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Over 50's life insurance or high interest account

Nettiebuk
Nettiebuk Posts: 4 Newbie
Second Anniversary
in Insurance & life assurance
Hi I'm 50 in January and was planning to open an over 50's life insurance account due to medical issues.
But reading a few opinions aren't really that good.
Both my partner & I, not married, we're considering opening a high interest long term savings account just for funeral costs.
What would be the best option. We have no property so it would be purely for funeral costs.
Thanks
Nettie.

Comments

  • dunstonh
    dunstonh Posts: 120,005 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Over 50 life insurance plans are an option of last resort for those that cannot get proper life assurance.

    Have you been declined a normal life assurance plan? (as that is usually the only time you would consider an over 50s plan)
    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.
  • Nettiebuk
    Nettiebuk Posts: 4 Newbie
    Second Anniversary
    Yes been refused due to the medication I'm on.
    They recommend waiting till I was 50.
  • Weighty1
    Weighty1 Posts: 1,213 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    What about paying for a funeral expense plan over a few years? This would become paid up after the payment period and then pays for the funeral whenever that may occur.
  • Nettiebuk
    Nettiebuk Posts: 4 Newbie
    Second Anniversary
    Never thought of that. Wasn't sure.. Lol
This discussion has been closed.
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