'Warning! Axa Sun Life and other over-50s plans (but don't just...) blog discussion

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  • PaulFD
    PaulFD Posts: 6 Forumite
    Find a funeral director that offers a pre-paid funeral plan. Preferably with the Funeral planning services. Google their website. The money is held in a trust untill needed.
  • thelawnet
    thelawnet Posts: 2,576
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    PaulFD wrote: »
    Find a funeral director that offers a pre-paid funeral plan. Preferably with the Funeral planning services. Google their website. The money is held in a trust untill needed.

    Which could be a long time, earning a nice fat profit for the Funeral Planners.

    It's no better than a 50+ plan.
  • SiWilts
    SiWilts Posts: 13 Forumite
    These plans are fine if you're someone in bad health or maybe have had major heart surgery, for example and still remain in bad health.
    Then there's a greater chance you won't pay more premiums than the amount of life assurance that you're covered for.

    So these policies can be decent value but can also be bad value. Not much different from any kind of insurance really.

    How many of us have paid house insurance premiums for many years without needing to claim?
  • andy2004
    andy2004 Posts: 1,309 Forumite
    My mum took out the plan mentioned above, and after paying it and getting to the point where she's going to pay more than what she would get back on death, decided to stop paying.
    Few facts. 1 i told her not to take it out in the first place, that it would be better to pay it into a bank account like an isa.
    2 i told her before she cancelled it that she wouldnt get a penny back, but after my sisters phoned them and had a word with sunlife who said on her death they would pay out some of the amount but it wouldnt be the full amount even if she cancelled and stopped paying, so my sisters cancelled it for her, whilst my sister was on the phone with them, dont remember getting any letters from them about the phone call.
    But we still get letters from sunlife asking my mum to take out a new policy of the over 50's which she chucks in the bin.
    Personally believe the sunlife rep was lying to my sister, but i guess its to late to do anything about that as it was about 3 years ago.
    my sister i do remember said all we had to do when my mum dies is phone sunlife and give them a number to receive payment.
    I'm waiting on the day i can say i told you so to my sisters, they think they know better than me, i told them after my sister finished speaking to sunlife they where lying to her about the cancellation and yes your mum would get a pay out on her death.
  • norbet
    norbet Posts: 134 Forumite
    thelawnet wrote: »
    Which could be a long time, earning a nice fat profit for the Funeral Planners.

    It's no better than a 50+ plan.

    You should also consider that the cost of funerals also rise. You could buy a pre-paid funeral plan now and no matter what the cost of it is when you die your funeral cost will be met.
    In that sense I'd say it's better value than a 50+
  • I find it difficult to understand why people worry about what will happen to their bodies after they are dead, even more difficult to understand how they let themselves be conned by insurance companies into parting with money unnecessarily for years or decades. No-one other than those of working age with children or other dependents to worry about should need to take out life insurance. As for funerals, if the nearest and dearest want to attend something more lavish than a minimalist funeral, then they can pay for it. In my case, there is currently enough for a decent party which is what I hope they will have, just sorry I won't be able to attend. If in my later old age all my assets have been swallowed up by care homes, well so be it.
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