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Life Insurance Policy - over 70

(32 Posts)
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SpringsEternal Sun 13-Oct-24 11:32:10

I've taken out a financial LPA so my daughter can access my bank account etc when I shuffle off. (Mind you, I haven't signed it yet, lol, must get that done.)

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David49 Sun 13-Oct-24 11:24:18

Not life insurance a savings plan is much better.

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RillaofIngleside Sun 13-Oct-24 11:13:56

My father in law received £1900 less than he had contributed, having lived to 96. Got to the point where you don't know whether to stop and lose the money or keep going so you don't.

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Patsy70 Mon 07-Oct-24 15:54:58

Thank you for responding. I will definitely go the route of the savings plan, having researched the life insurance option.

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Georgesgran Mon 07-Oct-24 14:13:48

Yes, I too would just recommend a savings plan.

Most of the over 50’s insurance plans that are advertised on tv have a qualifying period of up to 2 years before the policy comes into effect.

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M0nica Mon 07-Oct-24 13:49:48

Put the money in a good savings account. Easier, less difficult for your family to access and safer.

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Patsy70 Mon 07-Oct-24 12:49:29

I am 77 years old, haven’t any life insurance, have private and state pensions, not much in the way of savings and no mortgage. I’m considering taking out a life insurance policy simply to cover a modest funeral. Alternatively, I could just put money into my savings account each month. Could I ask if others have been in a similar situation and, if so, what did you do?

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