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Hi all
Looking for thoughts & experiences here...
I have good life cover with my works pension so not too worried there - but having seen the benefit of my dad's Sun Life funeral plan cover a year or so ago where they settled all expenses etc directly with the undertakers I am considering myself to take worry away from the missus for when that time comes.
Morbid eh?
...Conscious that there's a load of adverts on TV from Parkie and Sunlife, Aviva etc etc for funeral plan / life cover. Are they all much of a much or how can I tell who offers better £ returns, hassle-free?
don't do it. they are effectivly scams. You would be better off putting £50 a month into a savings plan
You can hire a wood chipper for a couple of hundred quid. Mulch.
But as tj says put a few quid a month away, I went for an interview at one of them many years ago. Sharks.
my folks bought a pre paid plan a few yrs ago just over £2K ea when dad was diagnosed with cancer, when he did pass away it was a case of phoning funeral directors and giving them the plan no.
Only extras were the order of service and flowers. I'll look at getting a plan when I retire in 2020
Do they cover viking long boat on fire in the North Sea?
If not self save, in the least morbid way possible your probaly won't give a shit by the time it happens.
don’t do it. they are effectivly scams. You would be better off putting £50 a month into a savings plan
This + 1
donate to science.
don’t do it. they are effectivly scams.
No they aren’t. They are the perfect product for some people. But not at all suitable for others. Like most things really.
Looking for thoughts & experiences here…
I have good life cover with my works pension so not too worried there – but having seen the benefit of my dad’s Sun Life funeral plan cover a year or so ago where they settled all expenses etc directly with the undertakers I am considering myself to take worry away from the missus for when that time comes.
Over 50’s plans are useful for some by the fact that they are not medically underwritten, allowing people with complex medical disclosures, or health issues, to access life cover that they would not be able to get with a conventional life policy.
If you don’t have any medical disclosures, or family history, that would get you declined for standard life cover, then I wouldn’t recommend an over 50’s policy, as you will be paying more than you need to for the cover.
You are much better off with a standard life policy that is medically underwritten if possible, and it will be cheaper.
Feel free to PM if you want any more information, or have any questions, I have set up a few forum members with cover in the past, advice is free and happy to give it if it’s needed 👍
Can I have your bikes?
Prepaid funerals are ok - you pay at today's prices and that's it. Just pay for extras on the day as stated above. Only downside i can see is didnt the co op recently cut the price of funerals to stay competitive, maybe it was another of their products.
Just shop around, tell your heirs what you have done too.
Read the small print very carefully. They are not all the same. Do some research also - there has been a good deal of mis-selling.
I used to insure a network of funeral directors and took the decision to severely curtail the cover on selling these things.
Sone don’t include disbursements, some are not index linked, some you have to use a particular funeral director that may not be local etc.
Dont do it. They are a con. You only have to see how much money is been thrown at their marketing to assume they are the latest fast buck scheme for the insurance industry.
Not my personal experience but recently a friend died and had paid into such a plan which he'd thought was responsible planning. His brother had to to spend nearly 3 weeks finally getting lawyers involved before the funeral could be arranged as the "supplier" refused to honour the -contract. It made a difficult time extremely unpleasant.
“Over 50s Life / Funeral Plans”
Just to be clear. Over 50’s Life Insurance and Funeral Plans are not the same thing.
Over 50’s Life cover is a relatively normal life policy (just more expensive due to a lack of medical underwriting) where you can either write the policy into trust by nominating a beneficiary (recommended), or leave it so the payout will form part of your estate and be subject to probate (and possibly IHT if applicable) and distributed along with your other assets, according to your will etc.
maw I said earlier, unless you need an over 50’s policy due to health problems or family history, then don’t get one. Standard life cover with medical underwriting will be better value by far.
You can plan and leave instructions for your own funeral, and a properly arranged and index linked life policy will be paid to your beneficiary to cover the costs involved. Writing your policy into trust means that the payout does not get delayed by probate and is normally paid within a week, plenty of time to cover funeral costs
a Funeral plan is different in that you don’t “own” any payout that might be made. It is basically written into trust to be paid to whichever funeral provider the plan uses. Some are good, some aren’t. It’s not a product I am involved with very much to be honest, as I really can’t see a benefit over the right amount of index linked life cover, with plans outlined for the funeral arrangements.
Thanks all STW advice wins once again.