Life Insurance vs Savings Plan

MoonHyperDrive

Hi all. Just looking for some advice. 

My husband and I are on a low joint income as I work part time whilst caring for him (he receives benefits). 

We are both 50 this year. We have both lost our parents quite recently and are feeling like we need to make sure each of us is ok should the worst happen. 

I am in good health, whereas hubby has physical mobility issues and some minor heart problems. 

We are in long term social housing, and so don’t have a mortgage. We have no dependants and at the moment no back up savings. 

I wanted to ask would it be worth us going down the over 50s life insurance route, or would it be better to put the monthly payment into a savings ISA? What sort of monthly payment should we be looking at? 

Our main concern is to make sure bills and rent can be paid in the immediate time after something happens to one of us. Just so we know we would be able to have the time we need to grieve without worrying about finances. 

We don’t have a lot of spare income, certainly not enough to put into a pension or anything. But we both feel after our family losses that we need to have a plan put in place. 

Neither of us wants a major funeral. We would opt for a cremation and that’s it really. 

We’re not looking for a massive payout or anything. Just enough to ease the burden during a terrible time, as we don’t have any other family to rely on when the time comes. 

Thanks. 

DullGreyGuy

Over 50s plans are designed for those that have material medical issues who are basically blocked from getting traditional insurance, they should be considered the last resort option only after you have confirmed regular insurers won't cover you. 

Speak to a life insurance broker to get quotes for you. 

MoonHyperDrive

Ah ok I didn’t realise that! Thank you

MoonHyperDrive

DullGreyGuy said:

Over 50s plans are designed for those that have material medical issues who are basically blocked from getting traditional insurance, they should be considered the last resort option only after you have confirmed regular insurers won't cover you. 

Speak to a life insurance broker to get quotes for you. 

Would a broker charge fees? Are they usually expensive or is there a general price range I should be looking out for do you know?

Sorry if I sound a bit dim but I’ve never had to deal with anything like this before. The only insurance I deal with is home and I get that through comparison sites. 

Weighty1

MoonHyperDrive said:

DullGreyGuy said:

Over 50s plans are designed for those that have material medical issues who are basically blocked from getting traditional insurance, they should be considered the last resort option only after you have confirmed regular insurers won't cover you. 

Speak to a life insurance broker to get quotes for you. 

Would a broker charge fees? Are they usually expensive or is there a general price range I should be looking out for do you know?

Sorry if I sound a bit dim but I’ve never had to deal with anything like this before. The only insurance I deal with is home and I get that through comparison sites. 

No, most brokers would earn commission from the insurer, IF they did arrange cover for you, so typically there is no broker fee.  The price range for cover will be based on 2 things, A) what you would have in place in an ideal world and how much you want to pay.  Based around those factors most decent brokers would be able to come up with some options for you.

DullGreyGuy

MoonHyperDrive said:

DullGreyGuy said:

Over 50s plans are designed for those that have material medical issues who are basically blocked from getting traditional insurance, they should be considered the last resort option only after you have confirmed regular insurers won't cover you. 

Speak to a life insurance broker to get quotes for you. 

Would a broker charge fees? Are they usually expensive or is there a general price range I should be looking out for do you know?

Sorry if I sound a bit dim but I’ve never had to deal with anything like this before. The only insurance I deal with is home and I get that through comparison sites. 

It's the same as comparison sites... they get paid by the insurer if you buy a quote they've created for you. If you dont buy then they dont get paid. 

Obviously the broker has taken away cost from them as they're the ones paying for adverts on Google etc and so if they offer direct insurance it'll often be the same price or more expensive because then costs have reverted to them (and given so much business is via brokers they dont want to !!!!!! them off by undercutting them all the time)