alternatives even if they ultimately don't want them? Not very money saving is it?

    Without the second post, you would never know if they assumed a poor plan was the best/only option so giving them options helps which is what Dunstonh was doing

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    Quentin wrote: »
    Yes they will. Ignore this OP


    These Over 50 plans are guaranteed to accept you
    I wasn't referring to Over 50 plans. I thought the conversation had moved on to "other options"
  • Weighty1
    Weighty1 Posts: 1,237 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    Moneyineptitude wrote: »
    I wasn't referring to Over 50 plans. I thought the conversation had moved on to "other options"

    Even on a medically underwritten life insurance plan pre-existing medical conditions would be covered though. The insurers would either choose to not accept the applicant at all, would accept the application with the standard premium or accept it with an increased premium to cover the additional risk. I have never had a policy accepted with an exclusion on any cause of death other than some dangerous hobbies and only then when the client has requested the exclude the pastime.
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