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  • FIRST POST
    • Former MSE Rebecca
    • By Former MSE Rebecca 21st Apr 15, 10:02 AM
    • 113Posts
    • 96Thanks
    Former MSE Rebecca
    Over 50s Life Insurance Plans Guide Discussion
    • #1
    • 21st Apr 15, 10:02 AM
    Over 50s Life Insurance Plans Guide Discussion 21st Apr 15 at 10:02 AM


    Hi,

    We've written a new Over 50s Life Insurance Plans guide for the website and we'd love your feedback.

    How did you find the info? Was it useful? Do you have any other tips you would add?

    Thanks for your help,

    MSE Rebecca
Page 3
    • antrobus
    • By antrobus 18th Mar 17, 3:07 PM
    • 15,765 Posts
    • 22,424 Thanks
    antrobus
    Hi dunstonh,
    Yes she was a Financial Adviser at the Nat1onw1de.
    Originally posted by jintyb
    I think that MSE permits the use of the word 'Nationwide'.

    Anyway, this may be of interest.

    Due to a review of its product range Nationwide is no longer offering the Over 55s Life Cover plan to its customers.

    http://www.nationwide.co.uk/support/support-articles/discontinued-accounts/over-55-life-insurance-cover
    • dunstonh
    • By dunstonh 18th Mar 17, 5:00 PM
    • 93,379 Posts
    • 60,884 Thanks
    dunstonh
    Hi dunstonh,
    Yes she was a Financial Adviser at the Nat1onw1de.
    Originally posted by jintyb
    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). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • jintyb
    • By jintyb 18th Mar 17, 5:17 PM
    • 1,731 Posts
    • 17,877 Thanks
    jintyb
    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
    • By dunstonh 18th Mar 17, 7:16 PM
    • 93,379 Posts
    • 60,884 Thanks
    dunstonh
    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
    Originally posted by jintyb
    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). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • jintyb
    • By jintyb 18th Mar 17, 7:46 PM
    • 1,731 Posts
    • 17,877 Thanks
    jintyb
    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
    • By dunstonh 18th Mar 17, 9:15 PM
    • 93,379 Posts
    • 60,884 Thanks
    dunstonh
    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
    Originally posted by jintyb
    They need to sign it. You can draft it though.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Termagant1
    • By Termagant1 11th Sep 17, 4:17 AM
    • 4 Posts
    • 1 Thanks
    Termagant1
    Cheat or 'playing the system'?
    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.
    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?
    Last edited by Termagant1; 11-09-2017 at 4:20 AM. Reason: Adjust smilie
    • jintyb
    • By jintyb 11th Sep 17, 6:27 AM
    • 1,731 Posts
    • 17,877 Thanks
    jintyb
    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
    • By Termagant1 12th Sep 17, 1:05 AM
    • 4 Posts
    • 1 Thanks
    Termagant1
    Cheat or 'playing the system'?
    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
    • By csgohan4 12th Sep 17, 6:45 AM
    • 4,632 Posts
    • 2,897 Thanks
    csgohan4
    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"
    • dunstonh
    • By dunstonh 12th Sep 17, 10:25 AM
    • 93,379 Posts
    • 60,884 Thanks
    dunstonh
    You do realise that sole debts can be offset against joint assets?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Termagant1
    • By Termagant1 13th Sep 17, 1:19 AM
    • 4 Posts
    • 1 Thanks
    Termagant1
    Cheat or 'playing the system'?
    You do realise that sole debts can be offset against joint assets?
    Originally posted by dunstonh
    Yes. But my assets when I die will be minimal. The car is in her name as anything of value in our home is or will be. The main assets of mine are tools which I'm selling. The creditors are welcome to sell my clothes.
    • Termagant1
    • By Termagant1 13th Sep 17, 1:22 AM
    • 4 Posts
    • 1 Thanks
    Termagant1
    Cheat or 'playing the system'?
    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
    Originally posted by csgohan4
    The Macmillan nurse has already mentioned this but the prognosis will be tomorrow. (today, now).
    Thankyou
    Last edited by Termagant1; 13-09-2017 at 1:25 AM. Reason: Typo
    • ztrim
    • By ztrim 19th Oct 17, 6:51 AM
    • 1 Posts
    • 0 Thanks
    ztrim
    Death Certificate delays payment
    Hi i have 2 plans for AXA one for myself at 14.00 a month and one for my late hubby. We had paid in 7 years.

    Sadly and suddenly i lost my husband on the 3rd October. Too long a story, but his death had to go for autopsy which came up with no results so tests have been sent off, and an inquest is booked for NEXT MARCH, it could be down to an industrial asbestos death i have no idea.

    Anyway I rang AXA before i knew it was going to autopsy and they said ring them when i got the death certificate and they would do the details on the phone and pay in the amount owed to my bank account. I am still not sure what the amount will be mind you.

