Is it possible to have multiple over 50 plans?

Mojisola

TylerDurden36 said:

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?

In the light of his issues, definitely use a solicitor. 

jonesMUFCforever

If affordability is not an issue does he need £50,000 worth of cover?

Old_Lifer

It is a way of creating an inheritance fairly quickly.       Note, it is the child who is asking this and not the parent.

coachman12

When this thread started, I automatically assumed that the O/P's father was very old and dying and  I was going to say, in that case, that a number of over 50s policies ( checking that they came into force within one year and not two years) was not a bad idea at all.
But, though I am so sorry that O/P's father has had two heart attacks, I have also learned that he is only in his 60s -----and I know that two heart attacks does not necessarily mean the end is in sight within a year or two ( unless there are far more serious conditions not mentioned which does not seem to be the case as the O/P says his father can "still do things"). And that makes me wonder about the cost effectiveness of over 50s insurance in this case. Of course only the O/P knows whether there is a firm prognosis of death for other reasons within a year or two, but he needs to take that into account.
As to a Will, this sounds absolutely necessary in this case, particularly as already mentioned PoA ends upon death-----and a solicitor should be asked to visit.
I also draw attention to the two posts immediately above this post.

TylerDurden36

In the end I took out 2 over 50 plans. Each costing £50 a month so £100 total.
The total to be paid out upon death will be £18,500. My father would have to live to be 83 years and 5 months for it to have cost more than would pay out.
The chances of him living for another 5 years are slim to none so I’m 99.9% certain he won’t be around in another 15/16 years. 

It’s obviously a risk as with anything but I’d rather have this in place and not need it than need it and not have it.

Roll the dice and pay the price!