Over 60’s Life Insurance

fodderstompf

Can anyone recommend a life insurance policy for someone who is 64.

We have been paying £30 p/m for over 4 years and the amount covered is just about what we have already paid! Not sure of total but I think it is approx £2000.

There is no cash in value, so we thought of doing another additional policy. One that would be more value for money.

Any advice would be greatly appreciated.

seggy1

the post office does the best one you can put on £10 to £50 i have just got mine no medical requied look on there web site arthur

shaunrc

Hi fodderstompf

Firstly I am an IFA but have not yet organised a header.Also please do not take this as advice as that has a specific meaning...

To look at the value of your policy one needs to know some more details.

Your date of birth ( some companies use half or quarter years)
Exact sum ssured
male/female
term of the policy i.e how long?
do you smoke
Any particular health issues

Then one can look at the feasibility of cheaper cover.One caveat is to keep your existing cover in place until any new one has started just in case.

Also I wouldnt be paranoid about medical issues/enquiries whilst they may be an issue they are often not. The firms that offer " no medicals" usually set their price so that they do not have to.

dunstonh

Over 60s plans you see advertised are pretty much useless and very much poor value for money.

They say no salesman will call to put you at ease. However, you wont find any decent adviser recommending them because they are that poor.

The "no medical questions" bit is a bit of a red herring because they wait until death and if you have a pre-existing condition or you die within a certain period of taking the policy out, they will refuse payout if the cause can be linked to the medical condition. Having a proper underwritten life assurance policy can be more cost effective in the long run.

Had you taken out a whole of life assurance conventionally underwritten and on normal health, that £30pm could have easily see a sum assured in the tens of thousands. There are also some providers that allow you to pay for a limited period so you are not paying for the rest of your life. Indeed, some of these new whole of life plans IFAs have available are far superior to the plans of old.