09 Mar 2015

A question about : Life insurance & pre existing conditions

I am hoping someone can help or advise me on getting life insurance or funeral costs prepaid please.
I did have a life insurance until it reached maturity last August. The company I was with no longer did renewals so I searched around for another one.
Unfortunately I developed health issues a few years ago and now no-one is prepared to cover me.
I am looking into at least getting my funeral costs covered and this is a minefield and I don't really know what to do.
A lot of the plans start from the age of 50 but I am 46.
I do not have the money to pay for the funeral costs in full so any ideas would be greatly appreciated.

Thank you in advance

Best answers:

  • Have you been actually declined for life cover or have you just assumed you cannot get cover? There are a few insurance companies that will accept people with heath issues and they charge an extra premium as they say it becomes a loaded case - so you may have a company that may double the premium.
    Best to speak to a financial adviser and he can look around through various companies on your behalf
  • Could you put cash away each month to cover a funeral
    Or see a funeral company and start a funeral plan
  • Thank you all for your replies and advice.
    Yes I was turned down from a number of companies and then looked into the ones that specialise with pre existing. After I filled out the form it came back that they couldn't proceed any further but they would contact me. I didn't leave my contact details as this is exactly what the regular insurers did and I was eventually told no!
    Maybe I need to let it go the course and see what the outcome is rather than assuming!
    My other option is to set up a savings plan - I aim/hope to be around long enough to save the right amount to cover the essentials.
  • Co-Op funeral do (or at least did) interest free for 12 months with their funeral plans if I remember rightly and they start from around Ј1000 which would work out at Ј83ish a month. May be worth a look at securing one now before their annual price increases