Death Ins or Funeral Plan

plutus1947

I am in a quandry about what would be best for my wife and I, an insurance payable on death or a Funeral Plan.

I am 67 and my wife 61 and we do not know which is the best option financially.

I have heard that policies payable on death rarely give you back the amount you have paid in. Is this true? If so we will think about taking up a Funeral Plan instead.

We wouild be extremely grateful for any advice given and the links to any reliable companies who provide either a good death insurance policy or Funeral Plan.

Thank you all.

John
(plutus1947)

SimonSays

I'd be vary wary of taking advice or asking for it on an open forum. Infact no one on here should be giving advice.

plutus1947

Thank you for your very prompt reply, it is much appreciated.

I do agree with you but this appears to be about the only way I can get some advice of this subject other than contacting insurance companies individually only to be given a load of promises which may not be entirely truthful.

Any advice given here will be thoroughly checked and a decision made about whether to take the advice or not.

We are also considering simply placing money in a separate bank account for the purpose of funerals etc.

plutus1947

dunstonh

I have heard that policies payable on death rarely give you back the amount you have paid in. Is this true?

If you go for an over 50s life insurance plan then that is often correct. Especially in your 50s or 60s. If you go with an underwritten life assurance plan and you are in good health then you should get a much higher sum assured than an over 50s plan. So, the breaken point will be much further into your life.

Any advice given here will be thoroughly checked and a decision made about whether to take the advice or not.

advice is a regulated activity. It is just comment and discussion here. Not advice.

plutus1947

Thank you also for your reply, once again really appreciated.

The problem my wife & I have regarding an underwritten policy is that I am a diabetic, have angina and high cholesterol. My wife has COPD (Chronic obstructive pulmonary disease) and also has high cholesterol and diabetes.

In this case I doubt it extremely unlikely that we will be able to get this kind of insurance, but even if we could the premiums are likely to be prohibitive.

According to Which Magazine it is very unlikely that we will even get the amount we pay in back for an Over 50s plan.

Which do in fact suggest an ISA would possibly be a better option.

plutus1947

dzug1

If your life expectancy is short then an over 50s plan is actually worth serious consideration. There's often no medical questions, just no payout or (partial) return of premiums until after a qualifying period.


Otherwise savings are probably the answer