    Well obviously things changed so when the coroner said he would issue interim death certificates to sort the estate out, as soon as i received them, i rang AXA again, and he said oh we cant use this certificate over the phone you will have to wait until we send you forms in post and then send back with the interim death certificate. So ok i waited. I rang them again yesterday as no forms, and my husband is due cremation next week on 25th. The guy was obnoxious, said the forms had been sent and i would expect them 24th, so i said well thats no good, and why cant you take the reference number on the death certificate as I am sure it will come up with the same information for them, OR why not just tell me to send an original certificate with a letter they would have gotten it the next day.

    So i have to wait until one day before the funeral thats if i get the forms and then it will take 2 weeks to process.

    Its just lucky since we took out this stupid waste of time plan that circumstances have given me more then enough money anyway to deal with the funeral without it. However, if it had been someone who was not in that situation how on earth would they have paid for it all.

    I am using the co-op as they are local and they have been amazing but even they wanted 2,000 up front to pay all the incidentals. So these plans dont really cover this. Anyone taken on a funeral plan from AXA believe me it wont cover the cost of a basic funeral and you will need to pay a deposit to any funeral director.

    Our funeral which ok has a few nice bits and pieces because i can afford it, cost just under 5,000, if i had gone basic to slot in with AXA pay out we would be burying my poor hubby in the garden. He is being cremated and basic with co-op would still have been around 3,000.

    The longer you pay in the more expensive funerals cost.

    I am so annoyed with them though i could have sent a death certificate signed by the coroner which they would have got the next day, and to wait over 3 weeks to even get paperwork is mind blowing. I mean surely if they send the forms one day i should have gotten them within at least 2 days. Oh this guy said sadly it doesnt work that way in big businesses.

    So for me I checked co-op funeral plans and if i had put down a deposit the amount i paid would have been the same as AXA.

    I cancelled my policy no point in wasting 14.00 a month i am just getting a POA so a member of my family have access to my savings, and then executor can sell the house, so no need for it now.

    Oh yes and the amount of times i have had letters off axa asking me to take on better plan, I had one for my husband yesterday and well yes it went into the bin.

    AXA sucks. They have no compassion, and i really do feel sorry as if i had been some poor widow she would have been a right state now if no savings.
    • Ilona
    • By Ilona 9th Nov 17, 12:13 PM
    • 2,100 Posts
    • 7,189 Thanks
    Ilona
    So Anna, you live in Minnesota, asking for insurance for your mother, and you have a web site for assisted living. Looks a lot like spam to me.

    Ilona
    I love skip diving I've had some brilliant finds in skips, people throw out all sorts of useful stuff. I'm not afraid to knock on someone's door and ask if I can take something out of their skip. They always say that's ok, help yourself.
    • Meuh_vache
    • By Meuh_vache 18th Nov 17, 9:24 PM
    • 1 Posts
    • 0 Thanks
    Meuh_vache
    Hi not sure if I'm posting on the right bit I'm new to this. Really need some advice for my parents. They've been paying into a life insurance policy for 37 years roughly, in recent years around 50 a month and the pay out was set at 46000 on either of their deaths. They both turned 70 recently, they received a letter to say the payment will now reduce to 16000 and if they no longer want to pay into it they can close the account and receive 800. My Mam is devastated. Is this legal?? How can it suddenly drop 30000? Where can we seek advice? They've been told they need to decide in 14 days.
    • dunstonh
    • By dunstonh 18th Nov 17, 10:06 PM
    • 93,379 Posts
    • 60,884 Thanks
    dunstonh
    Hi not sure if I'm posting on the right bit I'm new to this.
    Right section, wrong thread. This thread is about the branded over-50s plans. An option of last resort typically for people who have medical conditions that prevent them from getting underwritten life assurance.

    Is this legal?
    Yes. Policy terms are agreed and set at the outset.

    How can it suddenly drop 30000?
    It can depend on the type of plan it is. However, given the age of the policy, its probably a whole of life assurance with an investment element. A type of policy that went obsolete in by the mid 90s.

    These typically had review points and were reliant on investment returns hitting target. The problem with most of these is that they have target growth rates that are no longer sustainable. Returns were much higher (gross of inflation) in the 60s,70s, 80s and target growth rates in 1980, when the plan was taken out, reflected that period.

    The theory was that you would build a pot when you were younger and then when you got older, the increased cost of life assurance due to your age would be collected from the investment fund. A nice idea. It worked for generations but globalisation kicked in and destroyed this type of plan. So, the fund goes up in the early to mid years and goes down in the later years. Your parents fund is about to run out. So, they eother increase the premiums, reduce the sum assured or call it a day. Another option is to look at modern plans and see how they stack up. That is if they actually need life assurance still at 70.

    Where can we seek advice?
    Any local IFA.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Londi
    • By Londi 10th Dec 17, 5:13 AM
    • 1 Posts
    • 0 Thanks
    Londi
    'Win-Win-No-Brainer', No not quite.
    Termagant1. ..A 'Win-Win-No-Brainer', not quite. You are right though it is an outright punt.

    Your gamble however, is substantially with your creditors money at stake, not your own.

    Are you aware that it is a criminal offence to take credit (even unsecured loans) if you know beforehand that you have no intention of making repayment in full?

    You confirm that you didn't know that you were going to die (soon) when you applied for the credit facility, but, your responsibility for disclosure doesn't stop just because a credit facility has already been agreed.

