Jokes2 mins ago
Are Over 50 Insurance Plans A Rip Off?
There are lots of these over 50 plan products, that leave a sum to your children / or other relative when you die, either as a way of covering funeral expenses or a sum of money to leave.
Aren't these schemes a bit of a rip off?
Some don't even pay out the money you put in (i am assuming the companies take their admin costs out of them), some pay out a set amount and skim off the extra regardless of the fact you paid in more money.
Wouldn't it be better just to put the money (the equivalent monthly payment) away in a building society account and hope the interest rates will improve. As it seems you aren't making any interest on your money as such although i bet the insurance companies are if they have enough people paying into a big pot.
Has anyone actually got one of these plans, are they actually a useful thing? Or is it just another way for insurance companies to get money out of people?
Aren't these schemes a bit of a rip off?
Some don't even pay out the money you put in (i am assuming the companies take their admin costs out of them), some pay out a set amount and skim off the extra regardless of the fact you paid in more money.
Wouldn't it be better just to put the money (the equivalent monthly payment) away in a building society account and hope the interest rates will improve. As it seems you aren't making any interest on your money as such although i bet the insurance companies are if they have enough people paying into a big pot.
Has anyone actually got one of these plans, are they actually a useful thing? Or is it just another way for insurance companies to get money out of people?
Answers
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Some of the comments on here show that people don't understand how funeral plans work.
These type of funeral plans suit some people very well.
There is no medical required, and as long as you survive for at least 2 years, they will always pay out. They are ideal for anyone who would not pass an medical, and havn't a lump sum to pay save for their own demise.
These type of funeral plans suit some people very well.
There is no medical required, and as long as you survive for at least 2 years, they will always pay out. They are ideal for anyone who would not pass an medical, and havn't a lump sum to pay save for their own demise.
1 to 13 of 13
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