Life insurance - worth getting?

MissPetite
MissPetite Member Posts: 6
edited 23. Jul 2019, 09:12 in Living with arthritis
Hello, I am hoping that you may be able to offer me some advice or talk about any of your experiences. I am single, have had arthritis for over 36 years, numerous operations and take daily meds. I own my own house and have done for 11 years and have previously had mortgage insurance which I recently found wasn't worth paying for! I have been looking into getting life insurance but given my medical history about I have been rejected by a number of companies and those who will take me on are charging quite a high monthly payment.... my question, is it worth having? It won't cover the arthritis which is the thing most likely to stop me from working and in need of financial support, but it could cover other conditions (but only if they don't find a way of linking the arthritis!)...Or do I pay a monthly amount myself into an account that I don't touch until I need to?! I do have other friends with arthritis but none of them are in the same situation to me to compare experiences. Thank you

Comments

  • moderator
    moderator Moderator Posts: 4,085
    edited 30. Nov -1, 00:00
    Hello and welcome MisPetite to Versus Arthritis Community Forum

    Lovely users name MisPetite

    Insurance is a subject that does come up often and you will probably get some help and advice from our forum users. Can I also suggest you contact our Helplines Team who may be able to direct you more specifically. The Helpline number is at the head of the page.

    Enjoy the forum.

    John
  • MissPetite
    MissPetite Member Posts: 6
    edited 30. Nov -1, 00:00
    Thank you John. I have spoken to the Helpline team, they suggested I take a look at the forum and speak to others about their experiences. I know it can be a very personal thing and dependent on individual circumstances but I am really torn as to whether given my health history it is worth me doing (and at such a high monthly rate). I'll see what info/advice everyone can offer!

    I'm sorry, I hadn't realised you had spoken to the Helpline Team, you should get a response from our forum users. John
  • Airwave!
    Airwave! Member Posts: 2,427
    edited 30. Nov -1, 00:00
    This topic came up a few weeks ago. I tried to claim as I lost my job but to no avail, I doubt if many insurance firms would pay up for arther?

    It's an issue that needs looking at, there must be many in the same position every year, however I doubt if things will change.
  • MissPetite
    MissPetite Member Posts: 6
    edited 30. Nov -1, 00:00
    Airwave! wrote:
    This topic came up a few weeks ago. I tried to claim as I lost my job but to no avail, I doubt if many insurance firms would pay up for arther?

    It's an issue that needs looking at, there must be many in the same position every year, however I doubt if things will change.

    Yes this is what I am thinking, and although in theory they would cover other conditions in the future I wonder whether because of my arther and my other meds whether it would be as straight forward as they make it appear. I'm really torn as to whether to go for it or not.
  • stickywicket
    stickywicket Member Posts: 26,248
    edited 30. Nov -1, 00:00
    This might help https://www.moneyadviceservice.org.uk/en/articles/do-you-need-life-insurance
    Personally I haven't had any for years but daredn't advise as I'm hopeless with financial stuff :oops:
    "The deeper sorrow carves into your being the more joy you can contain." Kahlil Gibran
  • MissPetite
    MissPetite Member Posts: 6
    edited 30. Nov -1, 00:00
    MissPetite wrote:
    Thank you John. I have spoken to the Helpline team, they suggested I take a look at the forum and speak to others about their experiences. I know it can be a very personal thing and dependent on individual circumstances but I am really torn as to whether given my health history it is worth me doing (and at such a high monthly rate). I'll see what info/advice everyone can offer!

    I'm sorry, I hadn't realised you had spoken to the Helpline Team, you should get a response from our forum users. John

    Thank you, it will be really interesting to see what people have to say.
  • MissPetite
    MissPetite Member Posts: 6
    edited 30. Nov -1, 00:00
    This might help https://www.moneyadviceservice.org.uk/en/articles/do-you-need-life-insurance
    Personally I haven't had any for years but daredn't advise as I'm hopeless with financial stuff :oops:

    Thank you, this is really helpful!
  • stickywicket
    stickywicket Member Posts: 26,248
    edited 30. Nov -1, 00:00
    Good :D
    "The deeper sorrow carves into your being the more joy you can contain." Kahlil Gibran
  • Saltmarsh
    Saltmarsh Member Posts: 40
    I don't know if this is relevant:. I took out a policy with those people advertised by Alan Titchmarsh. It is the only way I could hope to pay for end-of-life arrangements. I have to live until November to be able to claim! Most suitable for elderly etc to be economically sensible.
  • Airwave!
    Airwave! Member Posts: 2,427

    I gave up on life insurance many moons ago, the mortgage insurance gave up on me. I made financial arrangements and have stood by my decisions.

    I am of the opinion that if you can’t make a decision then don’t.


    its a grin, honest!

  • Crookesey
    Crookesey Bots Posts: 119

    As a retired Registered Insurance Broker with life assurance qualifications, all that I can advise is that you don’t opt for one of the none underwritten cheapo options. As far as I see it you would achieve no better than by saving the equivalent premium amount in a savings account.

    Insuring you’re inevitable demise at an age where you are close to meeting it is hardly a good deal for a life office. As for younger sufferers go to a firm that specialises in impaired life insurance, if your medical details are declared along with your authority for the prospective insurer to request medical details from your GP you would get a far better insight into your insurability costs.

  • Saltmarsh
    Saltmarsh Member Posts: 40
    Sorry my action is disapproved. But it was worrying me to death (!). I know they are not generally a good bet, but I've never had spare money to save enough. The only other alternative was to do nothing & let the council pay. At least this way gives me a modicum of dignity and allows me at last to get it off my mind. This matter is actually a huge problem for very many people, only now being slowly recognised (but perhaps a separate issue to the post which instigated? I don't want to infringe).
    Best wishes.