Over 50s Life Insurance Plans Guide Discussion

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  • dunstonh
    dunstonh Posts: 116,358 Forumite
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    jintyb wrote: »
    Hi dunstonh,
    Yes she was a Financial Adviser at the Nat1onw1de.

    Put a complaint in. Ignore the factfind bit as that type of product doesnt need one. Nor the fact it is not an investment product. The focus needs to be on why you believe it was no suitable.

    As I mentioned, this product is an option of last resort. When all alternatives should be considered first. So, perhaps focus on the alternatives you think they should have done.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • jintyb
    jintyb Posts: 1,758 Forumite
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    Thank you, will do but will take on board your suggestions. The fact that it was offered during a discussion about other investments when it was apparent that they had plenty of resources to pay for a funeral makes me annoyed! Letter going in this week. Many thanks for that


    you will always be rich enough to be generous.
  • dunstonh
    dunstonh Posts: 116,358 Forumite
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    jintyb wrote: »
    Thank you, will do but will take on board your suggestions. The fact that it was offered during a discussion about other investments when it was apparent that they had plenty of resources to pay for a funeral makes me annoyed! Letter going in this week. Many thanks for that

    There you have it. The sum insured on the policy will almost certainly be very low. If there are investments, there would be no financial need for the policy.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • jintyb
    jintyb Posts: 1,758 Forumite
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    Thank you Dunstonh. One last question, can I put in the complaint on behalf of my parents or or do I need to draft the letter and get them to sign it? They are both elderly ( 86yrs)
    I appreciate your comments, thanks again


    you will always be rich enough to be generous.
  • dunstonh
    dunstonh Posts: 116,358 Forumite
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    jintyb wrote: »
    Thank you Dunstonh. One last question, can I put in the complaint on behalf of my parents or or do I need to draft the letter and get them to sign it? They are both elderly ( 86yrs)
    I appreciate your comments, thanks again

    They need to sign it. You can draft it though.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Termagant1
    Termagant1 Posts: 4 Newbie
    edited 11 September 2017 at 4:20AM
    I was sent home after a week in hospital, a few days ago (September 8th 2017). The doctors told me that they cannot operate on the cancers as I would probably not survive any operation.
    I've been down this road before but that was a result of a medical misdiagnosis of my prognosis after a particularly nasty second bite of 'Aspiration Pneumonia' in 2009.
    I may live another year unless the cancers spread. If there is a dramatic advancement in the treatment of throat cancers right around the corner then I could possibly live even longer.:j
    My wife thinks it is wrong for me to take out a plan because I would be 'cheating' in her view.

    I like the thought of passing to her all my money (there isn't a lot) now and making the minimum payment on each credit card solely in my name. I would use my overdraft facility to fund the life insurance policies and when I die my personal estate could end up owing around £13,500, the total sum of credit I have available to me now.
    The life insurance policies will pay the sums assured (c. £30,000) to a trust and fall outside my estate direct to my wife. We have no children or other dependents.
    My only problem is that I know my wife will feel obliged to pay off any debts I leave even though, as I understand it, she could not be forced to as she is not party to any of these debts in any way.
    Am I being immoral or worse? I didn't know I was going to die soon when I applied for the credit and have not actually used more than a fraction of the money I can borrow; I have to date paid the full amounts each month to avoid interest charges.

    Anyone else in a similar position?
  • jintyb
    jintyb Posts: 1,758 Forumite
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    Termagant 1
    First of all, I am very sorry you find yourself in this position.
    There will be better qualified folks who may comment but I think you will have to tread very carefully when considering this plan of action.
    Most of them have a qualifying period - some of them two years.
    Do you have any pensions? Most have special rules for terminal diagnosis which enable you to withdraw money which might help you to settle your finances.
    I would say to seek financial advice. Macmillan Cancer Support provide free advice regarding money matters.


    you will always be rich enough to be generous.
  • Termagant1
    Termagant1 Posts: 4 Newbie
    Well, after a few hours of thought I decided that this is simply a wager to me.
    So I've just commenced cover costing <£100pm. This gives me as close as I can to the maximum sum assured of £25,000.

    If I do manage to live with the cancers for 366 days the eventual payment will not form part of my estate - I've written in trust.

    If I die before the full year is up then my premiums will be returned in full.

    I've answered all the questions asked of me truthfully.

    It's a 'Win-Win-No-Brainer'.
  • csgohan4
    csgohan4 Posts: 10,587 Forumite
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    if your prognosis is less than 6 months, consider getting a DS1500 from your GP or oncologist, this gives you fast track benefits.


    See Citizens advice bureaux for other types of benefits your entitled too
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • dunstonh
    dunstonh Posts: 116,358 Forumite
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    You do realise that sole debts can be offset against joint assets?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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