Life Insurance .

[kloofnek]

A friend of mine had a life insurance which is ending at the end of this month.She applied for a renewal ,docs report obtained etc.only to be refused..She had a blood clot in her leg 14 years ago and since then taken an asprin day and some other tablet (not Warfarin).Still working as a cleaner part-time and is fine.
L&G said she can put in a claim and get her doc to write a letter,apparently the report is written by some other person at the doc`s surgery.

Does anyone know of a insurance company (she knows there are many) who are not so strict,

[bednobs]

how old is she?

[kloofnek]

70 on the 31st March,her existiting policy ends n the 30th

[bednobs]

i think that's why the company won't insure her then. Why does she need life insurance?

[woofgang]

Interesting point bedknobs. When my DH retired and paid off the mortgage, it was one of the questions that the IFA who he had a paid session with asked him. If you have no reason to think that your heirs will need the insurance to cover expenses, then why have it? If it is simply to cover the funeral then consider a prepaid funeral.

[kloofnek]

there is life insurance for over 70`s and 80`s.

[bednobs]

ok, but why does she need it kloofneck? The premiums are bound to by very high, and probably give back less than she pays in

[kloofnek]

She doesn`t have a lot of money and she wants her husband to have some security and the children also.Oh yes,the premium will be higher than the existing one ,she is paying �75 a month for �75.000...this is for her peace of mind.

[buildersmate]

"She doesn`t have a lot of money and she wants her husband to have some security"

I just don't understand this statement unless you are implying that she has a pension that dies with her. None of us are immortal and to a Life Insurance company this is a simple case of a law of increasing probability of payout as time marches forward.

If she has a pension that dies with her, perhaps the terms can be varied to allow a widower's pension on death of the pension-holder. Has she asked?

[bednobs]

i would guess that any LI she takes out at 70 will pay out less than she puts in. I think there was someone else here the other day that was being quoted around 200 pm in his 60's (and i think it was for less than £75k)
for example, no life insurance is going to put a policy in place where someone could pay say 2 month's worth of premiums, die and pay out £75k

[buildersmate]

Fine - in theory, but lacking in fine detail. A renewable term life insurance policy would have cost more in the first place - from the first premium.

Insurance companies aren't complete mugs, you know. They know that if you take out a 10 year policy with the option of a 10 year extension at the same cost, they price it as a 20 year life policy then lop a bit off for the few folks that DON'T renew.

A non-starter, I reckon, as a means of getting the same cover at a similar cost.

[kloofnek]

my friend has just been speaking to an insurance company...they can get her £50 for £60 odd a month..

[kloofnek]

sorry...£50.000