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Life Insurance

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Bri31968

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I have been a type 1 diabetic since 1981, and for the last couple of years, I have been looking into getting life insurance, just to safeguard my family against high funeral costs when I die.
Can anybody please tell me where I can get insurance from that does not have a phenomenal cost to it, cos no matter who I try their costs are always really high.

Thanks for taking the time to read this post.
 
Hi :D

If this lines up correctly - and -

If you look at the bottom of this page
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there is an advert! :D :lol:
 
OK, so it changed, but if you wait a bit the insurance one will probably come round again! :roll:
 
Possibly better off to set up a savings plan and pay into that monthly.

For example http://www.whatprice.co.uk/health/funeral-cost.html suggests £2,750 as the current cost of an average funeral.

Also note from http://www.legalandgeneral.com/overfifties/funeral-plan/ the following:

"If you stop paying premiums when they are due the plan will be cancelled and you won't get anything back."

So some (perhaps most) funeral plans are only worthwhile as long as you continue to pay the premium every month until your death (or your 90th birthday for the plan above). There is no 'cash-in' value. All the money you pay is gone if you can't keep up the premiums.

If you pay for example £25 per month then it will take just over 9 years to save the money above, and if you are lucky the interest on the savings will at least partly keep up with inflation.

Should you find yourself unable to pay in the future as you get older then at least the payments you have made will still be there and will pay some of the costs.

My very personal view is that funeral plans which require you to pay each month until you die are of doubtful morality if they accrue no cash value. I suspect that they are betting that the old will find themselves unable to pay the premiums when times get tough and thus will have paid out a load of money with no return. As I say, just my personal biased view.

So - if you think you can last a couple of years but won't make it to 5 then an insurance plan may give you the best result.
If you think you are good for 10 years plus then a savings account may make more sense.
If you last for 15 years you can have one hell of a send off 8)

Cheers

LGC
 
You're always best to get unbiased advice and the only way to do so is speak to an independent financial adviser (IFA).

Go to unbiased.co.uk and you can obtain a list of those in your area;

If you are aged over 50 there are plans available without any medical underwriting that for a modest monthly premium would easily cover the cost of a funeral, if that is what you want to achieve.

Feel free to pm me
 
Also have you tried diabetes uk? They have deals with some insurers specifically for diabetics.
I have one of those silly cashback health plans from axa purely so I can claim back some dental costs. It pays out £5k if I die but I've just realised I have noises who gets the money. Best make sure it's not my dad cos he'd just send me to a taxidermist. Seriously. I just hope he chooses a bettter one than the guy who did his cat...
 
Best advice is to get unbiased advice and the only way to do so is speak to an independent financial adviser (IFA).

Go to unbiased.co.uk and you can obtain a list of those in your area
 
Hi guys,

I was unemployed for 9 months until recently. I was diagnosed just before I lost my job. I looked around for life cover with all the usual company's as recommended by DUK and this forum. The cost for any sum worth considering was ALWAYS prohibitive. 2 months ago, I got myself a decent job. I now have £200k of life cover as part of my benefits. I asked about pay up in light of my diabetes and was told that the risk is aggregated against my employer's 3000 work force, so not an issue. I could have leased two 5 series BMW's for the cost I was quoted for £200k of cover!!!.

I know it wont be a solution for everyone.

Regards Steve.
 
Life companies are a bit more relaxed about the medical underwriting side of things these days. For example, they will now offer critical illness cover to someone who has previously had cancer. Very handy if you have had, testicular, breast or cervical cancer in the past and survived.

Another handy option with one or two of the life companies now is something called "buy back". You have to select this at the outset of the plan, but it means that should you make a successful claim on either critical illness or disability, they will allow you to take additional cover out afterwards, at no extra loading (normal rates).

There is no point wasting time on internet comparison websites with this kind of stuff; you really need the personal touch. Talk to an adviser who specialises in this and they can advise you on all the options available and which life companies to use.

Simples :wink:
 
Bri31968 said:
I have been a type 1 diabetic since 1981, and for the last couple of years, I have been looking into getting life insurance, just to safeguard my family against high funeral costs when I die.
Can anybody please tell me where I can get insurance from that does not have a phenomenal cost to it, cos no matter who I try their costs are always really high.

Thanks for taking the time to read this post.
Click to expand...


I have no idea if this kind of thing is of interest to you, but I bought a pre-paid job for myself and my wife from Age Concern. You choose what you want and the one left behind just has a phone call to make and they do the rest.
 
Synonym said:
Congratulations on the new job, Steve! 8) :D
Click to expand...

Thanks Synonym - I was training to become a £6 an hour check in agent at the local airport, when I got a call from an agency witha perm job.

Somone up there was watching over me. At 54 I was preparing my place on the rubbish dump!!.

All the best - Steve.
 
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