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Thread: I took out 250,00 of life insurance a few days after diagnosis.....

  1. #1
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    I took out 250,00 of life insurance a few days after diagnosis.....

    Having got over the shock of the diagnosis I was relieved to be a find about 10 "Over 50's Life Insurance" policies that I could take out as they guarantee to accept anyone, regardless of medical conditions.

    Half have a one year qualifying period and the other half is two years, so a good deal as I will have to live nearly 30 years before I have paid in more money than they pay out on my death.........(if only I can live that long..... and yes I am not allowing for inflation or the value of investing the premiums elsewhere).

    If I die before the qualifying periods, all repay the premiums paid and some with a 50% uplift in money paid in, so there really can be no downside to taking these type of policies out???

    Every one I mention this to cannot believe this is the case, but honestly these policies can be taken out and if you look hard enough you will find a number of them. For healthy individuals they do not offer the best form of Life Insurance but it seems that most people are not aware of this and unhealthy people assume they cannot get Life Insurance or there will be conditions excluded.

    So at least I have some comfort knowing that my early demise will give my family financial support. It would be dreadful to die worrying that I have left my loved ones financially compromised.

    I can put a list of the insurance companies on The Forum if others are interested? This information has been touched on in earlier Forums, but I feel strongly it should be mentioned again as it could be important to other sufferers.......

  2. #2
    Forum Member Terry's Avatar
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    Hi Trevor;

    Welcome to the forum and I done the same as soon as I was diagnosed. I think my calculations made it about 12 or 13 years before I paid in more that I got out. It does vary a lot depending on your age as you pay lower premiums when start at 50 than you do at starting at 51 and so on.

    I think that you should check the thirty year before you start to loose out calculation as that sounds a bit unbelievable.

    Best wishes, Terry
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    Thanks for the reply.........from memory the premiums (typically 50 - 70/month/policy) total about 700/month, which is 8,400 pa, which comes out at around 30 yrs.......I was 55 when diagnosed just over a year ago (limb onset).......optimistically hoped at the time I would be one of the "lucky(?)" 10% who live 10 or more years, but going down hill fast of late, so the 2 - 2.5 yr ave seems more likely........so for the likely 16K - 20k total premium cost this has got to be one of the best "investments" I have ever made...........if needs be I would borrow the premium money from family or friends, as they would get a better rate of return than say their ISA!!! For anyone reading this who is horrified about how "materialistic" I am sounding, I apologise, but there ain't much else to "celebrate" when you have MND is there???!!!

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    There is no small print to worry about........they have to accept you.........i checked at the highest levels........they have to pay out provided you die accidentally or from natural causes.........

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    Forum Member Terry's Avatar
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    Hi Norman;

    I do not think there is any small print in most of them, other than as Trevor says, a 1 or 2 year period before they will pay out.

    Love Terry
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  6. #6
    Forum Member FlyingSoupDragon's Avatar
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    Great idea chaps. Don't forget the magnifying glass for the small print to avoid enriching them...

    mag.jpg

    Sure Terry, I don't doubt it and I'm sure (Trevor's) due diligence has been done. Just a general comment really - they are good at not giving away money, aren't they?
    Last edited by FlyingSoupDragon; 13th September 2015 at 22:16. Reason: making sense of my poorly written comment
    Toodle pip!

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  7. #7
    Forum Member Terry's Avatar
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    No, that's why I did doubt Trevor's figures, but even his numbers are wrong he seems correct in saying it's one of his best morbid investments.

    I am now into my policy nearly six years and beginning to think that my wife won't get much of a return if I continue to live a while.

    I have not got any access to your attachment.

    Love Terry
    TB once said that "The forum is still the best source for friendship and information."

    It will only remain so if new people post and keep us updated on things that work or don't work and tips.

    Please post on old threads that are of use so that others see them and feel free to start new subjects and threads.

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