They wanted to me to sign up to an undertaker-and I'm not even dead!

martin57

Hi folks,

I singed up for one of those over 50 life insurance plans with Sun life at £4 a mth a cash pay out for your family if you die, though not a lot for £4 a mth.

Couldn't believe it yesterday when I got a call from them welcoming me to the plan and then went on to say, "we have a free additional benefit for you, have the co-op as your undertaker and we will knock £250 off the price of the funeral"

A bit unnerving as I am in my early 50's.

Half expect to look out the window to see a hearse parked outside

Kinda upsetting phone call to get, just wondering are these plans with it at all?

They do say you can cancel anytime.

martin57

battleborn

grab the offer! you never know what might happen and it seems like a reasonable deal imo

yangptangkipperbang

Have you read this ?

http://www.telegraph.co.uk/finance/personalfinance/savings/9266217/Martin-Lewis-the-over-50s-plans-with-a-hitch.html

I seem to recognise the author of this article - who could he be ?

These plans are VERY poor value - especially if you sign up in your 50s....................
"for many it's a seriously bad bet" - Martin Lewis !!

maninthestreet

Well, it's impossible to sign-up with an undertaker AFTER you have died.

meer53

Cancel it. Waste of money, put £4 a month away into a savings account to cover yourself if you're that worried.

If you live another 30 years, £250 towards your Co-op funeral (if the Co-op are still in business then) will probably buy a round of drinks.

paulofessex

I wouldn't use the Co-op, not after that the Channel 4 Dispatches program that showed you how the Co-op transport bodies and store them at central storage depots and when loved one wished to view the deceased at their local Co-op F/directors they have to arrange for the body to be transported back and forth.

Littlestars_2

yangptangkipperbang wrote: »

Have you read this ?

http://www.telegraph.co.uk/finance/personalfinance/savings/9266217/Martin-Lewis-the-over-50s-plans-with-a-hitch.html

I seem to recognise the author of this article - who could he be ?

These plans are VERY poor value - especially if you sign up in your 50s....................
"for many it's a seriously bad bet" - Martin Lewis !!

I would agree with that, chances are you will end up paying more money into the plan than what you would get out. It would be easier to just put money aside in a savings account.

adonis

They really wind me up those tv ads with Michael Parkinson, I think you should be able to pay a small amount each month into a tax free Assurance scheme and know you will not be ripped off.

My parents had insurances and I remember my mum being told no more payments are needed because the polices are paid up.

Is it worth looking at Endowment Assurance?

The.Far.Tall.Knight

I turned 50yrs old in July 2012 and I took out a Sun life funeral plan at £4 a month. Well it seems to be wise a wise bet if you can fund the £4 a month. Do the math, If at the age of 50yrs old you live another 35 years you'll be over 85 and 35x£4= £140 so over 35 years thats only £4900! Taking the cost of funeral these days info account and after sadly losing my Dad and my brother both in Aug 2010 I know what a respectable basic funeral cost then, never mind 35 years from now!

Mind you this is just my opinion of course

PS: Crem, hearse (plus one), floral tribute and erm,,, professional services = £2'950 and neither were insured

SnowTiger

The.Far.Tall.Knight wrote: »

I turned 50yrs old in July 2012 and I took out a Sun life funeral plan at £4 a month. Well it seems to be wise a wise bet if you can fund the £4 a month. Do the math, If at the age of 50yrs old you live another 35 years you'll be over 85 and 35x£4= £140 so over 35 years thats only £4900! Taking the cost of funeral these days info account and after sadly losing my Dad and my brother both in Aug 2010 I know what a respectable basic funeral cost then, never mind 35 years from now!

Mind you this is just my opinion of course

Your figures appear to be wrong. Over 35 years you'd pay:

£4 a month * 12 months = £48 a year.
£48 a year for 35 years = £1,680 in total.

What's the payout when you die? You mention £4,800. However, according to their online quote service it's £1,330 if you pay £5 a month. It doesn't allow me to select a £4 a month plan.

So, it looks like the payout will be a little over £1,000.

Is it really worth it? It wouldn't even cover half the price of a funeral today, let alone in 35 years times!

bod1467

But what about the Parker pen just for enquiring, and the free welcome gift?