Life insurance for a 61 yrs old


My friends mother is on PIP and Universal credit. She is 61 years old

She is worried her daughter will struggle when she passes in the future.

She wants to leave behind  a sum between 3 to 7k to help her daughter with funeral costs etc. Through an insurance payout. 

Is there any particular type of life insurance she should go for?

Also where is the best place to compare best options?

How much should it typically cost?

Anything to look out for? 

Comments

  • mgfvvc
    mgfvvc Posts: 1,216 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    It sounds like she wants a policy that will pay out whenever she dies, whether it is in 5 years or 30 years. For that she will need a whole of life policy. A prepaid funeral plan may also be worth considering?
    Costs for life assurance will depend on age, medical history and the type of cover.
  • If in poor health, an over 50s plan could be worth considering as there are no medical questions.

    If in good health, you might be better simply investing a certain amount each month, and the pot will grow.

    Whole of life is horribly expensive, especially starting at age 61.

    Are there any other assets that would soften the blow - inheritance of property? Pension fund?
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