The practical things - insurance

Hi Spangles, I do like everything in wtiting in one of my files. I've been left feeling cheated before. I know old fashioned,  but I am prone to loose things on computers or phone. I'm  in my 70s and that's my excuse lol. I'd be dragging that broker over the coals, cos it wasn't  what you wanted. At leased they'll have to pay the mortgage of at some point. You said uoh have a friend  who's a solicitor ask her to look over it, get the policy in writing. X

Moi

Hi Sarah, yes, sometimes life throws one thing after another at you and there seems no end to it. As Moi rightly says at least your mortgage will be paid off at some point. It's going to be difficult to prove that you thought you'd be adequately covered when you have signed on the dotted line. No harm in trying though. 

How long is your income protection for? I had a policy like that but it only paid up for 2 years. At least it was something. I had a life insurance policy which stopped after I'd paid it for 30 years, just before I was diagnosed with an incurable cancer! I wasn't aware that I had a 30 years policy, I thought my life insurance was for life. 

When we do the right thing and take out insurance policies we don't realise that it's not for life etc. MacMillan have a help line Sarah and the number is 0808 808 00 00. It's free and you can speak to someone about anything. It's worth a chat to speak to someone who will have more answers than I could give you. 

Take care Sarah and speak soon 

Tvman x

Hi Tvman....omg I didnt even think about how long they pay for. My life insurance is diminishing...so as my mortgage goes down the amount does too. Once my mortgage is paid off then I don't have life cover. I'm 56 so mortgage not due to be paid off until I'm 67....although not sure I am gonna reach that age now.

Thanks for the advice x

Hi Spanglesx 

It might be worth getting some advice on what exactly your income protection policy or policies cover. Also whether an incurable cancer diagnosis means your life policy can pay out now. Ask your broker to put in writing exactly what you have bought and are entitled to. You might also want to contact our information and advice line. Ask an Information and Support Adviser 

If you have a local Citizens Advice Bureau, they may be able to help. 

Thanks coddfish. My life policy will pay out when I have 12 months or less. The income one will pay just over 500 quid a month when I haven't received wages for 6 months although they said to contact them when I go to half pay at work as they might be able to do something x

Hi Sarah, unfortunately if you wanted to take another life insurance out it'll probably be costly especially given your health. When my life insurance stopped I was in my fifties and I tried a couple of companies for quotes. I didn't have a great health track record, I had a heart attack in my mid fifties, a mini stroke after that, I had also been diagnosed with Haemochromatosis (the Irish Curse or iron overload) and then I was diagnosed with incurable bone marrow cancer so the payment quotes were astronomical. 

Apparently the yearly pension quotes for an ill person are supposed to be good given one might not live too long but tbh I didn't find anything special. Either I could take a yearly pension and if I died early my pension pot would die with me and my wife wouldn't see anything unless I died within 10 years of commencement of pension OR I put my pension pot in a drawdown fund and it stays invested whilst I withdraw money from time to time. I chose the latter.

It would really be a good idea to speak to someone from MacMillan 

Tvman x

Hi Tvman.  I was a low earning single mum most of my life. I don't have a pension and I wouldn't be able to get anymore credit or life insurance considering my situation. I was proud to get my shared ownership flat as I knew my mortgage would be paid when I hit retirement age and the rent part would be paid by housing benefit. My only goal was to ensure I could at least leave my son something to make his life a bit easier. I hope that still transpires as I will work for as long as I can.  I really value your input. It sounds like you haven't had it easy. Thank you x