Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
Page 4
  • zoned_out31
    Would like to point out the Post Office have an over 50 plan provided by Aviva that my mum and dad took out. Now they're in their early 50's but they're actually going to pay in less than what they'll get back because the plan has a 20year maximum payment term- so after the 20 years the plan is fully paid up. You'd still loose on inflation I guess, but at least you don't pay in more than you get back.

    My mum's plan is Ł15 a month, so Ł3600 after 20 years, but her cover is over Ł4000...

    They were happy enough with that and were able to take it out in their local branch- they've won the award for best life insurance provider from 2008-2011 too so they must be doing something right!
  • MAILMAN
    Over 50 plan
    Yes l was on the one show last year, saying about this.my mum took this plan out when she was 70, she pays Ł6 a mouth now she is 85, she is coved for Ł460, but she has payed in Ł1,080.00.Should had cancel it last year, but did not.JUST CANCEL IT NOW & GOT BACK Ł157, 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
    • By dunstonh 6th Jun 12, 11:16 AM
    • 98,597 Posts
    • 67,055 Thanks
    dunstonh
    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!
    Originally posted by conry
    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.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • conry
    Oh yes i think you are right ..
    Last edited by conry; 25-06-2012 at 6:39 AM.
    Life Insurance For Over 50
    • SD-253
    • By SD-253 5th Aug 13, 1:23 PM
    • 314 Posts
    • 782 Thanks
    SD-253
    Rubbish fantastic insurance
    Pay 1st month get 75 pounds worth of M&S gift vouchers and then cancel. profit 71 pound.
    • SD-253
    • By SD-253 5th Aug 13, 2:20 PM
    • 314 Posts
    • 782 Thanks
    SD-253
    Ps
    Anyone know of another giving free gifts?
    • SD-253
    • By SD-253 5th Aug 13, 2:23 PM
    • 314 Posts
    • 782 Thanks
    SD-253
    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!
    Originally posted by conry
    As stated your better off putting it onto savings account at least you have some money for a emergency!
    • Janjan42
    • By Janjan42 21st Mar 16, 7:18 PM
    • 1 Posts
    • 0 Thanks
    Janjan42
    Over 50 plan
    HELP

    My mum has been paying into the plan for 19 years, Ł21 per month. She died just over a week ago and we have been told there is only Ł605 to come. Something don't add up!
    • bonecrusher1
    • By bonecrusher1 2nd Mar 18, 1:38 AM
    • 1 Posts
    • 0 Thanks
    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
    • By Charis 21st Apr 18, 8:39 PM
    • 1,293 Posts
    • 13,610 Thanks
    Charis
    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.
    Originally posted by lemontart
    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 Ł5, 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.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

83Posts Today

2,050Users online

Martin's Twitter