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Life cover - is this too good to be true?

User
Posted 14 Aug 2014 at 20:26

OK, I've had a long day in the office and I might have missed something but I found this link in my email when I got home. It's from the Post Office, offering life cover (underwrittten by Aviva), that doesn't require a medical examination or a health declaration.

http://www.postoffice.co.uk/life-insurance/over-50s-life-cover

 

You pay a monthly amount and (it seems) get a guaranteed lump sum (on your death) if you don't die within the first 12 months.

 

OK, it is based on someone paying in for 30 years (or up to their 90th birthday), but somebody say in their 50s (me), paying in the monthly max (£50), would, if I succomb to anything (but a fatal accident) after 12 months,  generate a lump sum of @£21k.

 

A monthly contribution of £25 would generate a lump sum of £10k.

 

Now, don't get me wrong, I'd love to be around in 30 years but realistically, with now two cancers (both) under the belt...as Harry Callahan would say "you've got to ask yourself one question: 'Do I feel lucky?' Well, do ya, punk?"

 

It goes without saying, DYOR.

 

flexi

 

 

 

 

 

 

User
Posted 14 Aug 2014 at 23:38

I have an over 50s policy with L&G. Initially I thought about buying a funeral bond but I quickly realised that unless I survived well into my seventies (never going to happen http://community.prostatecanceruk.org/editors/tiny_mce/plugins/emoticons/img/smiley-frown.gif) then the £20 a month for a £7000 return was too good to miss and should cover my burial whilst allowing me to hang on to my capital http://community.prostatecanceruk.org/editors/tiny_mce/plugins/emoticons/img/smiley-frown.gif. The best advice I can give is to look around and weigh up the options. L&G turned out best for me but there was a two year qualifying period. Don't settle for a "free" pen and read the small print! http://community.prostatecanceruk.org/editors/tiny_mce/plugins/emoticons/img/smiley-frown.gif

Nil desperandum

Allister

 
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