You are here: Home > Message Board > General Talk > Over 50's life insurance..
June 14 2021 11.22pm

Over 50's life insurance..

Previous Topic | Next Topic


Page 1 of 2 1 2 > Last »

 

View radsyrendot's Profile radsyrendot Flag From Coventry now in Leicester 30 Nov 20 3.26pm Send a Private Message to radsyrendot Add radsyrendot as a friend

I'm 50 and was wondering if anyone out there has signed up for an over 50's plan and which one would you recommend if your in the insurance sector

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View cryrst's Profile cryrst Flag Chatham 30 Nov 20 4.42pm Send a Private Message to cryrst Add cryrst as a friend

Originally posted by radsyrendot

I'm 50 and was wondering if anyone out there has signed up for an over 50's plan and which one would you recommend if your in the insurance sector

PM goal machine, hes a financial advisor.
Puts useful info on here sometimes.
Just a lead and dont know him personally so no bias.

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View radsyrendot's Profile radsyrendot Flag From Coventry now in Leicester 30 Nov 20 5.30pm Send a Private Message to radsyrendot Add radsyrendot as a friend

Cheers bud

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View Badger11's Profile Badger11 Flag Beckenham 30 Nov 20 5.58pm Send a Private Message to Badger11 Add Badger11 as a friend

While we wait for Goal Machine to provide his expert advice I can suggest some of the basics.

1. Why do you need it? Normally people will say to support the wife and kids. But to be brutal if you are single why bother.

2. What do you expect from it. Are you looking to pay off the mortgage in the event of your death or leave a large sum for your loved ones that will see them all right. Or are you just after a funeral plan that covers the costs of your death (average cost 5k) .

If you can give GM some info I think that will help his response. In the past his advice has been excellent but it starts with understanding what you expect.

 


One more point

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View Pierre's Profile Pierre Flag Purley 30 Nov 20 9.09pm Send a Private Message to Pierre Add Pierre as a friend

Originally posted by radsyrendot

I'm 50 and was wondering if anyone out there has signed up for an over 50's plan and which one would you recommend if your in the insurance sector

I wouldn't bother with over 50's plans with any company unless you know you are insurable already. All these companies do is work on published mortality tables and averages for average male & female life expectancy.

Depending on what you wanted the cover for, how much cover you need and your budget of course best thing to do is speak to an Independent Financial Advisor.

They would offer you best advice and most do not charge you anything for an initial meeting as they only usually charge you if you take up their recommendation.

For example to cover a mortgage-Term Assurance with or without Critical Illness Cover.

To cover funeral costs or Inheritance Tax Planning-Whole of Life Cover (Utilising a trust document to take the cover outside of your estate upon death therefore tax free & payable to the beneficiary/ies immediately)

Life Insurance-Usually Term insurance or Pension term insurance or Whole of Life (Utilising a trust document to take the cover outside of your estate upon death therefore tax free & payable to the beneficiary/ies immediately)

I used to be an IFA.

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View radsyrendot's Profile radsyrendot Flag From Coventry now in Leicester 30 Nov 20 9.16pm Send a Private Message to radsyrendot Add radsyrendot as a friend

Thanks Pierre
Yes looked into it waste of money

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View cryrst's Profile cryrst Flag Chatham 30 Nov 20 10.28pm Send a Private Message to cryrst Add cryrst as a friend

Originally posted by Pierre

I wouldn't bother with over 50's plans with any company unless you know you are insurable already. All these companies do is work on published mortality tables and averages for average male & female life expectancy.

Depending on what you wanted the cover for, how much cover you need and your budget of course best thing to do is speak to an Independent Financial Advisor.

They would offer you best advice and most do not charge you anything for an initial meeting as they only usually charge you if you take up their recommendation.

For example to cover a mortgage-Term Assurance with or without Critical Illness Cover.

