'Beware the ‘Over 50 Sun Life Axa Plan’... blog discussion

MAILMAN_2

Yes l was on the one show last year, saying about this.my mum took this plan out when she was 70, she pays £6 a mouth now she is 85, she is coved for £460, but she has payed in £1,080.00.Should had cancel it last year, but did not.JUST CANCEL IT NOW & GOT BACK £157, WHAT A CON!

conry

Whenever you hear negative press stories about the Over 50 Plan type of policies, it's usually concerned about the fact that you pay more in premiums than you get back in life cover should you be lucky enough to live so long! Well call me stupid, but if I end up living that long, then having paid a few more quid into the plan than my family will get back will be the least of my worries!

dunstonh

conry wrote: »

Whenever you hear negative press stories about the Over 50 Plan type of policies, it's usually concerned about the fact that you pay more in premiums than you get back in life cover should you be lucky enough to live so long! Well call me stupid, but if I end up living that long, then having paid a few more quid into the plan than my family will get back will be the least of my worries!

The main problem with the over 50s plans is that proper whole of life assurance plans are nearly always better value, if you can get them due to clean health or relatively minor issues. Yet the marketing for the over 50s plan, mainly thanks to AXA, has traditionally steered people away from this option. That may be pretty obvious as it is a competitor to their product and they dont want people to know there is something better but using people like June Whitfield or Michael Parkinson to market what is a product of last resort to the mainstream is going to see a lot of people having inferior products.

conry

Oh yes i think you are right ..

SD-253

Pay 1st month get 75 pounds worth of M&S gift vouchers and then cancel. profit 71 pound.

SD-253

Anyone know of another giving free gifts?

SD-253

conry wrote: »

Whenever you hear negative press stories about the Over 50 Plan type of policies, it's usually concerned about the fact that you pay more in premiums than you get back in life cover should you be lucky enough to live so long! Well call me stupid, but if I end up living that long, then having paid a few more quid into the plan than my family will get back will be the least of my worries!

As stated your better off putting it onto savings account at least you have some money for a emergency!

Janjan42

HELP

My mum has been paying into the plan for 19 years, £21 per month. She died just over a week ago and we have been told there is only £605 to come. Something don't add up!

bonecrusher1

Seems to me there is one loophole in favour of a policy holder albeit a rather !!!!!ish one. If when taking out the policy you are 100% confirmed terminally ill so know you will die in 3-4 years then it has to be a winner. No medical questions are asked the sales pitch says. So unless there is some small print in the T&C's that have to be accepted barring a new policy holder who is terminally ill then what's the problem?

Charis

lemontart wrote: »

the co-op thing is a pre paid funeral plan with the funeral directors not an insurance company alot of funeral directors have these but have tie in with their federation so if the company goes under (no pun intended) your saving is protected they aslo offer a arrangement to pay in full over a period of time or one off payment which is probally the option I will take so I know that is covered.

Just be aware that if you want a burial, rather than a cremation, the Coop funeral doesn't include the cost of the grave, which the Coop themselves acknowledge can be up to £5, 000 in some parts of the country. https://www.co-operativefuneralcare.co.uk/pre-paid-funeral-plans/ It's a good plan to pay up front because the plan has to have been paid up to date in order to be valid. In the case of long term illness or dementia things can get overlooked.