Life Insurance Policy???

[Guest]

I am trying to understand these life insurance policys. I have had someone ring me today, saying that my husband would qualify for cover under an over 50s plan. I was asked if he had a terminal illness, and didn't know how to answer that one as I don't think anyone can give him and neither do I want him to be told a time, if they could give one. So we get back to what constitutes a terminal illness. This chap also said that he could still get life cover if he did have a terminal illness. I don't understand all this jargon. Does anyone have any ideas?

[Terry]

Hi Spring;

When I was diagnosed five years ago i took out two of these policies. I do not remember any questions about terminal illness as everyone over 50 can have one. I done the maths including inflation and interest rates and worked out that as long as I die within 12 years we, my wife would be in pocket. The amount of payback lessens the older you start.

They are not great payers, and the amount you pay every month is directly related to the amount you would get back. You have to have the policies for a period, (might be a year but check) before they will pay out.

There are many companies selling these now. I did write a post about it a long time ago, but the subject is a bit morbid and if you live you don't get anything.

I hope this helps, Terry

[Springtime]

Yes Terry, it was your "old" post that got me thinking and so I made some enquiries on the intenet and they rang me today. But unfortunately they didn't make it very clear. So I take it I can take out a life policy for myself and Jim and although Jim has this diagnosis it makes no difference.

[Terry]

Yes, or you can just take one out on Jim, look at your payments and returns, and the qualifying time before they will pay out. I didn't see much point in taking one out for my wife, probably you're in the same boat. Sorry but I would invest in Jim only!

Look at the different suppliers, and ask the three questions above.

Love from a morbid Terry

[Springtime]

Yes, or you can just take one out on Jim, look at your payments and returns, and the qualifying time before they will pay out. I didn't see much point in taking one out for my wife, probably you're in the same boat. Sorry but I would invest in Jim only!

Look at the different suppliers, and ask the three questions above.

Love from a morbid Terry

Hi Terry,
As always you give sound advice thank you. I will get on the case tomorrow morning

Take Care From An even more morbid spring for asking the question in the first place x

[Terry]

Goodbye Actbroke

[Trevorhb]

You will have to tell them what's wrong with you, if you do not the policy may be void when you come to claim.

[Terry]

Hi Trevor;

I am petty sure that they will insure anyone regardless of what you have. Please as Trevor says don't be dishonest with them. You have to pay in for a year or two before any pay out will happen and they don't give a giant return. But for us they might well be worth it for our other halves.

Morbid life insurance, Terry