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Invest for your Carer: a unique opportunity for MND sufferers.

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    Invest for your Carer: a unique opportunity for MND sufferers.

    It is really very easy to leave your spouse/carer/cherished other some extra money when you die. There is no catch. These are utterly brilliant if you have a short life expectancy.

    All you need is:
    1. To be age 50 or over, up to a maximum of 85 or 90, it varies with company.
    2. To have a terminal illness with the likelihood of surviving for at least a further year.
    3. Some spare cash (say £20 upwards) each month.

    What you do is:
    1. Choose an insurer and ask about over 50s life insurance. Tell them your name, address and date of birth. There are no questions about your health. Acceptance is guaranteed (see below).
    2. Pay your chosen sum of money to the insurance company (ies) every month without fail, usually by direct debit.
    3. Buy more policies if you can afford it – some companies will sell you two or more, and you can buy from many different companies.
    4. Write a will (unless you already have one) to distribute the proceeds as you wish.

    Simples? Well, yes, it is, but you do have some decisions to make.

    Choose an insurer.
    a. Google ‘over 50 life insurance’ to see which companies are currently offering this policy. I found ten well-known companies on my first google page. Choose one (or more) after reading b, c and d below.
    b. If you think you will live for one year more, but not two, choose a company where the qualifying period is one year. If you think you will live for 2 years or more, you can choose any company (some of them have a qualifying period of 2years). You have to survive to the end of the qualifying period to get the big payout.
    c. If you fail to live for the qualifying period of 1 or 2 years most companies will give all your money back and some (two year policies, usually) add a bonus of up to 50% extra.
    d. Check the companies’ tables of premiums to see what they will charge you – they are all slightly different.

    Here’s an example. Our man Fred, aged 65, pays £50 per month and will pay £600 in premiums in his first year and each year thereafter. Fred dies after 18 months of starting the policy which has a one year qualifying period, so his outlay was £900 and his estate gets £7500. And that is tax free. But if he lives for 10 years he will pay £6000 in premiums to get his £7500 payout. And if he lives for 15 years he will pay (ouch!) £9000 for his £7500 payout.

    Finally, how does it work?
    Insurance companies make an actuarial calculation about life expectancy of 50+ year-olds in the population as a whole. That includes people who will live for another 50 years and people who will die tomorrow. They are dealing with average life expectancy. We MND sufferers are not average and in that respect have the opportunity to take advantage (for once) of an effect of our affliction.

    If you have any doubts about whether these policies apply to you, why not ring the company and talk to the sales team. Tell them you have MND and ask them if that makes any difference when it comes to payout. The answer is always ‘No’.

    PS Yes, this is a rehash of an earlier thread, but I've re-written it because it seems that many folk are missing out and it really is too good to miss.
    Last edited by Robin142857; 29 May 2011, 09:23.

    #2
    No good for us under 50s

    Comment


      #3
      thank you for posting this Robin. that was really helpful to see all together in plain language as possible. That is but of a downer for those too young like Chris

      Jenny

      Comment


        #4
        Originally posted by Chris View Post
        No good for us under 50s
        x2

        Comment


          #5
          aye, anything around on the insurance front for the under 40's....

          Comment


            #6
            Downer, I'm afraid, I know of nothing like that if you're anywhere under 50. Sorry. And it would be quite illegal to go halves with someone over 50 (ie giving them the premium to pay in on your behalf but in their name), so don't even think of doing that.

            Comment


              #7
              Brilliant information. I'll pass it onto my parents to read.

              Comment


                #8
                Beware there are also many of these policies that do not return any money if you fail to survive for the qualifying period. Make sure you read the small print before signing on the dotted line!

                Comment


                  #9
                  Yes CW;

                  Most are one or two years. I took out one four years ago and I worked out that my wife would still be in-pocket if I went ten years after.

                  The basic policies don't pay out much so probably not for most people.

                  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.

                  Comment


                    #10
                    I reported this as advertising but it still remains. They must be sharing commission with mnda. I can see no reason for this to be here. I have just filled in the online proposal and it said nothing about health. Although it claims to be for over 50s the preset date when asking for age was1975. How can anyone born 1975 be over 50? This is just a straight advert. I would be grateful if an administrator could explain why it remains. There are plenty of comparison sites out there if anyone is looking for one.
                    If mnda want to help they should try and arrange something for people with mnd rather than let any tom, dick or Mark pop an advert on here whilst removing posts by people with something important and relevant for those suffering with this condition.
                    If they want to leave it here then they should remove the commercial link.

