Life insurance

[derby42]

Hello. Got a letter that mines about to end. Where can I look for some? M.s society not a great deal of help. One chap is looking but surely there must be options? Thanks.

 

 

[Stumbler]

Hi derby, "whole" life insurance doesn't normally end until you snuff it, so it must be some limited form on life insurance, e.g. mortgage protection. So, is there a reason why it's ending and what type of insurance is it?

Life Insurance is available. It may just be a bit costlier, in higher premiums, due to our MS. But, what is your requirement from this life insurance? What precisely are you trying to cover? Obviously, your children's future, but anything else?

 

I've heard good things about Aviva and Fish insurance (https://www.fishinsurance.co.uk/) suggest they are specialists. But, these are suggestions, not recommendations.

Do work out what you need first.........
 

[derby42]

Hi there John. I called them but they dont do life cover anymore. Any other ideas? I have a small mortgage and 3 children. Presently we have a joint policy that was taken out when we got the mortgage but the mortgage isn't joint. I'm stuck with this.

[Stumbler]

@derby42 , if you had a joint mortgage protection policy and you're still paying the premiums, then the policy is still active and providing the cover that you originally purchased.

 

If the mortgage is now in your sole name, then contact the insurance company for advice and to see whether you can revert this to a sole policy , with a corresponding reduction in the premium.

 

[PaulX]

I had to take out a small mortgage when we moved.

Initially the insurance for the mortgage was quoted a £30 per month for both of us.

When MS was brought up, this went to over £200 per month.

We could have had life insurance in the wifes name only, but we decided sod it, we won't bother.

We are lucky, the mortgage is small, by todays standards, so we could cover it if needed.

 

The point is that MS does hammer premiums for no good reason. it is not life threatening or shortening, in most cases.

This is pure profiteering and we really should be protected against it. The didn't even ask any detailed questions in my case. It was MS=££££s for them.

 

I know this is not helping in your case, but after some searching I found precious little to help.

I would be interested to know if you found something half sensible.

 

Paul

[derby42]

Sorry its taken so long to reply, Ive had a quote of 135 a month on 135,000 cover but its subject to a medical report and I'm still awaiting the outcome. This will last until I'm 80 so I'll be surprised if I get it but we'll see. 

[Stumbler]

@derby42 , reading back through this thread, you had a joint insurance policy, taken out when you got your mortgage. What happened to this policy, as I would have thought it would have covered the term of the mortgage?

 

£135 a month seems a bit steep for life insurance. Assuming that you're 30 now and that you survive until you're 80, you will have paid out £81,000 in premiums. Add in compound interest at a rate of say 4% and that figure becomes £250,000+!! 

 

[derby42]

I know John, WOW indeed but I went to the insurace surgery and that was the best they found. The joint policy was taken out with the mortgage but it was only a 10 year term. The mortgage is mine but this was a joint policy and it ended. I have under 30 left on the mortgage but my new quote is for munh more as I'd like to leave the kids something. The house itself will be my youngests as he has autism and I need to ensure that he always has a home. I need to make a will as I'd like to specify that his brothers will be able to reside with him but no one else. I understand that this will be a costly affair to arrange and this will be my next job. 

[Stumbler]

@derby42 , I can understand that you'd like to ensure that your children are catered for in the event of your death , but will this deprive your children of a better life whilst you're alive? And, is the age of 80 a sensible term? - How old will your children be then?

 

We all try and do our best for our children, so it's your choice how to achieve this.

 

[derby42]

My kids will be 55, 50, 46, 40 and 39. I obviously won't live that long but my sister's now 68 so you just dont know. Guess I dont want to get caught out like last time. Its taking a long time to get sorted, I feel very vulnerable right now especially with the treatment stuff going on.

[derby42]

I'm a Granny now too, shes just had her 1st birthday! x

[Stumbler]

I'm getting out of my depth here. It's a long time since I was involved in the financial game.

 

My only thoughts are whether you could reduce the outlay by taking out a mortgage protection policy, which would be a reducing term insurance. That is, the sum insured reduces as the mortgage reduces. So, in the event of death, the mortgage is paid off.

 

Then a separate whole life policy for a lesser sum than the £135k, to provide a bit of cash on death.

 

I just wonder whether that would involve a lesser monthly outlay...........

 

[Happymama]

It's just occurred to me that, as insurance goes up with MS (perhaps it shouldn't), annuities come with enhanced status with MS (perhaps they shouldn't for the same reason).  Which is a winner with me, as that's what I'm probably going to be able to get!  Just need a DX sometime in the next 16 years.  I've had symptoms for ten, so there's hope.  

 

I asked about critical illness insurance when mine ran out, but the premiums are too high for me to pay.  I have currently life insurance with my pension, so don't need to do anything for two years, but do have some share holdings that will pay for my funeral when I peg my clogs.  There are some life insurance deals that advertise that you don't need to give medical evidence, on the TV.   £10 a month.  This isn't a rising term one, I suspect, so not inflation proof.  I doubt their value.  

 

I don't have a mortgage and have three kids, one at uni, two in year 11 in September.  They'll be 35 and 31 by the time I'm 67 (I had them quite late) and cashing in my personal pension to buy that annuity, rising term to make it inflation immune if its not enhanced because I have a DX, and claiming the State Pension.

 

 

[Stumbler]

@Happymama , sounds like a plan to me........