Life Insurance

[Bod ...]

Opinions on Life insurance please.

I got diagnosed Lymphoma a few years.
There was no cure, but it could be managed. No rush I was on Watch and wait. Then in lockdown they decided it was time for treatment..
My life insurance already paid me up. Not bad as I wasn't dead.

In this time a cure has been found.
early days and not widely available.

I started treatment (not the cure) in the summer 20. Hyped up treatment September to December. Feeling **** could not do much work.. my main treatment was in Addenbrookes the whole of January 2.

Still now I'm having small treatment every two months for the next two years. No great shakes.

If it comes back they will give me the cure treatment so not worried.

Alls gone well I'm healthy and working. I have to remind myself that I still have cancer ️.

The reason I'm I've got into depth of telling you this all is;

Will someone insure me now. I feel I've beaten this and it will be something else that will kill me. If I haven't beaten it!!! there's a cure out now.

 

[fillyboy]

I can't answer your question on insurance, but wow, that's a lot to share, you're a brave man. I hope the treatment continues to go well and wish you the best outcome possible.

 

[JohnD]

I don't know, but you can probably get a special quote. It will probably be calculated to the benefit of the Life Office.

Also, if you are working, consider putting what you would have paid into a pension fund, you will get a tax rebate on what you pay, and if necessary you can leave the accumulated fund and growth to your family by an "expression of wishes" with no tax to pay.

 

[Bod ...]

I can't answer your question on insurance, but wow, that's a lot to share, you're a brave man. I hope the treatment continues to go well and wish you the best outcome possible.

Not brave as got to do what you've got to do. I'm lucky however. There are far more aggressive cancers than mine.
I couldn't work for 6 months or so but farming out work helped.
My main treatment was going on through lockdown so the whole country was having it hard. I was having it hard all rolled into one so couldn't have planned it better.

Lots had it worse than me and then went home to empty flats/houses. I have a big family and many friends.

Stuck in a Hospital room for month was shít but I've had it good...

 

[Bod ...]

I don't know, but you can probably get a special quote. It will probably be calculated to the benefit of the Life Office.

Also, if you are working, consider putting what you would have paid into a pension fund, you will get a tax rebate on what you pay, and if necessary you can leave the accumulated fund and growth to your family by an "expression of wishes" with no tax to pay.

Great advice as always John thank you...

Financialy I've copped but it is my pension that has suffered... I have chunk of money but I'd rather try to invest it rather than put it into a pension...

I will talk to some insurance companies. Maybe not the one that paid me out as they might think I'm Dead and ask for it back.

 

[JohnD]

At the moment, money in a pension scheme accessible from age 55.

The government has confirmed plans to increase the minimum age you can access your pension from 55 – to 57 from 2028. From then on, the minimum pension age will remain ten years below State Pension age.

This might be useful if your health deteriorates.

But the tax rebate means that every £1000 in the scheme is only £800 out of your pocket (less if you have your own business as you can save NI as well) and it tends to grow while it is tucked away.

In my case I stopped working for about a year due to illness in the family, and took a single lump sum withdrawal to tide me over, leaving the rest to grow, and went back later. You do not have to take an annuity, or draw the whole lot, nor use up the tax-free allowance. It is an advantage to have a withdrawal in a year that you are not working, so you pay less tax.

I have a SIPP and treat it as an investment account. I now take out a small regular amount that covers household bills, and occasional withdrawals from my main scheme.

 

[Dork Lard]

Life insewerence is all about who you need to provide for after your death.

Is their anyone that you must continue to support? How much will they need & for how long? Is the lump sum of a life insewerence payout the best way to do this?

I like that you are asking the internets & DiyNot in particular.

 

[Bod ...]

Life insewerence is all about who you need to provide for after your death.

Is their anyone that you must continue to support? How much will they need & for how long? Is the lump sum of a life insewerence payout the best way to do this?

I like that you are asking the internets & DiyNot in particular.

May daughters are nearly 10 & 12. Wife don't really work.
I feel I've beaten this cancer (I may be nieve) I'm more concerned that I'll get run over by the Number 3 bus from Brixton to Crystal Palace.

 

[JohnD]

a policy that will pay off your mortgage is very valuable to a family man, though these are usually taken out at the start, when they are fairly inexpensive

 

[Bod ...]

a policy that will pay off your mortgage is very valuable to a family man, though these are usually taken out at the start, when they are fairly inexpensive

I can pay my mortgage off. I just keep it going as I'm told its good to have a mortgage.

 

[Dork Lard]

a policy that will pay off your mortgage is very valuable to a family man, though these are usually taken out at the start, when they are fairly inexpensive

Correct me if I'm wrong, & I may very well be because it is a long time since I've taken one out, but isn't it impossible to organise a residential mortgage without life assurance???

 

[Dork Lard]

May daughters are nearly 10 & 12. Wife don't really work.
I feel I've beaten this cancer (I may be nieve) I'm more concerned that I'll get run over by the Number 3 bus from Brixton to Crystal Palace.

You have no control over when you die.

You do have control over how your dependents are provided for in the event that your income stream suddenly stops providing for them.

I am not your financial advisor, but I feel that life assurance in your circumstances is not going to be a worthwhile investment.

 

[JohnD]

Correct me if I'm wrong, & I may very well be because it is a long time since I've taken one out, but isn't it impossible to organise a residential mortgage without life assurance???

I don't know. I was in the trade long ago, when SPLAs were a money-spinner (more than half the premium went in commission) so were very much pushed.

if you don't have one, the lender has to go to the trouble of repossessing your home, selling it cheap, and throwing your family onto the street.

Which they find embarrassing,

 

[denso13]

but isn't it impossible to organise a residential mortgage without life assurance???

No.

 

[Bod ...]

who told you that and why

only time tis is good not to pay of mortgage if rates are very low and paying it off would mean you only have a few k's left in the bank

I've heard it on many occasions, just good for your credit I think