Over 50 life cover

Paul1950

In your review of Over 50 life policies you say that these can represent good value for money but probably only for people who have a terminal illness. However, the plan which you have chosen to give a special mention to (which is provided by Assured Futures) has a three year waiting period before it will pay out the sum insured on death. This is the longest period of any of the 11 plans included in the review and is surely a period that few terminally ill people could confidently expect to survive? Admittedly, the Assured Futures plan provides a marginally higher sum insured than most others but presumably this is only because it doesn't pay out for three years? Surely it would make more sense for people with a terminal illness to go for a plan which has a one year waiting period such as those offered by Sun Life and Legal & General? These plans also offer a higher cashback than the Assured Futures plan.

dunstonh

In your review of Over 50 life policies you say that these can represent good value for money but probably only for people who have a terminal illness.

Over 50s plans are generally considered to be an option of last resort.  Just because you are over 50 does not mean conventional life assurance stops being available to you.   That should be considered before over 50s plans.  Unless there are medical conditions that mean conventional plans will not quote or quote too much.

However, the plan which you have chosen to give a special mention to (which is provided by Assured Futures) has a three year waiting period before it will pay out the sum insured on death. This is the longest period of any of the 11 plans included in the review and is surely a period that few terminally ill people could confidently expect to survive?

Remember that MSE does not give personalised advice. It is up to the individual or their adviser to give personalised advice. So, if you are in a scenario where certain issues may or may not apply, it is for you to work it out.  Not MSE.

In the scenario you mention, someone with a terminal illness would pretty much be better on a short qualifying period rather than a long one.  Along with making pension contributions.

csgohan4

Always good to get policies in place when your healthy and young, not as an after thought decades later. I hope people consider this and get it done, it really isn't expensive when you get it in your 30's assuming no medical issues.