We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Over 50 life cover V prepaid funeral
loneranger
Posts: 272 Forumite
I am on a limited income and just took out an over 50 life cover with royal London,still have cancellation option.Then I read some trust pilot revues and :eek:.Would my money be better used on a prepaid funeral plan because I do not want my kids landed with problems paying for my funeral (which I hope will not be any time soon).
Mutual Supporters club member (Nov 2006)
:EasterBun
:EasterBun
0
Comments
-
Over 50s plans are an option of last resort. Typically used by people that are in poor health and cannot get conventional life assurance. Or quite often bought by people falling for marketing who really shouldnt be buying them.
Pre-paid is likely to be better but that is a major area of concern as well as some funeral directors have taken so much in pre-pay that they will have big bills in later years with no income from those at that time. So, you need to be wary who you buy with and what the terms are.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
There is no short answer to your question.
It depends on the type of pre-paid funeral plan you were taking and the period over which you planned to pay this, or whether it was an insurance based pre-paid funeral plan. The benefit of over 50's life cover is that your beneficiaries can use the money for whatever purpose they wish, especially if there is excess left over and above the funeral costs. With a funeral plan it will only ever cover the funeral costs, nothing more, nothing less. That said, the over 50's plan may not even cover the full cost of the funeral if you died a long time from now and inflation had eroded the payout.0 -
Beware of paying in more to the over 50's plan than will ever be paid out.
If you stop paying you get nothing back and lose all you have paid in.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.7K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.8K Work, Benefits & Business
- 603.3K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards