At our age?

ennnceee

Hello, I'm 80, my wife is 74, we have a life insurance term ending in 2027. We wonder if it would be worthwhile to enter into another agreement which would be relatively short-term, obviously, but which would help further if we survive for a few years. I'm thinking mainly of funeral exes (rather than entering into a funeral plan, that is) and if it would be worthwhile the best way to go about it without leaving our number everywhere. Thanks.

Keep_pedalling

What do you have in the way of savings? 

MyRealNameToo

ennnceee said:

Hello, I'm 80, my wife is 74, we have a life insurance term ending in 2027. We wonder if it would be worthwhile to enter into another agreement which would be relatively short-term, obviously, but which would help further if we survive for a few years. I'm thinking mainly of funeral exes (rather than entering into a funeral plan, that is) and if it would be worthwhile the best way to go about it without leaving our number everywhere. Thanks.

And what if you dont pass until you are 95 or 105? 

By the time you have retired most won't have financial dependents and so the need for life insurance has fallen away. Clearly some may choose to have a whole of life policy to deal with IHT so the kids dont have to sell the ancestral home to pay the inheritance tax or something. 

There are many complaints on here of folks getting on in years, or more often their kids, who see they're paying much more into Life insurance than they will ever get back (if they get anything back if its insurance rather than whole of life if assurance). 

Now funeral plans are regulated it may be a better option if thats what the money is for. 

Beeblebr0x

Our funeral plans from the Co-op fix the cost of the vast majority of our funeral expenses. We both opted for the Silver Plan and paid approx £3500 each. You can book an appointment at one of their shops. Their reps ask several questions but are forbidden from recommending any particular plan. When we die, all our kids have to do is phone the Co-op quoting the plan number, and the Co-op will do the rest.