    From the date that you were informed that you are unlikely to survive more than a year, you have a responsibility not to borrow further monies in the certain knowledge that you cannot make repayment. The money is not a grant, it is a loan agreement and subject to repayment.

    You are not considering spending the creditors money on food because you are starving (or heating because you are freezing), you are considering spending the money on a calculated gamble, with significant potential financial reward. Therefore your motive is greed rather than necessity.

    Several gamblers are in prison today because they have gambled away money which they obtained by deception, their gambling addiction not a mitigating factor.

    Credit card companies and banks usually also tend to want to be informed of a change in circumstances such as loss of job or substantial change of income (it is the debtors responsibility). I imagine that your recent unfortunate circumstances may therefore be deemed notifiable, read the very, very small print in your credit card and banking agreements that you would have signed (and read word for word).

    You may think that you won't be around to worry about prosecution, true, but the creditor may find evidence after your death that you were aware of your situation at the time you took credit funds (your medical records being the most obvious source of information). The creditor (if discovering this) would have a right to compensation, simply placing your insurance money in Trust I believe would be no protection from the creditor if such a Trust facility is deemed ( by the court) to be part of the deception.

    Far worse, the insurance company might even have a clause of not paying out if they deem that premiums paid were funds obtained as a result of deception by pecuniary advantage (a kind of Fraud), they have money laundering concerns to occupy themselves with.

    Add to this , the creditors considerable costs in recovery through the courts (which they inflate to the nth degree). However, I suggest that even if your wife were to pay your credit card/bank overdraft debts in full as soon as possible after your death, the creditor may (or may not) be concerned. Remember the death certificate reveals the cause of death, and cancer is rarely so sudden, this may well be cause for obvious suspicion and further investigation into medical records.

    Even if your wife commits to settle the accounts in full (and if your wife is in a position to pay), there is still the question of having obtained funds by pecuniary advantage, again knowledge of this may (or may not) arise if your creditors account is settled. You have however already blabbed about it on this forum, and I assume that your wife may know of your plan, if so, that might make her involved in a criminal offence (as she would be a beneficiary).

    There you have it, in my view (at worse) you may be risking putting your wife in considerable financial distress at not being able to repay funds/court expenses, not receiving an insurance settlement and ultimately, spending up to a year in prison.

    If any person insured in most over 50 plans were to die within the qualifying period (usually 12 to 24 months), yes, the estate will have only the premiums (already paid) returned, but remember that you will have accrued interest on your loans.

    I know of someone that had a kind of throat cancer and given 12 months to live, thankfully he lived for several years more. Have you considered that if you do live far longer than expected, that the interest on credit card borrowing or overdraft facility could likely be considerable, and that you may not be able to afford the insurance premiums in the years ahead because your family circumstances may change.

    I know that if I were in your shoes with a very short life expectancy , I would definitely consider buying the insurance policy (nothing immoral in that) but I would pay the premium at a monthly amount limited to that which I could comfortably afford with my own money, definitely not with a creditors money.

    Could I suggest you at least consider the possibility of cancelling your current policy and starting afresh with a more affordable premium that you can afford (or just reduce the existing premium if the insurance company will agree to such a request within the first year), without recourse to credit facility?

    Before you decide anything, if you have further questions you should consider taking advice from a professional. I am not a lawyer or financial advisor and nothing I have mentioned here can be construed as professional advice. And, of course, I may well be wrong.
    Last edited by Londi; 10-12-2017 at 9:14 AM.
    • Caff1
    • By Caff1 12th Dec 17, 2:57 PM
    • 1 Posts
    • 0 Thanks
    Caff1
    I need advice
    I'm 53yrs old and I don't have any savings, mortgage or own my own property. After travelling for 3yrs I'm just trying to get back on my feet financially, just started a job 2 months ago and trying to sort out my life, debt and future.
    I am worried about my future and the future of my daughter. I feel if I fell sick or died I leave behind nothing for my daughter's future.
    I've just today been on the phone to various Life Insurance & Income Protection companies getting quotes and the quotes I've been getting are very high.
    I am confused to what is best and what I should get.
    Do I just take out Life Insurance?
    Do I take out Life Insurance and Critical Illness?
    Do I take out Life Insurance & Income Protection
    After speaking to various people today I am really confused what to do and who are the best companies to trust and go with.
    Your help would be appreciated
    • dunstonh
    • By dunstonh 12th Dec 17, 4:09 PM
    • 93,379 Posts
    • 60,884 Thanks
    dunstonh
    I've just today been on the phone to various Life Insurance & Income Protection companies getting quotes and the quotes I've been getting are very high.
    That reflects your age.

    Do I just take out Life Insurance?
    Do I take out Life Insurance and Critical Illness?
    Do I take out Life Insurance & Income Protection
    That is too specific for anyone here to answer. We dont know anything about you. There is also no one size fits all answer.

    ter speaking to various people today I am really confused what to do and who are the best companies to trust and go with.
    have a word with a local independent financial adviser (IFA). They have access to the companies, can answer your questions and tell you what is best for you and which company should be used.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. 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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