Life Over 50s Life Assurance

[johnmck]

Hi,
You may have already discussed this, not sure, but here it goes.

My Dad is 70 next year. He is considering taking out an Over 50s Life Assurance Policy with One Direct - via the post office.

It's €92 per month. It gives out €10,070 after year 3, if god forbid he might .. you know what!.
He's in good health, and like his parents I can see him living to close or into his 90's

After 85 he would not have to pay - cover would remain in place. If he did pay until he reaches 85, he will have paid €16650 - sweet deal for One Direct!!!

He does not have much disposable income. I suppose what I'm after is, is this a good policy or could he get a better policy elsewhere?

 

[StevieC]

Hi,
You may have already discussed this, not sure, but here it goes.

My Dad is 70 next year. He is considering taking out an Over 50s Life Assurance Policy with One Direct - via the post office.

It's €92 per month. It gives out €10,070 after year 3, if god forbid he might .. you know what!.
He's in good health, and like his parents I can see him living to close or into his 90's

After 85 he would not have to pay - cover would remain in place. If he did pay until he reaches 85, he will have paid €16650 - sweet deal for One Direct!!!

He does not have much disposable income. I suppose what I'm after is, is this a good policy or could he get a better policy elsewhere?

He could propose and be underwritten for normal life assurance. If he passed underwriting at ordinary rates then it would be significantly cheaper and cover would start immediately not after year 3.

If he cant get ordinary cover then the Over50's plan is a good policy as its his only option.

Irish Life also have an Over 50s plan and some discount brokers offer discounts on the first year premium on that policy, it may work out cheaper than One Direct.

If he reaches 85 as you say, its not a sweet deal for One Direct as they will have covered his risk for 12 years, its not like they will pocket all the premium as profit, insurance is a pooled arrangement and his premiums will effectively have been used to pay claims on those less fortunate who died say for example after 5 years and their premiums were less than the payout.



www.CheaperLifeAssurance.ie