To cover funeral costs or Inheritance Tax Planning-Whole of Life Cover (Utilising a trust document to take the cover outside of your estate upon death therefore tax free & payable to the beneficiary/ies immediately)

Life Insurance-Usually Term insurance or Pension term insurance or Whole of Life (Utilising a trust document to take the cover outside of your estate upon death therefore tax free & payable to the beneficiary/ies immediately)

I used to be an IFA.

That's two of you. Handy to know.

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View Casual's Profile Casual Flag Orpington 01 Dec 20 6.40am Send a Private Message to Casual Add Casual as a friend

Originally posted by cryrst

That's two of you. Handy to know.

3 of us.

I am also a fully qualified financial advisor, well was a few years ago, still have the letters after my name.
It came in handy for 3 things:
-impressing my then girlfriend/now /wife when I first met her as I had a brand new company motor at 21
-being able to destroy the smarmy little f*ckers that ring up trying to sell insurance/pensions etc
-gives you a professional attitude to meeting new customers , which gives you an edge in the building trade over other tradesmen, many who have no sales skills /have been on the tools since 15 and still think it’s ok to turn up in a beaten up old van and light a fag up just before the customer answers the door.
After trying to get a 50 years old couple to invest 100 grand in a unit trust , when you are 21 and speak like you should be selling vacuum cleaners door to door , rather than savings/investment plans. Explaining that artex ceilings went out of fashion with the dinosaurs is an easy sell.

Like anything in sales (which finiancial advising was 20 years ago) , when you get differing commission rates for different products, very little financial advice is ‘correct advice’, it’s telling a customer about all aspects of their financial needs, when really you are pushing the product/company that pays you the biggest commission percentage.

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View cryrst's Profile cryrst Flag Chatham 01 Dec 20 6.55am Send a Private Message to cryrst Add cryrst as a friend

Originally posted by Casual

3 of us.

I am also a fully qualified financial advisor, well was a few years ago, still have the letters after my name.
It came in handy for 3 things:
-impressing my then girlfriend/now /wife when I first met her as I had a brand new company motor at 21
-being able to destroy the smarmy little f*ckers that ring up trying to sell insurance/pensions etc
-gives you a professional attitude to meeting new customers , which gives you an edge in the building trade over other tradesmen, many who have no sales skills /have been on the tools since 15 and still think it’s ok to turn up in a beaten up old van and light a fag up just before the customer answers the door.
After trying to get a 50 years old couple to invest 100 grand in a unit trust , when you are 21 and speak like you should be selling vacuum cleaners door to door , rather than savings/investment plans. Explaining that artex ceilings went out of fashion with the dinosaurs is an easy sell.

Like anything in sales (which finiancial advising was 20 years ago) , when you get differing commission rates for different products, very little financial advice is ‘correct advice’, it’s telling a customer about all aspects of their financial needs, when really you are pushing the product/company that pays you the biggest commission percentage.

And then there were 3

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View stuckinbristol's Profile stuckinbristol Flag In the woodwork. 01 Dec 20 12.54pm Send a Private Message to stuckinbristol Add stuckinbristol as a friend

Originally posted by cryrst

And then there were 3

This is getting like the magnificent 7.

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View cryrst's Profile cryrst Flag Chatham 01 Dec 20 3.51pm Send a Private Message to cryrst Add cryrst as a friend

Originally posted by stuckinbristol

This is getting like the magnificent 7.

Ha ha. They may well be magnificent.
I will find out in a couple of years.

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View JRW2's Profile JRW2 Flag Dulwich 01 Dec 20 4.49pm Send a Private Message to JRW2 Add JRW2 as a friend

Originally posted by Pierre

Depending on what you wanted the cover for, how much cover you need and your budget of course best thing to do is speak to an Independent Financial Advisor.

They would offer you best advice and most do not charge you anything for an initial meeting as they only usually charge you if you take up their recommendation.

I take your word for it but that wasn't my experience. Perhaps it depends on the complexity of the individual case.

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply

 

Page 1 of 2 1 2 > Last »

Previous Topic | Next Topic

You are here: Home > Message Board > General Talk > Over 50's life insurance..