Is it possible to have multiple over 50 plans?

TylerDurden36

Looking to get some over 50 life cover for my father who is ill. Wondering if it’s possible to have more than 1 policy with different providers? Theoretically I could take out 5 policies with 5 different providers and if all 5 pay £10,000 then that’s 50k. I know each provider caps their policy at around 10k but is there a limit to how much you can get from multiple providers? Thanks.

Old_Lifer

If he can afford it,   he can go to as many providers as he can find and take-out a maximum level policy with each.   The only limit  is his ability to pay the premiums.

Wth no medical questions asked,  the policies are expensive as they attract   people with serious illnesses and this is reflected in the price  but tend to offer a refund of premiums if death occurs  within the first 1 or 2 years,  before the life cover starts.   

Aretnap

Indeed, you mention that he is ill. If he is seriously ill an over 50s plan may be worth considering, however if he's very seriously ill note that there will usually be no payout beyond return of premiums if he dies within the first year or two of starting the policy.

If his illness is relatively minor however and he still has a reasonable chance of living a good few years it is worth investigating whether a standard underwritten policy would be better value. 

TylerDurden36

Thanks for the replies. Realistically I can’t see him being around for long. Maybe 5 years maximum. Affordability isn’t an issue. I think taking out 2 would be the best choice. £50 a month each with a total of £20,000 paying out on death. If I was to save £100 a month for 5 years then that would only be a total of £6,000 so it’s definitely worth doing. Even if he lived for another 10 years then that’s still only £12,000 paid in with 20k to come back. £100 a month isn’t unreasonable to pay out for that kind of return. Thanks again for the advise.

forgotmyname

But if he lives 20 years your at a loss.  FIL survived a major aneurysm and paid almost double his actual payout.

Old_Lifer

The wisdom of hindsight is a wonderful thing

tasticz

Check this out also if you are happy with cover up to 70

unioninsurance.co.uk

csgohan4

for future readers, always better to get insurance when your healthy and young, failing to do so could be costly. I have several Life assurance products to protect my family. As long as their in trust and below the IHT threshold for each policy, no tax will be paid. 

TylerDurden36

I tried to get “normal insurance” for him but because he’s had a couple of heart attacks nobody would insure him. So that’s the reason I’ve gone for the over 50 plans as they don’t care what your medical history is. He is currently 67 and he will have paid in more than will be paid out when he hits 83 years old. But there’s simply no way he will live that long. 

Also not sure if I need a new thread for this question but just wondering about writing a will. I have power of attorney for him but he currently doesn’t have a will. Does anyone know how I go about doing this? Does he even need one with me having power of attorney? Thanks again for all the advise.

Mojisola

He needs a will. POA ceases as soon as the person dies. 

TylerDurden36

Ok thank you. He suffers with various mental health issues but is still capable of doing things. Would that be an issue when it comes to doing the will? Should I see a solicitor to get it done or just use one the online services that I’ve seen?