                    John

                    Comment


                      #11
                      I don't think that this was started as direct advertising, rather a thread just telling us what's out there and might be helpful. I don't think that any direct company is mentioned. Whether it's in good taste is debatable.

                      I do agree with you John about other posts and threads being remove and I think that the moderators are going to look more into removing a few words instead of removing whole threads or posts.

                      Regards 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.

                      Comment


                        #12
                        What a brilliant thread. The bonus is getting one over on the insurance companies that are often unreasonable about paying out early.

                        Comment


                          #13
                          I have no problem with the thread just the post by Mark Anderson which included absolutely nothing which informed anybody but did have a link to a commercial site. His first post. I suggested to the moderators that it was an advert pure an simple and they should remove it. They didn't but now have. I filled in the online proposal form for their insurance and have received an e mail saying they have tried several times to ring me to discuss my needs. I am away and my son is at home. If they get hold of him they will be building up his hopes needlessly. But it is nice to know that they are wasting their time.
                          John

                          Comment


                            #14
                            Aged over 50 this info is invaluable please read

                            Originally posted by Robin142857 View Post
                            It is really very easy to leave your spouse/carer/cherished other some extra money when you die. There is no catch. These are utterly brilliant if you have a short life expectancy.

                            All you need is:
                            1. To be age 50 or over, up to a maximum of 85 or 90, it varies with company.
                            2. To have a terminal illness with the likelihood of surviving for at least a further year.
                            3. Some spare cash (say £20 upwards) each month.

                            What you do is:
                            1. Choose an insurer and ask about over 50s life insurance. Tell them your name, address and date of birth. There are no questions about your health. Acceptance is guaranteed (see below).
                            2. Pay your chosen sum of money to the insurance company (ies) every month without fail, usually by direct debit.
                            3. Buy more policies if you can afford it – some companies will sell you two or more, and you can buy from many different companies.
                            4. Write a will (unless you already have one) to distribute the proceeds as you wish.

                            Simples? Well, yes, it is, but you do have some decisions to make.

                            Choose an insurer.
                            a. Google ‘over 50 life insurance’ to see which companies are currently offering this policy. I found ten well-known companies on my first google page. Choose one (or more) after reading b, c and d below.
                            b. If you think you will live for one year more, but not two, choose a company where the qualifying period is one year. If you think you will live for 2 years or more, you can choose any company (some of them have a qualifying period of 2years). You have to survive to the end of the qualifying period to get the big payout.
                            c. If you fail to live for the qualifying period of 1 or 2 years most companies will give all your money back and some (two year policies, usually) add a bonus of up to 50% extra.
                            d. Check the companies’ tables of premiums to see what they will charge you – they are all slightly different.

                            Here’s an example. Our man Fred, aged 65, pays £50 per month and will pay £600 in premiums in his first year and each year thereafter. Fred dies after 18 months of starting the policy which has a one year qualifying period, so his outlay was £900 and his estate gets £7500. And that is tax free. But if he lives for 10 years he will pay £6000 in premiums to get his £7500 payout. And if he lives for 15 years he will pay (ouch!) £9000 for his £7500 payout.

                            Finally, how does it work?
                            Insurance companies make an actuarial calculation about life expectancy of 50+ year-olds in the population as a whole. That includes people who will live for another 50 years and people who will die tomorrow. They are dealing with average life expectancy. We MND sufferers are not average and in that respect have the opportunity to take advantage (for once) of an effect of our affliction.

                            If you have any doubts about whether these policies apply to you, why not ring the company and talk to the sales team. Tell them you have MND and ask them if that makes any difference when it comes to payout. The answer is always ‘No’.

                            PS Yes, this is a rehash of an earlier thread, but I've re-written it because it seems that many folk are missing out and it really is too good to miss.
                            This thread was first bought to my attention when I joined the forum. I think it is invaluable information for the over 50s who wish to try and look after their loved ones.

                            Comment

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