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OVER 50's PLAN

ProfilePosted byOptionsPost Date

JustJohn

JustJohn Report 5 Feb 2013 23:40

Nite Dizzi. Sleep well :-D :-D

DIZZI

DIZZI Report 5 Feb 2013 23:38

Goodnight all,



Well ,maybe all

JustJohn

JustJohn Report 5 Feb 2013 23:21

I was just thinking. Over 9 years I have been with current employer and on fairly low wages, I must have spent about £6k on life insurance out of own pocket. I suppose if I live till retirement in 10 months time (highly likely as I feel fitter than when I was 50) it will have been money wasted.

But like you, Jax, I will be much happier to not draw on that money for critical illnesses. And I hope my wife and children will be happy if I don't provide them with £100k cash by popping off this year. I hope :-D :-D

jax

jax Report 5 Feb 2013 23:12

Oh yes, I would rather be fit and healthy and able to work....I did'nt really want to take this policy out, but was talked into it by some financial adviser at my local bank

I am more than happy to have this money for me, than to give it to my children. If I die now there is enough to pay for a cheap cremation and they can have whats left.. if any....or they can fight with their dad over it, as we are still legally married.

Once I'm gone I don't really care what happens to anything I have..

aivlyS

aivlyS Report 5 Feb 2013 23:11

Time for bed John you are hallucinating again.

JustJohn

JustJohn Report 5 Feb 2013 23:01

Jax. In one sense you were lucky it had crit illness cover. But isn't it nice to have insurance and not have to receive any payout at all.

Sue. It is so difficult getting all this right, isn't it? Sounds like you have an awful lot more stuff than we have - but when OH and I did our wills a couple of years ago the solicitor surprised us when she added it all up. It was quite a large sum of money!!!

Suddenly we wondered why we never had much spare cash and were so poor :-0 :-0

jax

jax Report 5 Feb 2013 22:58

Wish mine had been worth 300k, but what I recieved was better than a poke in the eye with a sharp stick...the kids would have only wasted it anyway :-)

supercrutch

supercrutch Report 5 Feb 2013 22:52

I have an Over 50s plan to pay funeral expenses only. I cannot get life insurance for love nor money due to one of my health problems.

Up until the children were 18 we had £300k's worth of cover to pay for their guardianships. So you might say we threw away thousands as there was no cash sum allocated to the policy but we needed peace of mind.

Dont need it now so just burial fees so the estate doesn;t have to be touched and the children get everything, house, cash, and will flog all my jewellery, paintings and antiques and I know they'll get that money nett.

jax

jax Report 5 Feb 2013 22:36

I took out a ten year policy which cost me £80+ a month which expired when my youngest was 18

If I died they would of got the money...but it also had critical insurance cover so managed a nice payout to me instead :-D

JustJohn

JustJohn Report 5 Feb 2013 22:19

Dizzi. I am as rich as Delboy :-D :-D

Have always had loads of life insurance free all my working life. But have had to pay for it last 9 years (although heavily subsidised) and it has got hugely expensive since I passed 65. And far too much once I get past 70.

What I will do then (if still ok healthwise) is just take out about £10k of life insurance (to cover funeral expenses) with a little bit of cash for OH.

That pension seems very small. Presumably weekly - but I couldn't manage. I earn small wages now but it doesn't matter so much down in the Valleys as everything is relatively cheap eg a decent house for £60k

DIZZI

DIZZI Report 5 Feb 2013 22:08

I DONT EVEN GET £82 A MONTH PENSION,I GET £74

JustJohn

JustJohn Report 5 Feb 2013 22:01

Errol

It is dead cheap. I am in my 67th year. Try a comparison and see how cheaply you can get £100,000 of insurance cover at 66. Got the same cover for my wife (59) and it costs £27 a month. And I think you are quite a lot younger than her, so yours would be cheap still. Quite a sobering thought that I am 3x more likely to die than her this year and loads more times than you - so please be gentle with me.

But these Michael Parkinson adverts and others are, as PP said, a dreadful con.

eRRolSheep

eRRolSheep Report 5 Feb 2013 20:48

I must say that £82 a month sounds a little on the steep side - did you only take it out recently?

DazedConfused

DazedConfused Report 5 Feb 2013 20:43

THEY ARE A CON - do not even consider buying one.

The longer you live the more you have paid in and the less you get back.

JustJohn

JustJohn Report 5 Feb 2013 17:14

Those plans are a dreadful catch penny. Much better to buy them some premium bonds or shares.

Life insurance is another one. Currently I get £100k of life insurance through work for £82 per month. Now I have had to break it to my dearest and conjoined love of some 34 summers now that, when I retire at end of 2013 aged 67, she will not be the wealthy young (59) widow when I pop my clogs.

I should still be able to afford to pay £82 for insurance and that is what I will do. But I wonder how much cash OH will get when I have my eventual promotion. A fair bit less than £100k, I'll be bound.

DIZZI

DIZZI Report 5 Feb 2013 17:06

ADVERT THAT REALLY ANNOYS ME

OVER 50 PLAN SAVE TO LEAVE AN INHERTANCE

TO YOUR KIDS,

THEY ALREADY HAD IT ALL

IF I COULD SAVE ANY I'D SPEND IT ON ME BEFORE

POP ME CLOGGS :-P :-P