Life insurance at 66?

hazzzz

Hi, 
Can anyome tell me if it’s worth getting life insurance at 66? No savings just state pension. 

Any examples of what monthly premiums would look like for 50 -100k with no previous health conditions would be great. 

Thanks 

davidmcn

Not sure what you mean by "worth" it. Why are you contemplating it? 

hazzzz

Just there are a few articles stating it’s not worth the money once you hit 65. I have no understanding of this type of thing so was just wondering. 

davidmcn

hazzzz said:

Just there are a few articles stating it’s not worth the money once you hit 65. I have no understanding of this type of thing so was just wondering. 

Yes, obviously it gets more expensive the closer you are to the inevitable, but why would you want life insurance in the first place? It's usually for those who would be leaving dependants behind, but I'm guessing at 66 and with only a state pension you don't have a spouse and several hungry mouths to feed? 

Aretnap

Life insurance is usually worth having if you have people (spouse, dependant children etc) who would be worse off financially if you died unexpectedly young. So does that apply to you? I imagine not many 66 year olds have dependant children.

If you don't then you have no obvious need for life insurance, regardless of your age. You might want to consider a small whole of life policy to cover funeral costs if you have no savings or other assets and you don't own your home. However if you're thinking of it as a way of leaving a pile of cash to your children it's not usually a very efficient way of doing so. A life insurance company is just going to work out your life expectancy from your age and health status, divide the amount of cover you want by your life expectancy, add a bit of profit margin on top and charge you that as an annual premium. So unless you die younger than expected you would do better putting money aside each month as a legacy fund, with the added bonus of being able to access the money should you end up in serious need. (Whereas with life insurance if you end up in serious financial need and have to stop paying the premiums, the policy is cancelled and everything you have already paid in is "lost".) 

Certainly if you are in good health for your age you should avoid "over 50s plans" which offer guaranteed acceptance and ask no medical questions. They are priced on the assumption that you are in poor health, so tend to be very poor value, except as a last resort for people with serious health problems who can't get a conventional policy. 

dunstonh

Can anyome tell me if it’s worth getting life insurance at 66? 

If there is a financial need for it then its "worth" it.  If there is no financial need for it then it is not "worth" it

Just there are a few articles stating it’s not worth the money once you hit 65. I have no understanding of this type of thing so was just wondering. 

Those articles are either talking BS or you have misunderstood.    A lot of people cease to have a financial need for life assurance when they retire.  However, plenty of people do not.   For example, unbalanced pension income can give a need for cover to provide for spouse/partner.   Estate planning, Debt into retirement and so on.        There is no general rule of thumb.  Each case should be looked at on its own circumstances and not someone else.

Old_Lifer

I think you have left it a little late to start thinking of life cover.  In three years or so you will be 70.  While  a sum assured of  £100,000 or much more  may be reasonable and cheap for someone much younger ,   the premiums for a sum assured of  £50,000   or £100,000  at your age  would be eye-watering   and  dare  I say unaffordable,  if you have just the state pension.

A simple illustration of the  the cost of life cover later in life can be  found If you take a look at the next over 50s leaflet which  falls out of your newspaper or magazine,    although more expensive as no medical question are asked,  a premium of  £50 per month will probably  buy you  about £9,000  or £10,000 of cover.

MalMonroe

I'm 70 and I've saved enough to pay for my funeral (funeral plan). Any spare dosh, I'm spending on myself. Don't make plans to put your money into an insurance company's pocket. Why would you? Spend your money on yourself, you deserve it, I'm sure!! I know I do. You've heard the saying, "I'm spending my children's inheritance"? That.

tacpot12

I bought some life insurance recently, c£10K cover for £7 a month, where the cover and premiums increasing with inflation. This is my funeral plan. It will only run until I'm 80, but after then I have other that become available for paying to be buried. I'm 57 yo. The provider is Royal London via the Post Office.