Over 50's Life insurance

Aretnap

Cardew said:

I was asked to look at the plan, not that I am any expert but can normally understand legal jargon, and I can see no catches.

Am I correct?

In as much as there is a "catch", it's mainly the "risk" that her cancer turns out not to be terminal after all and/or she lives much longer than the forecast 2-5 years.

Which would leave her with a choice between cancelling the policy and losing the premiums she has already paid, or continuing it and potentially paying in more in premiums than she will ever take out. 

Still, if she is lucky enough to make a miraculous improvement I'm sure she'll be happy enough about that to shrug off losing a bit of money in premiums. 

JCBDigger3

Unless you are in the very unlucky position as described by "Cardew" above then these policies are a rip-off for most. Read ML's article on this site about Over 50's plans and then run for a savings account or ISA etc. My father who passed away 3 months ago had 3 of them - all of which will/have paid out so no complaints there. However the payout values are around £2200 per policy and in the worse case he paid out £40 per month for at least 6.5 years (could be more but I only have bank statements going back to 2017 and no original policy document), so that means at least £3100 paid in, to give back £2.2k. If he had lived until he was 90 he would have paid over £6k. Perhaps the worst part was that he was paying the monthly DD's from his high interest saving account!
Carol Vorderman should hang her head in shame trying to convince people that these policies are a good thing.

DullGreyGuy

Guess you are living up to your alias @jcbdigger3 posting on a 3 year old thread... suspect the OP decided a long time ago what life insurance was best for them... they were online today so thankfully haven't needed to claim yet.